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A company in the mining industry accommodates a lot of innovation and changing work conditions. Because of this, the company experiences difficulty in predicting long term business plans.

How should a professional risk manager manage the risks in such situations?

A.

Adopt a predictive approach to manage the risks.

B.

Adopt agile approaches to manage the risks.

C.

Utilize proper documentation to help manage the risks.

D.

Conduct weekly risk management meetings with all stakeholders.

An experienced and the only developer on a software implementation project will be on leave for several weeks. The risk of this critical resource's availability was added to the risk register. Contingencies were made for a support developer to job shadow this resource, depending on how things go prior to their leave. The project team was pleased with the backup plan and the new resource was able to shadow for a few weeks.

What should the risk manager do next?

A.

Update the risk register to indicate the risk has occurred and close out the expired risk from the register.

B.

Update, continuously monitor, and communicate the residual and secondary risks of the backup resource on the project.

C.

Hire a permanent developer to support the project, and work with the backup resource to eliminate this risk.

D.

Hire another developer to support the project, contingent on when the experienced developer returns. 

Stakeholder holiday schedules and availability of raw materials were two risks initially identified in a manufacturing project. The risk manager now notices that both risks are not quite as originally described and might require a plan change.

What should the risk manager do next?

A.

Consult with the project manager to agree that these risks should be removed from the risk register

B.

Keep the risks in the risk register and continue to follow up until the change actually takes place.

C.

Identify workarounds that can be implemented whether or not the change takes place.

D.

Revisit the project the assumptions and constraints to potentially update the risk impact and response. 

A key project is delayed and all contingency reserves have been used even though the project team has implemented all planned risk responses. What should the risk manager do next?

A.

Create a new project plan including the new risks.

B.

Review the effectiveness of the risk process.

C.

Update the risk management plan.

D.

Escalate the project risks to upper management. 

A risk manager manages risks in a construction project. A stakeholder mentions that if there is less than a 50% chance of rain, construction should continue. Another stakeholder says that if there is less than a 60% chance of rain, construction should continue.

What should the risk manager do next to find out the correct limit?

A.

Review the agreed-upon risk tolerance

B.

Perform a sensitivity analysis of the risk

C.

Find out the stakeholders’ risk appetite

D.

Use industry standard risk thresholds

A risk manager of a complex project has identified a risk and believes a deeper understanding of the source and likelihood is necessary. How should the risk manager proceed?

A.

Develop and employ an Ishikawa diagram

B.

Analyze the assumptions and constraints

C.

Perform a review of project documents

D.

Create prompt lists for expert interviews

A project with impending risks has 12 deliverables as subprojects, which will be executed in three different locations involving multiple stakeholders. What should the risk manager do to organize the prevailing risks?

A.

Combine individual and focus groups to identify risks and create the overall risk register.

B.

Use focus groups to conduct group risk assessments of the project to identify risks.

C.

Request individual assessments of the project and its deliverables to identify risks.

D.

Use the external risk assessment of the project and its deliverables to identify risks.

A new risk manager has been assigned to a delayed strategic project. The risk manager presented a new plan to get the project back on track using lessons learned and applying risk response strategies. Senior management wants to remove contingency reserves because they want to finish the project earlier.

What should the risk manager do in this scenario?

A.

Review project schedule estimates.

B.

Change the response strategies.

C.

Reduce the contingency reserves.

D.

Conduct a risk planning workshop.

 

A new company initiates a project to incorporate a cybersecurity team. Which three documents should the risk manager analyze first? (Choose 3)

A.

Industry's standard procedures

B.

Current request for proposal (RFP)

C.

Company's historical financial reports

D.

IT infrastructure, networks, and data information

E.

Government laws and regulations 

A project manager for a large product development project assigned a risk manager to perform the risk management. The project sponsor questions why this project requires a risk manager as it is similar to a previous project with a developed risk strategy.

How should the risk manager explain the need for a risk strategy specific to this project?

A.

A risk strategy is a best practice and ensures quality in the project planning.

B.

A project specific risk strategy includes enough information to respond to audits and compliance requirements.

C.

A risk strategy ensures alignment of the organizational structure to the specific project.

D.

A risk strategy aligns individual project risk thresholds with organizational risk appetite.