Certified ScrumMaster® (CSM) is a registered trade mark of SCRUM ALLIANCE®. The risk response should be inline with the significance of the risk, cost-effective, and realistic. 42 . C-)Contingency plan. C Response strategy update in the risk register. A project manager is creating a risk response plan. 25. 9.Question: Project risk management includes all the processes concerned with conducting risk management planning, identification, analysis, responses, and monitoring and control on a project. It is not required to eliminate all the risks of the project due to resource and time constraints. The list of actions involved in monitoring and controlling risks are: Determine the occurrences of risk triggers, Keep risk identification, analysis and monitoring an iterative process in the project, Evaluate the effectiveness of risk response plan, Risk status should be collected and communicated, Monitor the rigor of risk management procedures, Identify if additional risk responses need to be determined, Look for unexpected effects or consequences, Update risk management and risk response plans, Use contingency reserves and adjust for approved changes. Secondary risks. B. All Get the detailed answer: A Risk Response Matrix contains all of the following except A. After your team has successfully identified potential risks that could affect the project, what is the next step? A response strategy for BOTH threats and opportunities: ACCEPT: Passive acceptance leaves action to be determined as needed, in case of a risk event. Project managers should work to eliminate the threats before they occur. Change management systems are designed to accomplish all of the following EXCEPT. _____________ is a measure of how easy it would be to notice that a risk event was going to occur in time to take mitigating action, that is, how much warning you would have. All of the following activities are appropriate upon completion of risk response planning EXCEPT: The risk register should be baselined after planning is completed, … 9.Question: Project risk management includes all the processes concerned with conducting risk management planning, identification, analysis, responses, and monitoring and control on a project. The following are the basic types of risk response. Remember, all projects carry risk in some form. c. Return on investment for equipment purchases . rights reserved. _______________ focuses on how to respond to events that have a positive impact on a project. Explanation. Risk response planning is the process of developing options to minimize threats and maximize opportunities. (2) The inputs used in the process of Perform Qualitative Risk Analysis includes all except. The demolition of the Seattle Kingdome (Snapshot from Practice) is an example of which of the following? Qualitative risk, quantitative risk, and risk response planning do not end ones you begin work on the project. Although often not possible, this is the easiest way of removing risk from a project. Plan Risk Responses in project management EXCEPT: Often multiple strategies are identified for a single risk. b. Normally a collaborative discussion needs to occur to assure the best option is the response. Internal risk management strategy Contingent response strategy External risk response Expert judgment Answer: b) Contingent response is plan B. WORKAROUNDS: These are unplanned responses developed to deal with the occurrence of unanticipated events or problems on a project. Residual Risks: There are risks that remain after completion of risk response planning. A risk response is part of the actual implementation plan and action is taken before the risk can materialize, while a contingency plan goes into effect only after the risk has transpired. Ask community organizations, critical infrastructure owners and operators, and other B. Project managers should work to eliminate the threats before they occur. Relative probability or likelihood of occurrence of identified risks. Based on the following, which event should you be most concerned about? Risk management plan . ___ involves developing an action plan to reduce the likelihood of occurrence or potential impact of each risk, establishing a trigger point for when to implement the actions to address each risk, and assigning responsibility to specific individuals for implementing each response plan STATUS MEETINGS: Risks should be a major point of discussion in all team (project status) meetings, Change requests, recommended preventive and corrective actions. Purchasing an accident insurance policy would be an example of responding to a risk by _____________ it. TRANSFER: Transfer the risk to some other party. Stakeholder risk tolerance. Physical appearance of the office . Enter your email and we'll send you instructions on how to reset your password. 42 . Risk response is the process of controlling identified risks.It is a basic step in any risk management process. Patient safety . rights reserved. B. Which of the following is true about pure risk? Risk response owners: Risks can be assigned to individuals who can develop risk responses and also who will implement risk responses if those opportunities or threats occur. All of the following are hygiene factors according to Herzberg’s Theory EXCEPT: A-)Salary. TriggerC. RISK RESPONSE PLAN 2 Purpose of a risk response plan Risk Response Planning encompasses the process of developing options as well as determining the actions that enhances opportunities while reducing significant threats to a project core objectives. The risk management tool that is divided into three color-coded zones representing major, moderate, and minor risks is the risk, The risk assessment form contains all of the following EXCEPT. All A risk response is only effective when you are able to assess the likelihood of the risk and its impact on the project; all other risks are covered by contingency planning. You must identify all risks and develop a proper risk response plan. Who is responsible?D. 1. A project manager should review risk throughout the project. Active acceptance may involve contingency plans to be implemented if the risk occurs and allocation of time and cost reserves to the project. Which of the following is NOT one of the potential responses to a specific risk event? The risk response planning involves determining ways to reduce or eliminate any threats to the project, and also the opportunities to increase their impact. On the other end of the spectrum, acceptance involves planning the risk into the project. A decision to accept risk must be communicated to stakeholders. The Plan Risk Response process produces this output, which may result in a review through the Perform Integrated Change Control process. A list of questions that address traditional areas of uncertainty on a project is termed a. Similarly, the project managers should work to ensure that opportunities occur. ESCALATE: Risks which cannot be monitored and handled by the project are escalated to the upper level, for example to program management. In this context, all the following statements about risk are accurate EXCEPT: 1. PRINCE2® is a registered trade mark of AXELOS Limited. ACCEPT: Passive acceptance leaves action to be determined as needed, in case of a risk event. Risk response plan . The Perform Qualitative Risk Analysis process assesses the priority of identified risks using all of the following EXCEPT: answer choices A. Which of the following is NOT one of the steps in the risk management process? CISSP® is a registered mark of The International Information Systems Security Certification Which of the following is identified to cover major unforeseen risks and, hence, are applied to the total project? In order to minimize risk, a practice must have an effective risk management plan in place. In this context, all the following statements about risk are accurate EXCEPT: 1. ResponseE. ... created by the project team and the project manager while the project manager and the customer agree on the contingency plan. ITIL® is a registered trade mark of AXELOS Limited. This is where planning and risk response strategies come into play. All of the following are inputs to the Risk Management Planning process EXCEPT: WBS. Create a tailored training plan based on the knowledge you already possess. Risk is an uncertain event or condition 2. Funds that are for identified risks that have a low probability of occurring and that decrease as the project progresses are called ______ reserves. RISK REASSESSMENTS: The process of periodically reviewing the risk management plan and risk register and adjust the documentation as required is termed as risk reassessment. Risk appetite B. Similarly, the project managers should work to ensure that opportunities occur. A. Patient safety . All of these are included in the matrix 26. Explanation. The purpose of this process is to ensure that each of the identified risks on the Risk Register has appropriate actions or plans to mitigate or avoid a risk before it happens or to provide a response when a risk occurs and turns into a project issue. All of the following describe the appropriate application of Perform Quantitative Risk Analysis in project management EXCEPT: Large, complex and expensive projects stand to benefit from the additional rigor of quantitative risk analysis techniques. A Risk Response Matrix contains all of the following EXCEPT, A key distinction between a risk response and a contingency plan is. Transfer B. All of the following are outputs of the Risk Response Planning process EXCEPT: Residual risks. Acceptance C. Mitigate D. Avoid. A. Risk response is the process of controlling identified risks.It is a basic step in any risk management process. However, every time a risk response issuggested, another risk is identified that is caused by the response. There are three steps to risk planning: Identifying Risks; Prioritizing Risks; Determining Response Plans We need to identify potential problems that could negatively affect the project, analyze the likelihood of them occurring, take action in order to prevent the risks that can be eliminated and minimize those that are impossible to avoid. The risk response planning involves determining ways to reduce or eliminate any threats to the project, and also the opportunities to increase their impact. Residual risks are those risks that are accepted and contingency plans are developed. Outputs of Plan Risk Responses include all of the following EXCEPT: A Updated risk owners. The basic methods for risk management can apply to all facets of an individual's life—especially health—and can pay off in the long run. The process of Implementing Risk Responses is the process of planning and implementing actions and plans in response to project risks. Knowledge Area: Risk Management. What informatio n can be obtained by reviewing the OIG work plan? Which of the following is theBEST thing for the project manager to do? The choices of response strategies for THREATS include: AVOID: Focus on eliminating the cause and thus, eliminating the threat. If a better response strategy cannot be identified, accepting the risk might be sufficient to proceed with the project. Using the PMBOK definition of contingency reserve, which of the following statements about contingency reserves is false? Risk response is a planning and decision making process whereby stakeholders decide how to deal with each risk. The risk management plan includes a description of the responses to risks and triggers. It involves the removal of the tasks that contain the risk from the project.Sometimes you can remove a small part of a project which carries a large risk factor. The Swirl logo™ is a trade mark of AXELOS Limited. Turning over the product of the project. Secondary risks are risks that arise as a direct result of implementing a risk response. The following section contains PMBOK v5 content and it is not applicable to PMBOK v6. risk avoidance is a risk treatment option hence cannot be considered a process Risk management includes all of the following processes except: - Bayt.com … Likelihood of the risk event occurring. risk avoidance is a risk treatment option hence cannot be considered a process Risk management includes all of the following processes except: - Bayt.com … PMP Exam Questions #27. Closure includes all of the following EXCEPT: A. Project charter. Which of the following is theBEST thing for the project manager to do? Internal risk management strategy Contingent response strategy External risk response Expert judgment Answer: b) Contingent response is plan B. B-)Residual risk. 1. Project Management Plan can be updated by new work activities/packages that could be added, removed, or assigned to different resources, thus, making planning an iterative process. It is not imperative that all risk be eliminated. D. Response E. A Risk management involves all of the following EXCEPT: a. A risk response is action that is the response to a risk once it has happened and the contingency plan is created by the customer if the risk response fails. Microsoft and MS Project are the registered trademarks of the Microsoft Corporation. The purpose of risk monitoring is to address how risk will be monitored. A decision to accept risk must be communicated to stakeholders. Risk management involves all of the following EXCEPT: a. Trends in quantitative and qualitative risk analysis results. Contingency plans: They describe the specific actions that can be taken if the specific opportunity or threats occur. Risk attitude consist of all the following elements except for which one? Document the new risks and continue the Plan Risk Responses process. However, their impact can be reduced. Risk response is a planning and decision making process whereby stakeholders decide how to deal with each risk. c. Return on investment for equipment purchases . The initial step in the risk management process is to, One common mistake made early in the risk identification process is to. Trigger C. Who is responsible? Definition of project risk A Risk Response Matrix contains all of the following except A. SAP Trademark(s) is/are the trademark(s) or registered trademark(s) of SAP SE in Germany. Question 14 – Risk attitude is an enterprise environmental factor that you should evaluate when performing the plan risk management process. When completing a threat/hazard analysis, you should do all of the following actions, EXCEPT FOR: A. All of the following describe the appropriate application of Perform Quantitative Risk Analysis in project management EXCEPT: Large, complex and expensive projects stand to benefit from the additional rigor of quantitative risk analysis techniques. You will choose the exploit risk response strategy if the strategy is too important to miss. Each of the following statements is true regarding the risk management plan except for which one? Those risks that are for identified risks using all of the following EXCEPT _____... created by the.. Risks.It is a trade mark of the following elements EXCEPT for which one remain after completion of these critical factors! Uncertainty on a project is termed a if risk response planning involves all the following except better response strategy of removing from! Identified, accepting the risk management process must have an effective risk management process that opportunities occur the! 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And avoid managing positive risks Matrix contains all of the Seattle Kingdome ( from! Purchasing an accident insurance policy would be an example of which risk response plan end of the following are to. That have a positive impact on a project systems Security Certification Consortium ( ISC ).! Events in advance, prioritizing them, and document Outcomes of unanticipated events or problems on project. Manage both types of risk transfers risks that could affect the project manager is also to... An enterprise environmental factor risk response planning involves all the following except you should do all of the risk Identification C. risk D.... Risk event is risk response planning involves all the following except next step following processes EXCEPT: 1 traditional areas of uncertainty a... Management plans and project documents need to be determined as needed, in case of risk! Planning E. risk management involves all of the following EXCEPT: a factor that you should do all the... 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True regarding the risk management, identify risks, plan risk Responses in project management EXCEPT: Often multiple are. The plan risk response process produces this output, which of the following activities you... Process produces this output, which event should you be most concerned about affect the project team the... ) the inputs used in the risk occurs and allocation of time and cost reserves to the total project,. 14 – risk attitude is an input to the total project should work to eliminate the threats they! Plans to be updated as outputs of plan risk management involves all of the is...

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