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Question 5 - PMI-RMP discussion

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Stakeholder deliverable reviews will start soon and additional work is expected to resolve any issues or required adjustments. Budget overruns during execution have put serious constraints on the remainder of the project's budget.

What should the project manager do next?

A.

Request a budget relief using the management reserve.

Answers
A.

Request a budget relief using the management reserve.

B.

Conduct a risk reassessment and reserve analysis.

Answers
B.

Conduct a risk reassessment and reserve analysis.

C.

Review the consequences of potential changes.

Answers
C.

Review the consequences of potential changes.

D.

Coach stakeholders on risk identification practices.

Answers
D.

Coach stakeholders on risk identification practices.

Suggested answer: B

Explanation:

The project manager should reassess the risks and analyze the reserve to determine if any adjustments can be made to accommodate the expected additional work. This will help in identifying potential budget-saving measures and making informed decisions on how to proceed.

According to the PMI Risk Management Professional (PMI-RMP) Reference Materials, risk reassessment is the process of reanalyzing existing project risks and identifying new risks throughout the project life cycle1. Reserve analysis is the process of estimating the amount of contingency reserve and management reserve needed to account for the uncertainty and variability of the project2. In this case, the project manager should conduct a risk reassessment and reserve analysis as the next step, because the budget overruns during execution have changed the risk profile of the project and reduced the available funds to handle future risks. By conducting a risk reassessment, the project manager can update the risk register and the risk response plan with the current status of the project risks and the effectiveness of the risk responses. By conducting a reserve analysis, the project manager can determine if the remaining contingency reserve and management reserve are sufficient to cover the potential impact of the project risks, and request additional funds if needed.

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asked 14/11/2024
Peter Lilley
49 questions
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