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Question 119 - PMI-RMP discussion

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A risk manager and relevant stakeholders have completed a risk response plan for a project. They have identified and planned responses to the known risks; however, a risk owner has identified and reported some residual risks not previously addressed.

What should the risk manager do first?

A.

Develop a residual risk management plan to manage the residual risks.

Answers
A.

Develop a residual risk management plan to manage the residual risks.

B.

Analyze, document, and communicate the residual risks to stakeholders.

Answers
B.

Analyze, document, and communicate the residual risks to stakeholders.

C.

Record the residual risks in the watch list for future reference.

Answers
C.

Record the residual risks in the watch list for future reference.

D.

Implement the contingency plan when the residual risks occur.

Answers
D.

Implement the contingency plan when the residual risks occur.

Suggested answer: B

Explanation:

Residual risks are the risks that remain after the risk response plan has been implemented. They are the risks that are accepted by the project team and stakeholders as part of the project. Residual risks may have low probability or impact, but they still need to be monitored and controlled throughout the project. The first thing that the risk manager should do when a risk owner identifies and reports some residual risks is to analyze, document, and communicate them to the relevant stakeholders. The risk manager should assess the probability and impact of the residual risks, and determine if they require any further response or contingency plan. The risk manager should also update the risk register and the risk report with the information about the residual risks, and share them with the stakeholders who need to be aware of them. This will help the project team and stakeholders to be prepared for any potential occurrence of the residual risks, and to take appropriate actions if needed.Reference:PMI, The Standard for Risk Management in Portfolios, Programs, and Projects, 2019, p. 94-95, 101.

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asked 14/11/2024
Jagatnata Gurusinga
38 questions
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