Residual risks are those risks that are accepted and contingency plans are developed. Risk appetite B. Organizations use __________ in conjunction with work breakdown structures to help management teams identify and eventually analyze risk. If you want to realize the opportunity and you cannot do so on your own, you will try the share risk response strategy. Three of the six constraints include all of the following EXCEPT _____. Risk response planning is the process of developing options to minimize threats and maximize opportunities. RESERVE ANALYSIS: While the work is being done, reserve analysis is simply checking to see how much reserve remains and how much might be needed. Which of the following is NOT one of the steps in the risk management process? Internal risk management strategy Contingent response strategy External risk response Expert judgment Answer: b) Contingent response is plan B. In this context, all the following statements about risk are accurate EXCEPT: 1. Risk response is the process of controlling identified risks.It is a basic step in any risk management process. The Swirl logo™ is a trade mark of AXELOS Limited. Remember, all projects carry risk in some form. Contingency planB. In order to minimize risk, a practice must have an effective risk management plan in place. In this blog post, I will talk about all the strategies you can use to manage both types of risks. PMP Exam Questions #27. Using the PMBOK definition of contingency reserve, which of the following statements about contingency reserves is false? 42 . Risk is an uncertain event or condition 2. A Risk Response Matrix contains all of the following except A. rights reserved. All of these are included in the matrix 26. 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. Used under license of AXELOS Limited. Insurance purchases, warranties, guarantees, etc are examples of risk transfers. C. Documenting the degree to which each project phase was properly closed after its completion D. Updating the company’s organizational process … Risk response is the process of controlling identified risks.It is a basic step in any risk management process. All After your team has successfully identified potential risks that could affect the project, what is the next step? The risk response planning involves determining ways to reduce or eliminate any threats to the project, and also the opportunities to increase their impact. Risk response is a planning and decision making process whereby stakeholders decide how to deal with each risk. Answer is A. Patient safety . Whenever the project manager is responding to threats or opportunities: Execution of strategies must be time-bound, Effort selected must be appropriate to the severity of the risk, A single response can be an act of multiple risk events, A strategy can be selected not only by the project manager but also by the team, the stakeholders and experts. Consortium (ISC)2. ... created by the project team and the project manager while the project manager and the customer agree on the contingency plan. 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 management plan . It is not required to eliminate all the risks of the project due to resource and time constraints. _____________ 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. Risk management involves all of the following EXCEPT: a. D-)Unmanageable risks. 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. 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. 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. The following section contains PMBOK v5 content and it is not applicable to PMBOK v6. Project Risk Management includes all of the following processes except: A. An uncertain event or condition that, if it occurs, has a positive or negative effect on project objectives is termed a, The chances of a risk event occurring as a project proceeds through its life cycle tend to, The cost impact of a risk event occurring as a project proceeds through its life cycle tends to, The attempt to recognize and manage potential and unforeseen trouble spots that may occur when a project is implemented is known as. b. D. Response E. A 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 risk management plan generally includes all of the following EXCEPT actual response to a risk event that occurred Qualitative Risk Analysis assesses the priority of identified risks using all of the following EXCEPT A mathematical technique to create a false impression of precision and reliability Secondary risks. Which of the following is NOT one of the potential responses to a specific risk event? Likelihood of the risk event occurring. Adopting proven technology instead of experimental technology in order to eliminate technical failure would be an example of which risk response? The contents of this plan will describe how the following processes are to be used: ... Plan risk responses; Monitor and control risks; Plan risk management should take place early in the project because it will have a significant impact on all aspects such as scope, time, cost, quality, and procurement. A. Risk response is a planning and decision making process whereby stakeholders decide how to deal with each risk. Active acceptance may involve contingency plans to be implemented if the risk occurs and allocation of time and cost reserves to the project. A project manager should review risk throughout the project. What informatio n can be obtained by reviewing the OIG work plan? 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