Correct answer: documented in the risk management plan
The risk management plan documents the outcomes of risk management planning. The plan's purpose is to provide all project stakeholders with a shared understanding of how the project's risk-related activities will be handled, what has been agreed upon, and a description of each stakeholder's involvement and responsibilities in these activities.
Correct answer: its characteristics and assessed priority
The risk owner should choose a strategy that is appropriate for each individual risk based on its characteristics and assessed priority, ensuring that the strategy is achievable, affordable, cost effective, and appropriate.
Correct answer: may affect or be affected by the project
Individuals and organizations who are actively involved in the project or who may affect or be affected by the project are referred to as stakeholders.
Correct answer: management through exception procedures and other techniques can be considered
Project management processes such as project scope management, project time management, and project cost management are included in the Monitoring and Controlling Process Group.
Correct answer: organizational impact assessment
Typically, the organization specifies risk-rating rules in advance of the project and includes them in organizational process assets. Risk rating rules can be tailored to the specific project during the Plan Risk Management process.
Correct answer: common root causes
Risks can be classified based on their common root causes. This technique aids in the identification of work packages, activities, project phases, or even project roles, which can lead to the development of effective risk responses.
Correct answer: Acceptance
This response entails deferring action until the risk occurs. Acceptance strategies are classified into two types. The first is passive, while the second is active.
Correct answer: PMI
The PMI recommends a weekly risk-management meeting. Throughout the project's life cycle, stakeholders will be able to identify newly discovered risks through periodic meetings.
Correct answer: An amount of time and cost
A certain amount of time and money must be set aside to account for these possibilities. This sum is divided into two parts: those for specific, approved conditional responses (contingency plans) and those for unspecified or passively accepted risks.
Correct answer: strengthen your strategy
Developing the habit of sharing qualitative data and actively seeking out new perspectives for improvement will help to strengthen your strategy. This is the new context in which project managers should work, leaving behind old assumptions about secondary analysis that are no longer threatening.
Correct answer: Organizational process assets
OPA can provide risk ratings such as low, medium, and high definitions.
Correct answer: Actual outcomes of the project's risks and of the risk responses.
The outcome that can have an impact on the project objectives and the risk response that must be overcome.
Correct answer: Change request log
The outcome of the change request should be recorded in the change request log.
Correct answer: Project document updates
The outcome of qualitative risk analysis is an update to the project document, which includes numerically assigning values to the project objectives regarding overall impact.
Correct answer: Project risk management is an agenda item at every status meeting of the project team.
Risk management should occur throughout the project, and the best practice is to do so during the status meeting.
Correct answer: Opportunities
When the risk is favorable, it represents an opportunity.
Correct answer: Risk audits
Risk auditing aids in determining the effectiveness of risk response and overall risk management.
Correct answer: SWOT Analysis
The analysis of the organization's strengths, weaknesses, opportunities, and threats provides assets.
Correct answer: Mitigation
Mitigation is the process of reducing the impact on project deliverables.
Correct answer: Integrated change control
All changes are addressed by the Change Control Board through an integrated change control process.
Correct answer: Natural calamity
Natural disasters (such as a flood or earthquake) are examples of force majeure because they are beyond your control.
Correct answer: Fast-tracking increases risks
The risks of fast-tracking increase, as does the cost of the crashing technique. Although the crashing process raises the risks, it is less dangerous than fast-tracking.
Correct answer: Secondary Risk
Secondary risks are those that may arise as a result of implementing any identified risk response.
Correct answer: Low Salary
Conflicts in projects are primarily caused by schedule priorities, scarce resources, and personal work styles. A low salary does not cause conflict.
Correct answer: Explains the 80-20 principle
Pareto diagram is also referred to as the 80-20 principle. According to Pareto, 80% of problems are caused by 20% of the sources.
