PMI Updated PMI-RMP Exam Questions and Answers by ayzal

According to the PMBOK® Guide, a scope change request is a formal proposal to modify any project document, deliverable, or baseline. It is an output of the Perform Integrated Change Control process, which is the process of reviewing all change requests, approving changes, and managing changes to the deliverables, organizational process assets, project documents, and the project management plan. A scope change request may introduce new risks or affect existing risks on the project, which may impact the project objectives, such as scope, schedule, cost, and quality.

The risk manager should support the project manager with the scope change request by evaluating any new risks that are introduced due to the change in scope. This is because the risk manager is responsible for planning, implementing, and monitoring the risk management activities on the project, as well as communicating and reporting the risk information to the project manager and other stakeholders. The risk manager should use the appropriate risk identification and analysis techniques, such as brainstorming, interviews, checklists, SWOT analysis, cause and effect diagrams, probability and impact assessment, etc., to identify and evaluate the new risks that may arise from the scope change. The risk manager should also document the new risks in the risk register, which is a project document that contains the details of all identified individual project risks and other relevant information.

The other options are not valid for what the risk manager should do to support the project manager with the scope change request:

• Update the risk management plan to reflect the scope change: This is not a valid option because the risk management plan is a component of the project management plan, which describes how risk management activities will be structured and performed on the project. It is an output of the Plan Risk Management process, which is the process of defining how to conduct risk management activities for a project. The risk management plan should not be updated to reflect the scope change, but rather to reflect any changes in the risk management approach, methodology, roles and responsibilities, budget, timing, risk categories, definitions, reporting formats, etc. The risk management plan should be updated only when there is a change in the risk management process, not in the project scope.
• Reassess the identified risks that impact the project scope: This is not a valid option because reassessing the identified risks that impact the project scope is part of the Monitor Risks process, which is the process of implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project. The risk manager should not reassess the identified risks that impact the project scope before evaluating any new risks that are introduced due to the change in scope. The risk manager should first identify and analyze the new risks, and then reassess the existing risks to determine if they are still valid, relevant, and prioritized.
• Update the risk register to identify, analyze, and plan a response for any new risk: This is not a valid option because updating the risk register to identify, analyze, and plan a response for any new risk is a combination of several risk management processes, such as Identify Risks, Perform Qualitative Risk Analysis, Perform Quantitative Risk Analysis, and Plan Risk Responses. The risk manager should not update the risk register to identify, analyze, and plan a response for any new risk in one step, but rather follow the sequential and iterative risk management processes to ensure a comprehensive and consistent risk management approach. The risk manager should also coordinate and communicate with the project manager and other stakeholders when updating the risk register, as well as obtain their approval and input.

References: PMBOK® Guide1, Risk Management Professional (PMI-RMP)® Cert Guide1

The action that the risk manager should propose is to ask the team to prepare a Monte Carlo analysis. This is a statistical technique that can be used to model the probability of different outcomes in a project. By performing a Monte Carlo analysis, the project manager can objectively evaluate key project risks and develop response plans based on this analysis.

 A Monte Carlo analysis is a simulation technique that uses probability distributions and random sampling to model the possible outcomes of a project risk event. It can help the project manager to evaluate the key project risks and develop response plans based on the expected value, standard deviation, and confidence intervals of the results. A Monte Carlo analysis can also provide information on the probability of achieving the project objectives, such as cost, schedule, and quality. A Monte Carlo analysis is an objective method because it does not rely on subjective judgments or opinions, but on mathematical calculations and statistical data. References: PMBOK Guide, 6th edition, Section 11.5.2.3, Monte Carlo Analysis1

The risk management plan is a document that describes how risk management activities will be structured and performed on a project. It defines the roles and responsibilities, risk categories, risk appetite and thresholds, risk identification and analysis methods, risk response strategies, risk monitoring and reporting mechanisms, and risk governance mechanisms1. The risk management plan should be aligned with the project management plan, which defines the project scope, schedule, cost, quality, and other aspects2. When an organization decides to accelerate a key project, it means that the project objectives, assumptions, constraints, and environment have changed. This will affect the risk exposure and profile of the project, as well as the risk management approach and resources. Therefore, the first action for the project risk manager to take is to revise the risk management plan to reflect the new situation and ensure that the risk management process is still effective and efficient. Revising the risk management plan may involve updating the risk categories, risk appetite and thresholds, risk identification and analysis methods, risk response strategies, risk monitoring and reporting mechanisms, and risk governance mechanisms to suit the accelerated project. The project risk manager should also communicate the revised risk management plan to the relevant stakeholders and obtain their approval and support1. Ensuring sufficient resources are available, updating the risk register, and meeting with the project’s stakeholders are all important actions to take when accelerating a project, but they are not the first action. These actions should be done after revising the risk management plan, as they depend on the updated risk management approach and process. For example, the project risk manager may need to allocate more resources to risk management activities, identify and analyze new or changed risks, implement new or modified risk responses, and report the risk status and performance to the stakeholders based on the revised risk management plan1. References: 2, 1.

Legal and regulatory requirements and constraints when assessing a project environment for threats and opportunities may include ensuring the confidentiality of project information, as this is often governed by laws and regulations.

Legal and regulatory requirements and/or constraints are external factors that can affect the project environment and influence the risk management process. They may include laws, regulations, standards, codes, permits, licenses, contracts, or agreements that the project must comply with or adhere to. Confidentiality of project information is an example of such a requirement or constraint, as it may limit the disclosure, sharing, or access of project data, documents, or reports to authorized parties only. Violating confidentiality may result in legal actions, penalties, or reputational damage for the project and the organization. Therefore, the project manager and the risk management team must identify and comply with the confidentiality requirements and/or constraints when assessing the project environment for threats and opportunities. References: PMI, 2019. Practice Standard for Project Risk Management. Newtown Square, PA: Project Management Institute, Inc., p. 181