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PMP Risk Management Strategies Guide

The document presents various project management scenarios focusing on risk assessment and management strategies. It outlines approaches to handle product upgrades, seasonal project timelines, competitive pressures, risk identification techniques, and weather-related risks for an outdoor festival. Each scenario provides multiple-choice options for effective decision-making in line with risk appetite and project constraints.

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4 views2 pages

PMP Risk Management Strategies Guide

The document presents various project management scenarios focusing on risk assessment and management strategies. It outlines approaches to handle product upgrades, seasonal project timelines, competitive pressures, risk identification techniques, and weather-related risks for an outdoor festival. Each scenario provides multiple-choice options for effective decision-making in line with risk appetite and project constraints.

Uploaded by

tccljahirdipok
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

131. You are a Project Manager for a company with a low risk appetite.

An ambitious
product upgrade has been proposed, with potential for significant market benefits, but also
poses risks of alienating existing users. How should you approach this scenario?
a. Carry out a risk assessment, engage with all stakeholders, identify mitigations and balance
the potential benefits against the risks based on the company's risk appetite.
b. Ignore the upgrade proposal due to the company's low risk appetite.
c. Propose a different project to avoid dealing with risky upgrades.
d. Implement the upgrade without evaluating possible risks.

132. You are managing a project that heavily depends on seasonal trends. Your project
timeline is colliding with the peak season. What should be your strategy in the risk
management planning stage?
a. Dismiss the risks and continue with the current plan.
b. Consider rescheduling the project phases, contract additional resources, or factor in potential
delays during the peak season into the risk management plan.
c. Cancel the project, as the peak season is uncontrollable.
d. Complain to upper management about the untimely execution.

133. In your current IT project, there is a risk that a competitor might launch a similar
product faster. Your team decides to speed up the project schedule to be the first one to
launch. What type of risk response strategy is this?
a. Enhance
b. Transfer
c. Exploit
d. Acceptance

134. You are managing an IT infrastructure upgrade project. To identify potential risks,
you systematically review each project assumption and constraint documented during
project planning to uncover ambiguities and inconsistencies. Which risk identification
technique are you employing?
a. SWOT Analysis
b. Checklist Analysis
c. Interviewing key stakeholders to identify hidden risks
d. Assumption and Constraint Analysis
135. During planning of a three-day outdoor music festival, forecasting models show a 20
percent chance of heavy storms that would cancel shows, trigger refund obligations, and
erode vendor revenue. The finance team finds a specialized insurer willing to cover all
weather-related losses for a reasonable premium, and the schedule cannot shift. Which risk
response strategy should the project manager select?
a. Accept the chance of storms and rely on contingency funds
b. Mitigate the threat by reinforcing stages and stockpiling drainage pumps
c. Enhance audience engagement through clever marketing so that ticket revenues offset any
weather-related cancellations that might occur
d. Transfer the risk to the insurer

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