PMP Practice Questions #60
In an urban development project, project manager Julian faces a situation where stakeholders have varied opinions on managing a moderate probability risk that could significantly delay the project. To ensure consistency in thinking and approach among all stakeholders regarding risk management, what should Julian’s approach be?
A) Conduct weekly risk review meetings to resolve and close risks.
B) Base decisions on lessons learned from similar past projects.
C) Collaborate with stakeholders to develop and adhere to a comprehensive Risk Management Plan.
D) Declare that risk assessment and decisions are the sole responsibility of the project manager.
Analysis:
In this urban development project, project manager Julian is challenged with managing a moderate probability risk that could significantly delay the project. The stakeholders have varied opinions on how to handle this risk. Julian’s goal is to ensure consistency in thinking and approach among all stakeholders regarding risk management. This situation requires a strategy that not only addresses the risk but also aligns the stakeholders’ perceptions and approaches to risk management.
Analysis of Options:
Option A: Conduct weekly risk review meetings to resolve and close risks. This option involves conducting regular risk review meetings. While these meetings are essential for discussing, reviewing, and updating the risk status, they require a pre-established common understanding of risk management approaches. Without a unified framework for categorizing and addressing risks, these meetings might not fully achieve the goal of consistency in thinking among stakeholders.
Option B: Base decisions on lessons learned from similar past projects. Using lessons learned from similar past projects is a valuable approach. However, this option might not directly address the unique aspects of the current project or the varied opinions of its stakeholders. While past lessons are informative, they may not suffice for developing a consistent approach to the current project’s unique risks.
Option C: Collaborate with stakeholders to develop and adhere to a comprehensive Risk Management Plan. This approach directly addresses the need for a consistent and unified understanding of risk management among all stakeholders. It involves defining the risk management process, including probability, impact, categorization, and risk responses. This collaborative effort ensures that all stakeholders are on the same page and follow a consistent approach to risk management.
Option D: Declare that risk assessment and decisions are the sole responsibility of the project manager. Declaring risk management as the sole responsibility of the project manager is not advisable. Risk management requires input and expertise from various stakeholders and subject matter experts. Excluding these perspectives can lead to ineffective risk management and fails to build consensus among stakeholders.
Conclusion: Considering the need for consistency in thinking and approach among all stakeholders regarding risk management, Option C (Collaborate with Stakeholders to Develop and Adhere to a Comprehensive Risk Management Plan) is the most suitable approach. It ensures that all stakeholders are involved in the risk management process and that their varied opinions are considered in developing a unified and effective risk management strategy. The other options, while useful in specific contexts, do not provide the same level of comprehensive and collaborative approach required in this scenario.
PMP Exam Content Outline Mapping
| Domain | Task |
|---|---|
| Process | Task 3: Assess and manage risks |
| Process | Task 4: Engage stakeholders |
Topics Covered
- Risk Management Plan
- Engaging Stakeholders
