PFMP · Question #666
Your organization is considered a leader in knowledge management and has a Chief Knowledge Officer reporting to the CEO. It also implemented portfolio management eight years ago. As the organization…
The correct answer is A. Review lessons learned. When updating a portfolio risk management plan, reviewing lessons learned is the most useful first step because it surfaces historical evidence of how risks were previously managed.
Question
Your organization is considered a leader in knowledge management and has a Chief Knowledge Officer reporting to the CEO. It also implemented portfolio management eight years ago. As the organization focuses on continuous improvement and transformational leadership, it had an external consultant review its portfolio artifacts and do some benchmarking. One of the consultant's recommendations was to update the portfolio risk management plan since the company is embracing new and complex technology in much of its work. In updating this plan, it was useful to:
Options
- AReview lessons learned
- BDetermine relevant confidence limits of risk metrics
- CPrioritize how risks are identified and listed in the risk register
- DDetermine the time in which risks are likely to have the greatest impact
How the community answered
(27 responses)- A74% (20)
- B15% (4)
- C7% (2)
- D4% (1)
Why each option
When updating a portfolio risk management plan, reviewing lessons learned is the most useful first step because it surfaces historical evidence of how risks were previously managed.
Lessons learned capture documented organizational experience on risk identification, assessment, and response across prior portfolio cycles; reviewing them before revising the risk management plan ensures the updated plan incorporates proven practices and avoids repeating past failures - a critical input especially when the organization is embracing complex new technology that introduces unfamiliar risk profiles.
Determining confidence limits for risk metrics is a quantitative analysis step that follows the establishment of the risk management framework, not the starting point for a plan update.
Prioritizing how risks are listed in the risk register is a risk register administration activity that occurs after the risk management plan defines the process, not before it.
Assessing the timing of risk impact is a risk analysis task performed during risk assessment, which occurs after the plan's framework and methodology have been defined.
Concept tested: Lessons learned as input to portfolio risk management plan updates
Source: https://www.pmi.org/pmbok-guide-standards/foundational/standard-for-portfolio-management
Community Discussion
No community discussion yet for this question.