A project is in the planning phase, and the risk manager establishes the risk management for the project. Which success factors should be taken into account by the risk manager to establish a…

Question

Options

• AOrganizational commitment, scale risk effort to project, early identification of risks
• BOrganizational commitment, scale risk effort required to project, perform quantitative risk analysis
• COrganizational commitment, scale risk effort required to project, integrate with other project
• DOrganizational commitment, scale risk effort required to project, use Monte Carlo analysis for risk

• B
  4% (1)
• C
  87% (20)
• D
  9% (2)

Explanation

According to PMI's Practice Standard for Project Risk Management, three foundational success factors for establishing a successful risk management process are: (1) Organizational commitment - leadership and culture must support risk management for it to be effective; (2) Scaling the risk effort to the project - the depth of risk analysis should be proportional to the project's size, complexity, and risk exposure; and (3) Integration with other project management processes - risk management does not operate in isolation; it must be woven into scope, schedule, cost, quality, and communications management. Options B and D are incorrect because while quantitative analysis and Monte Carlo simulation are valuable tools, they are not universal success factors - not all projects require or warrant quantitative analysis. Option A is partially correct but replaces integration (a core PMI success factor) with 'early identification,' which is a technique, not a foundational success factor.

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