PMI-RMP Question #620: Real Exam Question with Answer & Explanation

Question

A risk management team has completed a quantitative analysis, and the individual score in terms of schedule and cost has been identified. The team is consolidating inputs for contingency planning and notices that the available time and funds are not sufficient for all the risks. What should the risk manager advise the project team?

Options

• AAsk the project sponsor for more time and funds if needed.
• BCreate a change request if there are additional needs based on the risk responses.
• CAccept some risks might not be materialized so no extra time and funds will be needed.
• DFocus on the high-impact risk for contingency planning purposes.

Explanation

In situations where available time and funds are insufficient to address all identified risks, it's imperative to prioritize risks based on their potential impact on the project. Focusing on high- impact risks ensures that the most critical threats to project success are managed effectively within the constraints. This approach involves conducting a thorough risk assessment to categorize risks by their severity and likelihood, allowing the project team to allocate resources strategically. By concentrating on high-impact risks, the team can develop contingency plans that safeguard the project's primary objectives, even if lower-impact risks cannot be fully mitigated due to resource limitations.

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