Question from PMZilla on Risk Management

Submitted by Palmtree on Sat, 04/27/2013 - 02:57

the following about Risk Management are true, Except

Organizations have attitudes towards risk that affect the accuracy of the perception of risk and the way they respond

Unknown risks cannot be managed proactively, hence contingency plans are used.

The attitudes towards risk and risk tolerance or organizations are important. However they don’t influence project management plan

Careful and explicit planning enhances the possibility of success of five other risk management processes.

I picked 3. The correcte answer is 2.

I don't agree 2 is correct, because contingency is to cover "known unknowns". I would pick this option if "management reserve" is used instead of "contingency plan".

For option 3, the attitudes towards risk tolerance will of course imfluence project management plan. Could anyone explain why it won't.

Thank you.

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PMP / CAPM exam Question bank

Jgrind07

Sat, 04/27/2013 - 05:02

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I think you are correct.

I think you are correct. Option 2 cannot not be the answer as per PMBOK 4 Page #: 275

Looks like the correct answer is Option 3.

admin

Sat, 04/27/2013 - 07:47

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Known Unknowns are still

Known Unknowns are still Unknowns. Option 2 is correct. Since contigency plans are for risks which cannot be managed proactively.

Sun, 04/28/2013 - 17:01

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Qn has 'Except'

Question is to find negative option:
Contigency is for the planned risks. If any risk is unplanned or unknown then it should be managed from management reserve.

crushPMP

Mon, 04/29/2013 - 02:51

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Contingency Plans are for

Contingency Plans are for known unknowns, while Workarounds are for unknown unknowns! Correct ans is definitely 2