Risk Management Question

Submitted by siddus on Thu, 05/02/2013 - 11:29
A project manager has assembled the project team, idenhfied 56 risks on the project, determined
what would trigger the risks, rated them on a risk rating matrix, tested their assumptions,
and assessed the quality of the data used. The team is continuing to move through the risk
management process. What has the project manager forgotten to do?
 
A. Simulation
B. Risk mitigation
C. Overall risk ranking for the project
D. Involvement of other stakeholders
 
Kindly support your answers with explanations. 
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san

Thu, 05/02/2013 - 12:04

This should be D.

PM and project team are only involved in identifying the risks. Involvement of other stakeholders is missed out.

siddus

Thu, 05/02/2013 - 12:13

Hi, thanks for your reply. My presumption was that if the PM has identified the risk he/she must've followed proper processes and involed the stakeholders. Therefore, I picked B. How can I avoid this trap again?

san

Thu, 05/02/2013 - 12:16

Please go through 11.1.2.1

siddus

Thu, 05/02/2013 - 12:28

Perhaps you have not understood my query. While I understand that the project team and all other stakeholders must be involved in Risk Planning, what I meant to ask you is how did you infer from the question that the stakeholders were not involved in the Risk Identification process?

I understand the underlying concept here and would have definitely picked option D if I had the slightest hint that the stakeholders were not involved. When I read any question, I always assume that proper project management processes are followed, unless explicitly stated. In this case, I did the same and assumed that if the risks have already been identified, the PM must've followed proper processes and involved the stakeholders. Hence, the confusion!

Would appreciate it if you could explain how you attacked the question, instead of citing the PMBOK. It doens't help much.

rwmv

Thu, 05/02/2013 - 12:45

 Answer: D

crushPMP's picture

crushPMP

Thu, 05/02/2013 - 14:56

siddus - I fell for the same trap when I came across this question. Had I known that the stakeholders were not involed, I would have definitely picked D here.

siddus

Thu, 05/02/2013 - 16:53

:) This is the single biggest problem I face in all question. I might know the underlying concept very well but I fail to understand the scenario. I think it will become second nature with more pratice. Its all about anticipating what the exam is trying to test you on. 

cnpatilpmp2012 (not verified)

Thu, 05/02/2013 - 18:51

This is quetsion from Rita Mulcahy, the answer is D.


Regards


CNPatil

siddus

Thu, 05/02/2013 - 19:23

Thanks Sherlock!

cnpatilpmp2012 (not verified)

Thu, 05/02/2013 - 18:51

This is quetsion from Rita Mulcahy, the answer is D.


Regards


CNPatil

san

Thu, 05/02/2013 - 12:48

 My analysis is as follows:

 

PM assembled only with project team and identified risks. It is clearly stating that all stakeholders are not involved. Also, it says that the team is continuing to move through the risk management process , which means they will go through risk management processes and update the risk register. While doing risk management process they will go through option A,B,C but all stakeholders should be involved in the beginning to identify all possible risks which was missed out here.

 

This is my way of understanding. Correct me , if I am wrong.

 

Thanks

siddus

Thu, 05/02/2013 - 13:23

Thanks. This is a very good explanation. The answer is correct. 

sriram.mukundan's picture

sriram.mukundan

Thu, 05/02/2013 - 13:05

Hi,

Stakeholders view the project from their perspective and point out the risk that project team cannot.

So stakeholders need to be involved in the aspect of Risk management.

Reference - Rita's book Page No-378, point(17).

-Regards

SM