PMI Risk Management Professional (PMI-RMP) — Question 15

A six-month, USS1.2 million project is two months completed. The project has 3 high, 6 medium, and 2 low risks, with a 10% reserve for known risks, and a 5% reserve for unknown risks. Most of the project's reserves have not been spent. The risk manager, who is also the project schedule manager, establishes monthly risk management reviews to evaluate performance. So far, the project has missed 50% of the planned risk mitigation milestones.
Based on this project data, what technique should the risk manager recommend to improve the risk management process?

Answer options

• A. Increase the risk manager's position to a full-time position and acquire a dedicated project schedule lead.
• B. Adjust project risk thresholds to increase the number of residual risks on the project.
• C. Increase the frequency of risk status meetings and update the risk management plan.
• D. Perform a variance analysis and potentially allocate more reserves to improve risk mitigation.

Correct answer: C

Explanation

The correct answer is C because increasing the frequency of risk status meetings can provide more opportunities for identifying and addressing risks promptly, enhancing the overall risk management process. Options A and B do not directly address the immediate issues with risk mitigation, while D, although potentially useful, may not be necessary if the existing reserves are underutilized.