Subtitles of the Movie

In this movie we'll cover the final portion of the Workbook Exercises which includes Exam practice questions 6 through 10 that relate to this Section. So let's jump right in. Number 6 says: When a new risk is identified while carrying out risk monitoring and control activities what should the risk management team do first? A - Develop a risk response; B - Audit the risk; C Ð Assess the risk; or D - Analyze the risk. These types of questions can be tricky and expect to get a handful of these that test your knowledge of what comes first or next. Be conscious of where in the process you are in these types of questions which is critical to knowing what comes next. When a new risk is identified it should be taken through the risk management processes. You can't form a response until this occurs since you first need to understand where the risk is coming from, what the probability and impacts are. The best choice is therefore to assess the risk, C. Number 7 says: The project manager is concerned about potential risks occurring as a result of performance deviations from the baseline. What should the project manager do? A - Perform risk audits; B - Conduct technical performance measurements; C - Perform variance and trend analysis; or D - Reassess all risks. Here you're presented with several tools and techniques that the project manager can make use of. At this point ask yourself which tool and technique compares actual performance to the baseline? We're not just talking about a technical performance baseline here, so be cautious if you went straight for B. Remember that variance and trend analysis forecasts potential cost and-or schedule deviations of the project at completion to uncover potential risk impacts and undetected risks. The correct answer is C: Perform variance and trend analysis. Moving on to 8: The project management team is in the process of monitoring risks. Of the 70 risks identified half received an immediate response and 10 have been realized. What should the project management team do to ensure that enough funds remain to deal with the remaining risks should they occur? A - Implement a workaround; B Ð Conduct a risk audit; C - Perform variance and trend analysis; or D - Perform reserve analysis. What the question is asking is whether there is sufficient reserve left to deal with the risks that remain. The technique used for this is reserve analysis, which compares the remaining risks to the remaining reserves, so the answer is D. Number 9: In closing out risk management activities a project manager archives the risk register, updates the project management plan and archives the revised risk management templates. What has the project manager forgotten to do? A - Hold a closure meeting; B - Conduct risk reassessment; C - Archive lessons learned; or D - Hold a risk review. Notice that there's no mention of lessons learned. Within the PMBOK Guide lessons learned are very important particularly during the closure of a project. Ideally, lessons learned will be documented throughout the entire course of the project, but this should definitely be a step at closure. The correct answer is C. And our final question for review in this movie, number 10: Which of the following techniques uses earned value analysis to determine whether any deviations exist? A - Risk audits; B - Variance and trend analysis; C Ð Technical performance measurement; or D - Reserve analysis. We touched on earned value analysis when we covered variance and trend analysis, B. This tool and technique uses earned value analysis along with performance information and performance reports to identify deviations from the plan. And that wraps up our review of the Workbook Exercises along with this Section, bringing this movie to a close.