Free Communications and Risk Questions for PMP: Project Management Professional Exam Study Guide by Heldman Review

The ultimate package for preparing you to take the PMP exam

Project management is one of the most desired skills in today’s IT marketplace and the Project Management Professional (PMP) exam reflects your level of proficiency and preparedness as a project manager. PMP: Project Management Professional Exam Study Guide by Heldman – this comprehensive study guide features the Sybex test engine with two practice PMP exams, electronic flashcards, two hours of audio review, as well as two bonus Certified Associate in Project Management (CAPM) exams. The book covers a wide-range of project management and exam topics, concepts, and key terms. Not only does this must-have resource reflect the very latest version of the exam, it is written by popular project management expert Kim Heldman, who is the author of the six previous editions of this top-selling book.

Communications and Risk Questions for PMP: Project Management Professional Exam Study Guide by Heldman is a reliable PMP practice test that prepares you for the PMP exam and also serves as an essential resource for becoming a more astute project manager.

About Author

Kim Heldman, PMP, is a Business Relationship Manager for the Regional Transportation District in Denver, Colorado. She has over 20 years of experience in project management and consulting. Kim is the author of several books on project management, including Project Management JumpStart and the six previous editions of the bestselling PMP: Project Management Professional Exam Study Guide. (Source: amazon.com)

45 Free Communications and Risk Questions for PMP: Project Management Professional Exam Study Guide by Heldman

Have knowledge revision and boost your memorization by attempting 45 free communications and risk questions for PMP: Project Management Professional Exam Study Guide by Heldman. This PMP practice test by knowledge area provides exact information to avoid your wasting precious time filling your head with unneeded information and is intended for testing your remembering and understanding of communications and risks. Here multiple choice questions are arranged in two pages, and you just need tick ‘next’ to move on with your practice on page 2. ‘Submit’ button is located at the bottom of page 2, too. Then click on it to have your responses instantly checked and graded. Overall, this test is pretty good, hope you ace it!

45 Communications and Risk Questions for PMP: Project Management Professional Exam Study Guide by Heldman - Page 1

bus. risk (timing)

complexity of the project itself. skills and abilities of project team members.
occurs as the result of implementing a risk response plan
if customers dont perceive product to have same value as company does, won't buy it.
schedule delays making product not reach shelves on time. launch project right when FDA bans it

probability impact matrix

complete project to the satisfaction of stakeholders
shows impact on project if risk were to occur.
multiply probability by impact value to come up with overall risk score.
vendor delays and contract issues.

critical success factors

should be accomplished with smallgroup of key project team members/stakeholders. document the risks the team comes up with during this initial meeting in a spreadsheet or word proceessing doc.list each risk, assign it a number and identify its impacts/characteristics
1. understanding and consensus regarding project goals by key stakeholders, project team, mgmt team, project manager. 2. well defined scope statement3. well defined project plan4. use of established project management practices
marketing concerns, timing of product release, public perception
who gets what info and when.who-> stakeholders, project team members, customers, mgmt staff, others who have a rolewhat-> project documentation, project plans, status reports, status review meetings, project scope statement, status reports, status review meetings, project scope statement...etc. when-> how often the communications are produced, when status review meetings are scheduled.etc.

external risks

marketing concerns, timing of product release, public perception
nature of project itself, org issues, employee/resource problems.
vendor delays and contract issues.
political issues, legal concerns, enviro issues, social issues, technical issues,

interviewing

occurs as the result of implementing a risk response plan
multiply probability by impact value to come up with overall risk score.
question and answer sesion with key stakeholders. tell u risks from their past experience.
marketing concerns, timing of product release, public perception

risk response plans

leftover imapcts or minor risks that remain after primary occured and responses have been implemented. result of mitigation plan
marketing concerns, timing of product release, public perception
detailed actions of how orgs will deal with risk when it occurs. include descriptions of risk events and where/when in the project the risk could occur. include a description of the causes of risk and how the risks impact the project objectives or deliverables.
shows impact on project if risk were to occur.

communications plan is documented early in planning process because

1. identify potential project showstoppers early in the process and develop plans/strats to reduce/avoid their impacts-> RUNNING OUT OF MONEY2. identify potential opportunities and take advantage of them, even creating new projects out of them-> OPP TO FUNDRAISE FOR MORE MONEY3. reduce rework and keep project budget on track4. be proactive instead of reactive, increases reputation/credibility among stakeholders5. increases likelihood of project success
complexity of the project itself. skills and abilities of project team members.
want to identify all ppl who need to know and understand the project progress as early as possible. -also documents how to collect, file, archive project communications as well as distribution methods to stakeholders(how they get access to proj. comm between established publish dates)
occurs as the result of implementing a risk response plan

risks can cause rework

begins in planning process, continues until closing process is completed. gives you PLANS in place to deal with potential THREATS before they occur and you'll have identified potential opportunities that may bring org more business, increase in efficiency or new ways or performing the work of the project.
have to go back and repeat activities that have already been completed. means there will be schedule delays, additional costs, or both
takes into consideration the probability that risk will occur and its impact if it does. end result of this process is a prioritized list of risks that can use to determine which risks need response plans
nature of project itself, org issues, employee/resource problems.

brainstorming

method of brainstorming uses facilitator to get ideas in WRITING from participants. brainstorming by secret ballot. stickynote thing where you rank them. one risk per note.
a method of discovering risk events, alternatives, requirements or other project info with a group of ppl who have knowledge of project, product, processes used during project. intended to produce free form ideas and no restrictions.
complexity of the project itself. skills and abilities of project team members.
discovering risks, alternatives, requirements, other project info using a QUESTIONAIRE format. uses a facilitator to solicit ideas and participants usually have expertise in some area of the project. (third party/anonymous) so group members dont feel bad

exploit a risk event

occurs as the result of implementing a risk response plan
complete project to the satisfaction of stakeholders
looking for opportunities for positive impacts. eg: reducing amount of time to complete project by bringing more qualified resources or providing better quality
multiply probability by impact value to come up with overall risk score.

first crit.factor (understanding)

risk: project will not produce results expected by stakeholders and will not be successful.
risk: rework, incorrect results, poor quality, increased cost, missed deadlines
complete project to the satisfaction of stakeholders
nature of project itself, org issues, employee/resource problems.

risk tolerance

complexity of the project itself. skills and abilities of project team members.
comfort level have for particular risk events. risk willing to exchange for perceived benefits of action.
watches the probability or impact of the risk event to assure that org realizes the benefits. watching/emphasizing risk triggers and identifying root cause.
occurs as the result of implementing a risk response plan

types of project risks

complete project to the satisfaction of stakeholders
shows impact on project if risk were to occur.
1. known risks: team know have the potential to occur and have predictable outcomes2. known risks with uncertain outcomes: # of attendees for eg. 3. unknown risks: can't identify them up front or create specific plans in the event they'll occur.
1. identify risk2. analyze risks and determine impact of the risk event3. probability of risk occuring4. combine impact analysis with probability analysis to determine which of the identified risks need a risk response plan

participants you should add to risk id meetings includes: (pm has to attend all of these meetings)

project team memberssponsorstakeholderstechnical expertsppl with experiencecustomersvendors
question and answer sesion with key stakeholders. tell u risks from their past experience.
who gets what info and when.who-> stakeholders, project team members, customers, mgmt staff, others who have a rolewhat-> project documentation, project plans, status reports, status review meetings, project scope statement, status reports, status review meetings, project scope statement...etc. when-> how often the communications are produced, when status review meetings are scheduled.etc.
marketing concerns, timing of product release, public perception

probability

ranks probability for each risk & ties into response plan. closer the probability is to 1.0 the higher the risk
watches the probability or impact of the risk event to assure that org realizes the benefits. watching/emphasizing risk triggers and identifying root cause.
multiply probability by impact value to come up with overall risk score.
the possibility of a problem occuring on the project, threatening the project's outcome in some way

a risk is

ranks probability for each risk & ties into response plan. closer the probability is to 1.0 the higher the risk
shows impact on project if risk were to occur.
complexity of the project itself. skills and abilities of project team members.
the possibility of a problem occuring on the project, threatening the project's outcome in some way

enhance strategy

complete project to the satisfaction of stakeholders
watches the probability or impact of the risk event to assure that org realizes the benefits. watching/emphasizing risk triggers and identifying root cause.
multiply probability by impact value to come up with overall risk score.
ranks probability for each risk & ties into response plan. closer the probability is to 1.0 the higher the risk

bus risk (mgmt issues)

complete project to the satisfaction of stakeholders
shows impact on project if risk were to occur.
marketing concerns, timing of product release, public perception
changes in corp strategic direction, reorganization of business units, layoffs & cutbacks, M&A, budget restrictions.

communication plan

who gets what info and when.who-> stakeholders, project team members, customers, mgmt staff, others who have a rolewhat-> project documentation, project plans, status reports, status review meetings, project scope statement, status reports, status review meetings, project scope statement...etc. when-> how often the communications are produced, when status review meetings are scheduled.etc.
should be accomplished with smallgroup of key project team members/stakeholders. document the risks the team comes up with during this initial meeting in a spreadsheet or word proceessing doc.list each risk, assign it a number and identify its impacts/characteristics
question and answer sesion with key stakeholders. tell u risks from their past experience.
1. understanding and consensus regarding project goals by key stakeholders, project team, mgmt team, project manager. 2. well defined scope statement3. well defined project plan4. use of established project management practices

first attempt at risk identification

should be accomplished with smallgroup of key project team members/stakeholders. document the risks the team comes up with during this initial meeting in a spreadsheet or word proceessing doc.list each risk, assign it a number and identify its impacts/characteristics
who gets what info and when.who-> stakeholders, project team members, customers, mgmt staff, others who have a rolewhat-> project documentation, project plans, status reports, status review meetings, project scope statement, status reports, status review meetings, project scope statement...etc. when-> how often the communications are produced, when status review meetings are scheduled.etc.
poorly defined scope will result in misdirection for project team, missed deadlines, incorrect results, scope changes, rework, inaccurate results and increased costs
1. understanding and consensus regarding project goals by key stakeholders, project team, mgmt team, project manager. 2. well defined scope statement3. well defined project plan4. use of established project management practices

steps to creating risk management plan

1. identify risk2. analyze risks and determine impact of the risk event3. probability of risk occuring4. combine impact analysis with probability analysis to determine which of the identified risks need a risk response plan
project team memberssponsorstakeholderstechnical expertsppl with experiencecustomersvendors
complexity of the project itself. skills and abilities of project team members.
1. identify risks2. analyze risks and probability3. analyze risks and impact on project4. calculate overall risks score and which risks need response plans5. create detailed response plans and assign resources to carry out plan 6. create a contingency plan7. document everything in risk mgmt plan section of project notebook

advantages of good risk mgmt

complexity of the project itself. skills and abilities of project team members.
1. identify potential project showstoppers early in the process and develop plans/strats to reduce/avoid their impacts-> RUNNING OUT OF MONEY2. identify potential opportunities and take advantage of them, even creating new projects out of them-> OPP TO FUNDRAISE FOR MORE MONEY3. reduce rework and keep project budget on track4. be proactive instead of reactive, increases reputation/credibility among stakeholders5. increases likelihood of project success
begins in planning process, continues until closing process is completed. gives you PLANS in place to deal with potential THREATS before they occur and you'll have identified potential opportunities that may bring org more business, increase in efficiency or new ways or performing the work of the project.
want to identify all ppl who need to know and understand the project progress as early as possible. -also documents how to collect, file, archive project communications as well as distribution methods to stakeholders(how they get access to proj. comm between established publish dates)

business risks (marketability)

occurs as the result of implementing a risk response plan
shows impact on project if risk were to occur.
if customers dont perceive product to have same value as company does, won't buy it.
complete project to the satisfaction of stakeholders

Free Communications and Risk Questions for PMP: Project Management Professional Exam Study Guide by Heldman Review

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45 Free Communications and Risk Questions for PMP: Project Management Professional Exam Study Guide by Heldman

45 Communications and Risk Questions for PMP: Project Management Professional Exam Study Guide by Heldman - Page 1

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