PMP micro learning videos Series - PMP Free Question 5: Discovered risks during Initiation

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PMP micro learning videos Series - PMP Free Question 5: Discovered risks during Initiation

Fri Mar 01, 2019 6:23 am

The video starts with the question

Question: During project initiation, while validating the project alignment with the organization strategy you discover many risks, what Next you should do?
Here are four options

A. Discuss in the upcoming stakeholder meeting
B. Defer the risk for planning
C. Record the risks in Project Charter
D. Inform the portfolio manager

Let’s find the best answer

A: Discuss in the upcoming stakeholder meeting
Project Charter gets developed collaboratively since it ensures stakeholders are aligned on Project Objectives. Project Manager facilitates many meetings to achieve this objective.
This option looks a great idea since you may have limited knowledge about the project strategy at this point in this only by exploring with stakeholders you can find more details.

B. Defer the risk for planning
We do have processes for risk planning, and identification and these processes will get performed later. Plan Risk Management defines how to conduct risk management activities for a project and Identify Risks is about identifying individual project risks.
Its right that we do detailed risk planning later in the project but can we ignore a risk which we discover while preparing Project Charter?

C. Record the risks in Project Charter
Project Charter documents the high-level information on the project and on the product, service, or result the project is intended to satisfy, it includes a high-level project description, boundaries, and key deliverables and project risk.
Yes, it is expected to document the final set of high-level risks added in Project Charter. Won't you understand the risks and develop a common understanding about them before recording them in Project Charter?

D. Inform the portfolio manager
Portfolio managers continuously monitor changes in the broader internal and external environments. They need to be notified for the high-level risks which may affect the overall portfolio. You need to involve stakeholders to get a common and shared understanding of the identified risks.

This question is mapped with Task 7 of Initiation Process Group
Conduct benefit analysis with relevant stakeholders to validate project alignment with organizational strategy and expected business value.

You need to understand the hint in the question, here it is “project alignment with organizational strategy” and then map it with the task of the process group the keyword in the answer is “stakeholder.”
Watch this video for the correct answer.

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