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Clarification regarding Risk process

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ralapatt
Posts: 6
Joined: Wed Jun 03, 2020 1:14 pm

Clarification regarding Risk process

Fri Dec 04, 2020 1:21 am

Hi,
I have 2 questions I am looking for clarification on - these are from Risk test on iZenbridge.


I thought option D was a more comprehensive answer because it says the risk list will be evaluated for impact qualitatively and then only those that are high impact will be analyzed further. I am wondering if option B is selected as that is talking only of the next step? Please clarify.

Q8 - Robert is the project manager and planned to involve his team for risk identification session. During the session, Robert and his team identified 130 risks. Each of these risks involves a lot of time. And the effort may not be worth enough as not all of these risks are relevant and important. What should Robert do next?
•  
Index, Analyse only quantitative risk, for which no trigger could be found.
•  
Use qualitative risk analysis 
•  
Evaluate risk analysis to prioritize it.
•  
Evaluate potential impact of each risk, qualitatively and analyze only those risks, with high impact.
-
Solution
The question is about “'Perform Qualitative Analysis” process. PMBOK 11.3
Option B is the correct answer as after identification of risks they need to be prioritized which is done under the qualitative analysis of risks. After qualitative analysis, the project manager can focus on high priority risks depending on their probability of occurrence and impact. Option A Identification of triggers only would not help as to select what risks need to be addressed and worth considering. Option C is not correct as prioritization is done in risk qualitative analysis. Option D is partially correct as along with impact; relative probability is also required to prioritize risks.

***********************************************

Below also I feel that option A is a more comprehensive choice as it says the data will be analyzed meaning qualitative analysis and then understand the impact on the project objectives. However the correct answer is option B which I am not sure why. Please clarify. Thank you.

Question 29 

Amita is leading a town development project. The project is strategically important for the organization. Amita has set up a series of interviews with various stakeholders to gather some historical and experimental data on risks which have the high impact on project objectives. What is Amita trying to do exactly?
•  
She is collecting data to analyze for understanding probability and impact of risks and how these risks can impact on project objectives. 
•  
She is trying to understand the effects of risks on overall project objectives
•  
She is trying to plan risk responses by data
•  
She is identifying risks by analyzing data.
-
Solution
The question is about “'Perform Quantitative Analysis” process. PMBOK 11.4
Amita is doing 'Perform Quantitative Analysis." Risks have been already identified as Amita is gathering historical data on risks. She is trying to understand the effect of these identified risks on overall project objectives. Perform Quantitative Analysis is the process of numerically analyzing the effect of identified risks on overall project objectives
Amita is drawing on experiential learning and historical data to quantify the impact of risks on project objectives.
manishpn
Expert
Expert
Posts: 3062
Joined: Sat Jan 04, 2014 3:55 pm

Re: Clarification regarding Risk process

Fri Dec 11, 2020 4:10 pm

ralapatt wrote:
Fri Dec 04, 2020 1:21 am
Hi,
I have 2 questions I am looking for clarification on - these are from Risk test on iZenbridge.


I thought option D was a more comprehensive answer because it says the risk list will be evaluated for impact qualitatively and then only those that are high impact will be analyzed further. I am wondering if option B is selected as that is talking only of the next step? Please clarify.

Yes the next step is to perform qualitative risk analysis and then proceed if needed with Quantitative risk analysis

Q8 - Robert is the project manager and planned to involve his team for risk identification session. During the session, Robert and his team identified 130 risks. Each of these risks involves a lot of time. And the effort may not be worth enough as not all of these risks are relevant and important. What should Robert do next?
•  
Index, Analyse only quantitative risk, for which no trigger could be found.
•  
Use qualitative risk analysis 
•  
Evaluate risk analysis to prioritize it.
•  
Evaluate potential impact of each risk, qualitatively and analyze only those risks, with high impact.
-
Solution
The question is about “'Perform Qualitative Analysis” process. PMBOK 11.3
Option B is the correct answer as after identification of risks they need to be prioritized which is done under the qualitative analysis of risks. After qualitative analysis, the project manager can focus on high priority risks depending on their probability of occurrence and impact. Option A Identification of triggers only would not help as to select what risks need to be addressed and worth considering. Option C is not correct as prioritization is done in risk qualitative analysis. Option D is partially correct as along with impact; relative probability is also required to prioritize risks.

***********************************************

Below also I feel that option A is a more comprehensive choice as it says the data will be analyzed meaning qualitative analysis and then understand the impact on the project objectives. However the correct answer is option B which I am not sure why. Please clarify. Thank you.

Question 29 

Amita is leading a town development project. The project is strategically important for the organization. Amita has set up a series of interviews with various stakeholders to gather some historical and experimental data on risks which have the high impact on project objectives. What is Amita trying to do exactly?
•  
She is collecting data to analyze for understanding probability and impact of risks and how these risks can impact on project objectives. 
•  
She is trying to understand the effects of risks on overall project objectives
•  
She is trying to plan risk responses by data
•  
She is identifying risks by analyzing data.
-
Solution
The question is about “'Perform Quantitative Analysis” process. PMBOK 11.4
Amita is doing 'Perform Quantitative Analysis." Risks have been already identified as Amita is gathering historical data on risks. She is trying to understand the effect of these identified risks on overall project objectives. Perform Quantitative Analysis is the process of numerically analyzing the effect of identified risks on overall project objectives
Amita is drawing on experiential learning and historical data to quantify the impact of risks on project objectives.
The information provided is not sufficient to conclude that it is quantitative risk analysis process
Br,
Manish P
PMP, PMI - ACP, SAFe Agilist
http://www.izenbridge.com/blog/7-effect ... ification/
ralapatt
Posts: 6
Joined: Wed Jun 03, 2020 1:14 pm

Re: Clarification regarding Risk process

Sat Dec 12, 2020 12:21 am

Thank you Manish for your clarification.

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