PMP Questions ID 2512 a project risk budget was approved that only considered high impact high potential risks during

A project risk budget was approved that only considered high-impact/high-potential risks. During project execution, a risk with high impact but very low potential occurs. While it is in the risk register, it is not in the budget. What should the project manager do first?

Select one

Conduct an impact analysis, and then submit a change request to increase the budget if necessary

Immediately execute the risk response plan using the available risk budget.

Escalate the problem to the project sponsor.

Update the risk management plan based on risk monitoring and assessment.

Signs of a potential economic recession were present during the planning stages of a large construction project. The risk of the recession was assigned as low probability and high impact, with an expected duration of 6-12 months. Soon after the project begins, the recession occurs and impacts the project as expected. After six months, the duration of the recession's impact is changed to 24-36 months. What should the project manager do?

Select one

Extend the project duration by 24-36 months.

Extend the project duration by 12-24 months.

Borrow additional working capital.

Update the risk register.

Select one

Postpone project closure until the final deliverable is completed.

Proceed with partial project closure and wait until the final deliverable is completed

Separate the original scope and proceed to project closure.

Determine the impact of delaying the deliverable and take necessary actions.

A project manager is informally told that a possible union action will involve their project team. At this stage of the project, any delays will significantly impact the schedule and budget. The probability of this union action was assumed to be minimal and was, therefore, unanticipated. What should the project manager do?

Select one

Meet with the chairman of the union to try and resolve the conflict.

Notify the project team of possible disciplinary actions should they choose to take part in this, and offer a reward for those who do not.

Obtain more information on the probability of this union action, and then act based on any factual information received.

Update the risk register with the new risk, and notify relevant stakeholders.

Several months after the implementation of an approved change to manage a risk, a project manager learns that the change failed to achieve the expected result. This led to adverse consequences. What should the project manager have done to avoid this?

Select one

Assessed new risks, and updated the probability and impact matrix

Added the risk information to the lessons learned register

Verified that the risk response was effective

Reviewed the assumption log to revisit or change existing assumptions

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