PMP Questions ID 2518 a project manager is aware of two critical high impact risks that must be addressed immediately

A project manager is aware of two critical, high-impact risks that must be addressed immediately. However, the necessary resources to address the risks are already committed to another project with critical deliverables. What should the project manager do?

Select one

Hire external resources to handle these tasks.

Review the resources' availability with the functional manager, and negotiate rescheduling or task crashing.

Assume the risks, and control them often to reduce potential impact.

Establish a contingency reserve to solve the potential schedule delay and mitigate the possible impact.

A project manager is preparing the monthly project status report. Some new risks have been identified that could impact important key milestones. What should the project manager reference before presenting this new risk information?

Select one

Risk report and risk register

Risk report and risk management plan

Risk report and lessons learned repository

Organizational process assets and risk register

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

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

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

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

Escalate the problem to the project sponsor.

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.

A final deliverable will not be completed on time, which is delaying project closure. What should the project manager do next?

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.

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