When approving the risk contingency budget for a project, the CEO notices each team has a different approach to report risks and their impacts. The CEO decides to create a new centralized risk management function to help resolve the problem.
How does centralizing the risk management function help resolve the problem?

• A. Allows monitoring the impact against the overall project risk exposure.
• B. Establishes risk sources and ownership for trigger monitoring.
• C. Creates a single repository for all project risk documents.
• D. Enhance the process of identification of different Individual project risks.

A new risk manager has been hired on a project and meets with the project director. The project director supplies the project ' s risk register and asks the risk manager for an analysis of its effectiveness.
What two actions should the risk manager do next? (Choose two.)

• A. Check to ensure that the risk is supported by a Monte Carlo simul-ation.
• B. Check to ensure the risk meeting agenda and supporting documents are distributed.
• C. Check to ensure that the risks are gathered using Delphi technique.
• D. Check to ensure that risk origin, triggering event, and ownership is identified.
• E. Check for risk classification and that probability and impact are identified.

An undocumented risk is realized during the rollout of a new product line important to the company. The product owner escalates this matter to the company president, who expects all risks to be documented in the project risk plan.
How should the risk manager address this concern?

• A. Risks are documented to the practicable extent possible.
• B. A similar risk never occurred in the past, so it was not considered.
• C. Impact of the risk was assessed to be insignificant, so the risk was not documented.
• D. Probability of the risk was very low. so the risk was not documented.

During a meeting with a project team, a project manager asks a risk manager to determine the risk events that could potentially have the most impact on a 2-year project with a budget of US$800 000. Which approach should the risk manager suggest the project manager take?

• A. simul-ation analysis
• B. Monte Carlo simul-ation
• C. Sensitivity analysis
• D. Quantitative analysis

A certain risk is identified for a major project, and the risk response is planned. However, the analysis reveals a high probability for a secondary risk which will be tolerated based on the organization ' s risk thresholds.
The secondary risk is subsequently registered. During project execution, the primary risk occurs, the planned action is taken, and the secondary risk emerges What two actions should the risk owner take? (Choose two.)

• A. Set the corresponding trigger conditions to the secondary risk.
• B. Engage the project manager to authorize the secondary risk ' s response.
• C. Update and communicate assessments of the secondary risk ' s impact.
• D. Implement the secondary risk response and update the project documents.
• E. Conduct meeting with all stakeholder to agree on post impact solutions.