You are the project manager of the NHH Project. You are working with the project team to create a
plan to document the procedures to manage risks throughout the project. This document will
define how risks will be identified and quantified. It will also define how contingency plans will be
implemented by the project team. What document do you and your team is creating in this
scenario?
A.
Project plan
B.
Resource management plan
C.
Project management plan
D.
Risk management plan
Explanation:
The risk management plan, part of the comprehensive management plan, defines how risks will be
identified, analyzed, monitored and controlled, and even responded to.
A Risk management plan is a document arranged by a project manager to estimate the
effectiveness, predict risks, and build response plans to mitigate them. It also consists of the risk
assessment matrix.
Risks are built in with any project, and project managers evaluate risks repeatedly and build plans
to address them. The risk management plan consists of analysis of possible risks with both high
and low impacts, and the mitigation strategies to facilitate the project and avoid being derailed
through which the common problems arise. Risk management plans should be timely reviewed by
the project team in order to avoid having the analysis become stale and not reflective of actual
potential project risks. Most critically, risk management plans include a risk strategy for project
execution.
Answer C is incorrect. The project management plan is a comprehensive plan that communicates
the intent of the project for all project management knowledge areas.
Answer A is incorrect. The project plan is not an official PMBOK project management plan.
Answer B is incorrect. The resource management plan defines the management of project
resources, such as project team members, facilities, equipment, and contractors.