The Project Risk Management knowledge area focuses on which of the following processes? Each correct answer represents a complete solution.
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A. B. C. D.BCD.
The Project Risk Management knowledge area focuses on managing potential risks that may impact a project's success. It includes four main processes: Risk Management Planning, Risk Identification, Qualitative Risk Analysis, Quantitative Risk Analysis, Risk Response Planning, Risk Monitoring and Control, and potential Risk Monitoring. Out of these, the following processes focus on risk management:
B. Risk Management Planning: This process is focused on defining how to manage the risk management process throughout the project. It includes defining risk management strategies, roles and responsibilities, and identifying the methodology to be used for risk management. It also involves defining risk categories, probability and impact definitions, and the risk management plan.
C. Quantitative Risk Analysis: This process is focused on assessing the likelihood of occurrence and impact of identified risks. It involves quantifying the potential impact of risks on the project objectives and determining the probability of occurrence for each identified risk. The output of this process is a prioritized list of risks based on their probability and impact.
D. Risk Monitoring and Control: This process is focused on tracking identified risks, monitoring residual risks, identifying new risks, executing risk response plans, and evaluating their effectiveness throughout the project. It includes reviewing risk status, analyzing variances, and taking corrective actions as necessary to ensure that risk responses are executed properly.
In conclusion, the Project Risk Management knowledge area focuses on managing risks throughout a project's lifecycle. It involves processes such as Risk Management Planning, Quantitative Risk Analysis, and Risk Monitoring and Control.