Exam PMP topic 1 question 371 discussion

hahah please let me know if the sponsor dont want to implement those change. so should we monitor it =))

Escalate. This risk response strategy is appropriate when the project team or the project sponsor agrees that an opportunity is outside the scope of the project or that the proposed response would exceed the project manager’s authority. Escalated opportunities are managed at the program level, portfolio level, or other relevant part of the organization, and not on the project level. The project manager determines who should be notified about the opportunity and communicates the details to that person or part of the organization. It is important that ownership of escalated opportunities is accepted by the relevant party in the organization. Opportunities are usually escalated to the level that matches the objectives that would be affected if the opportunity occurred. Escalated opportunities are not monitored further by the project team after escalation, although they may be recorded in the risk register for information.

B. Share this opportunity with another project. Following PMP’s risk response strategies, the best action is to share the opportunity with another project, program, or portfolio that can leverage it.

If the opportunity is outside the scope of the current project, sharing it with another project or organizational function that can act on it is a logical next step. This ensures that the opportunity is utilized effectively and does not go unaddressed.

Why Not Other Options? A. No more action is required: This would mean letting the opportunity go, which might result in a missed chance for the organization to benefit. C. Further monitor the opportunity: Monitoring an opportunity that is outside of the current project scope doesn’t add value to the current project and doesn’t advance the potential benefits of the opportunity. D. Establish a contingency reserve to support the opportunity: Since the opportunity is outside the project scope, allocating resources or reserves within this project for it would not be appropriate.

At first I thought it was A. However, I think the C is solid on the “expanding opportunities to a higher level” part of the problem.

Although the opportunity is out of scope, but the team decided to add it to risk register and escalate to higher level, so we have to monitor it and get responding from higher level. This is opportunity risk and will increase the value for project.

I suppose that every records in the risk register needs to be monitored

A is correct you escalate it because it is out of your authority so, monitoring it is waist of time. if a PM suggest an opportunity in your project would you let him monitor it !!

A is correct

Further monitoring is scope creep. The project manager is spending time and money monitoring it. No further action is required.

Once it is the risk register I guess it's just normal to check it from time to time... it doesn't say that you have to go crazy with that opportunity but keep an eye on it. Do not just pass youR work forward and say "ok, work done"

7. While the escalation is underway, don't stop working the plan of record. No one can predict for certain the outcome of an escalation, so it's typically best to keep everyone marching together until an official decision has been made. From PMI. It must be C. JUST A TIP. IF YOU ARE NOT SURE JUST DO Q QUICK INTERNET SEARCH LIKE: "insert keyword here" PMI project management

C. Further monitor the opportunity

A. No more action is required.

the project manager should ensure that the opportunity is appropriately evaluated, documented, and communicated to the relevant stakeholders or decision-makers through the established change control and governance processes. So no more action required.

the project manager needs to communicate the risk to the new risk owner and ensure that they actively accept responsibility for its management. At this point the risk can be removed from the project’s active Risk Register, and it will be entered into the Risk Register at the level where it belongs.