PMI Scheduling Professional Certification (PMI-SP) Practice Exam

What is the key output of the Plan Risk Management process?

1. Risk Register

2. Risk Management Plan

3. Risk Analysis Matrix

4. Stakeholder Analysis

The correct answer is: Risk Management Plan

The key output of the Plan Risk Management process is the Risk Management Plan. This document outlines how risk management activities will be conducted throughout the project lifecycle. It includes the methodology for identifying, analyzing, and responding to risks, as well as defining the roles and responsibilities of team members in relation to risk management. The Risk Management Plan serves several important functions: it provides a clear approach for managing risks, sets a framework for communication regarding risk, and establishes parameters for risk monitoring and reporting. By formalizing these processes, the plan ensures that all stakeholders have a shared understanding of how risks will be managed and mitigated, thereby enhancing the project's chance of success. Other options, while related to risk management, are not the key output of this specific process. For instance, the Risk Register is typically developed during the Identify Risks process, providing a consolidated list of identified risks and their characteristics. The Risk Analysis Matrix is a tool used within the analysis phase of risk management, and Stakeholder Analysis focuses on understanding the interests and influence of stakeholders, which may inform risk management but is not a direct output of the Plan Risk Management process.