PMI Scheduling Professional Certification (PMI-SP) Practice Exam

Which statement best describes a risk management plan?

1. A plan detailing how project resources will be allocated

2. A document outlining risks and strategies for risk management activities

3. A chart indicating project timelines and milestones

4. A summary of project objectives and scope

The correct answer is: A document outlining risks and strategies for risk management activities

The best description of a risk management plan is that it is a document outlining risks and strategies for risk management activities. This plan is critical in identifying potential risks that could impact the project, assessing their likelihood and impact, and detailing the strategies to mitigate or manage those risks throughout the project lifecycle. It serves as a roadmap for addressing uncertainties, ensuring that appropriate measures are in place to minimize negative impacts on project objectives. A risk management plan not only lists the potential risks but also outlines strategies for monitoring and controlling risks, establishing a response plan, and assigning responsibilities for managing risks. This comprehensive approach enables project managers and teams to proactively address issues before they escalate into larger problems that could hinder project success. In contrast, plans detailing resource allocation, project timelines and milestones, or project objectives and scope do not specifically concentrate on risk management. While they are essential components of project planning, they do not encapsulate the focus and strategies related to managing risks. Thus, the accurate representation of a risk management plan is centered around its role in identifying and planning for risks and the proactive management strategies associated with them.