PMI Risk Management Professional Practice Exam

What is the main objective of establishing a risk management plan?

1. To eliminate all project risks

2. To identify, assess, and manage risks throughout the project life cycle

3. To document lessons learned from previous projects

4. To prepare for project closure

The correct answer is: To identify, assess, and manage risks throughout the project life cycle

The main objective of establishing a risk management plan is to identify, assess, and manage risks throughout the project life cycle. This approach ensures that all potential risks are proactively considered and appropriately addressed, allowing project teams to mitigate negative impacts and enhance opportunities that can benefit the project's success. By focusing on continuous risk management, the project can adapt to changes and uncertainties as they arise, providing a structured framework for responding to risks in a timely manner. This involves not only identifying risks but also analyzing their potential impact on project objectives and developing strategies to manage them effectively. Other options, while related to different aspects of project management, do not encapsulate the central goal of a risk management plan as accurately. Eliminating all project risks is typically impossible; risks are inherent to any project. Documenting lessons learned is a valuable practice but serves a different purpose in the project life cycle. Preparing for project closure is also essential, but it does not encompass the ongoing process of risk management that is vital throughout the project. Thus, the emphasis on continuous risk identification and management distinctly highlights the critical nature of a risk management plan.