GAQM Updated PPM-001 Exam Questions and Answers by dulcie

Risk Management is a systematic process of identifying, analyzing, and responding to project risk. It includes maximizing the probability and consequences of positive events and minimizing the probability and consequences of adverse events to project objectives. The definition provided in the question aligns with the concept of risk management as it involves both proactive avoidance of trouble (through identification and analysis) and reactive measures (through response planning and implementation) when certain risks cannot be avoided.

References: = Professional in Project Management (PPM) Reference Materials1, PMBOK® Guide2.

 Existing systems can indeed be included in a risk management plan. In the context of Project Portfolio Management (PPM), it’s crucial to consider the risks associated with current systems as they can impact the portfolio’s overall performance and the achievement of strategic objectives. The risk management process involves identifying, assessing, and managing risks to minimize their negative impact on the portfolio. This includes risks related to existing systems, which may be subject to obsolescence, integration issues, or other operational challenges that could jeopardize project success.

References:

• PPM 101 - Portfolio Risk Management | Acuity PPM1
• Risk Management - configuration considerations in PPM - LinkedIn2

Ground rules and team contracts are often misconceived as constraints that might limit creativity. However, they serve to create a structured environment where team members understand expectations and feel secure in expressing their ideas. By establishing clear guidelines, teams can foster a culture of open communication and mutual respect, which can enhance creativity rather than stifle it123. References: For more detailed insights, please refer to discussions on team dynamics and creativity in the Professional in Project Management (PPM) study materials and other project management literature.

Creating a list of tasks to do for the day is a widely recognized method for focusing on high-priority items. This approach aligns with project management best practices, which advocate for prioritizing tasks to enhance efficiency and productivity. By identifying and organizing tasks based on their importance and urgency, project managers can ensure that they focus on the most critical activities first, thereby optimizing the use of their time and resources.

References: The importance of task lists and prioritization is supported by various project management methodologies, including those outlined in the Professional in Project Management (PPM) materials, which emphasize effective time management and prioritization as key components of successful project management1.