Opportunities & Threats - PMBOK 7th edition

Correct Answer: Risk attitude influences how much risk the project stakeholders are willing to take on and accept

Risk attitude influences how much risk the project stakeholders are willing to take on and accept. This is the most comprehensive statement about the role of risk attitude in project management. The other answers, while related to risk management, do not accurately capture the essence of risk attitude: - A systematic approach to identifying, analyzing, and responding to risks is part of the risk management process, not specifically risk attitude. - Implementing risk responses and monitoring their effectiveness is also part of the risk management process, not risk attitude itself. - Risk attitude is not solely determined by the project manager but is influenced by all stakeholders involved in the project.

Correct Answer: The risk threshold guides the project team in determining which risks require proactive responses and which can be monitored

The risk threshold guides the project team in determining which risks require proactive responses and which can be monitored. Risks that fall above the threshold are actively managed with risk response strategies, while those below the threshold are monitored. The other answers are incorrect because: - The project team does not aim to completely eliminate all risks above the threshold, but rather manage them effectively. - The project team does not focus solely on risks below the threshold, as high-impact risks above the threshold require more attention and resources. - The risk threshold does impact how the project team approaches and manages risks, as it helps prioritize and allocate resources to the most critical risks.

Correct Answer: Engage stakeholders in open discussions to understand their perspectives and find common ground

The most effective way for a project manager to navigate varying risk attitudes among stakeholders is to engage them in open discussions to understand their perspectives and find common ground. Imposing the project manager's own risk attitude on all stakeholders would not take into account the diverse views and concerns of the stakeholders, potentially leading to conflicts and resistance. Making all project decisions independently based on the most cautious approach may lead to overly conservative decisions that do not align with the project's goals and stakeholders' expectations. Adopting the risk attitude of the most influential stakeholder and aligning project decisions accordingly, even if it conflicts with other stakeholders' preferences, would not consider the needs and concerns of all stakeholders and could lead to a lack of buy-in and support from those whose views are not being considered.