As a result of the Control Risk process, the project manager updates the project risk documents using outcomes from which of the following?
A. Risk reserve analysis and risk thresholds
B. Risk response strategies and risk analysis
C. Risk reviews and risk register analysis
D. Risk assessments and risk audits
After years of experience, a project manager becomes the lead manager for a company. This new lead manager asks all project managers to use a specific technique when they perform qualitative risk analysis on their projects. This technique consists of achieving the relative weighting of the project's objectives in terms of priority to the stakeholders.
What is the name of this technique?
A. Relative Weighting of the objectives of Stakeholders (RWS)
B. Objectives Stakeholders Weighting (OSW)
C. Quantitative Weighted Analysis (QWA)
D. Analytic Hierarchy Process (AHP)
A project is in the planning phase, and the risk manager establishes the risk management for the project. Which success factors should be taken into account by the risk manager to establish a successful risk management process for the project?
A. Organizational commitment, scale risk effort to project, early identification of risks
B. Organizational commitment, scale risk effort required to project, perform quantitative risk analysis
C. Organizational commitment, scale risk effort required to project, integrate with other project management areas
D. Organizational commitment, scale risk effort required to project, use Monte Carlo analysis for risk evaluation
A risk manager assessed all project risks, and the team is now identifying common groupings of risks. What tool or technique is used to perform this risk assessment?
A. Risk breakdown structure (RBS)
B. Risk probability and impact assessment
C. Risk register
D. Risk identification checklist
A regional vendor for custom manufactured steel oil derricks, is awarded a contract to design, manufacture, and install 40 offshore oil platforms. Installation of these derricks requires precision placement and stable seas for the transport and installation ships to property install the deep water structure. There are several schedule and cost incentives for early completion, and the project manager asks the project risk coordinator to perform an analysis, which will predict the probability of meeting the incentive dates. While researching methods that could be used for performing this analysis, the risk manager realizes that there are readily available spreadsheets within the organization. The risk manager is considering performing a Method of Moments (PERT) analysis with software already owned, or the other option is to buy a commercial risk analysis software suite that will perform Latin Hypercube Monte Carlo simulations at a cost of US$975.
What would be the best analytical option for this probability assessment?
A. Schedule based Method of Moments analysis is a time proven, highly accurate method for schedule risk and is not impacted by Monte Carlo simulation's limitation of summation modeling where only addition and subtraction of uncertain values are used.
B. The commercial product that performs the Monte Carlo simulations is the best option, because a schedule risk assessment involves summation of uncertainties added or subtracted from or to schedule dates.
C. Because a schedule risk assessment involves multiplication and division of schedule durations against specific risk events, a spreadsheet and using a Method of Moments analysis is the best option.
D. Since a schedule risk assessment involves multiplication and division of schedule durations against specific risk events, the Monte Carlo simulation software is the best option.
A risk manager works with the project team, senior management team, subject matter experts and other stakeholders to identify the project risks. Which of the following tools/methods from the risk management plan can be used to identify a risk, which is based on project objectives by category?
A. Affinity diagram
B. Risk breakdown structure
C. Decision tree method
D. Work breakdown structure
A project manager has a two-month project with three project team members. The project sponsor does not agree with the project manager that a risk planning process is necessary, since the project is very small.
Would it be appropriate for the project manager to implement some level of risk management?
A. Yes, even small projects may require risk planning.
B. No, small projects do not usually require risk planning.
C. No, risk planning should be initiated with the sponsor's consent.
D. Yes, the risk planning process implementation is ultimately the project manager's decision.
During a status meeting, a functional manager complains that the server backup failed, impacting the department. This was a known risk documented in the risk register as an accepted risk. After reviewing the meeting minutes, itis determined that the functional manager had not participated in the risk planning phase.
Which of the identification methods should have been applied?
A. Qualitative analysis
B. Sensitivity analysis
C. Stakeholder analysis
D. Quantitative analysis
In the country where a project is being executed, customs procedures are complex and change frequently. During the risk identification process, the project team identifies a risk related to delays in customs on substantial equipment that will likely occur. Equipment delays on this project could lead to the project cancellation.
How should the probability and impact be characterized for this risk?
A. Low probability/low impact
B. High probability/low impact
C. Low probability/high impact
D. High probability/high impact
A project manager is hired as a consultant by the executive sponsor to manage a major change program that has experienced two past failures. The current executive sponsor believes the project is in good shape based on feedback from the last project manager and reports this to senior executive management. The executive sponsor believes there were no major risks threatening the time, budget, or quality of the project. In the first week of risk analysis, the project manager concludes the project timeline is unrealistic and is three months behind schedule. The organization's risk appetite is low.
What is the first step that should be taken?
A. Review the project schedule and recommend fast tracking the schedule and/or crashing the critical path.
B. Discuss the project schedule with the executive sponsor and agree on a strategy for updating the risk management plan and risk response plans.
C. Update existing risk response plans and include more resources to get the project back on track.
D. Immediately call a steering committee meeting, report the project status, and suggest project scope reductions to save time.
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