Holly is the project manager of the NHQ project for her company. Her project sponsor, Tracy, has requested that Thomas, the department manager, from the Risk Management Department, will work with Holly to determine the effectiveness of the risk responses. Tracy and Thomas are concerned that some of the risks within Holly's project may not be addressed to depth they would like. In this scenario, who is responsible for ensuring that risk audits are performed at an appropriate frequency throughout the project?
A. Thomas
B. Tracy
C. The project team
D. Holly
You are the project manager of the HJU project for your company. This project will last for 18 months and has a project budget of $567,000. Robert, one of your stakeholders, has introduced a scope change request that will likely have an impact on the project costs and schedule. Robert assures you that he will pay for the extra time and costs associated with the risk event. You tell Robert that the change request may affect more areas of the project than just time and cost and that you are worried about the additional risks the change request will bring. What project management component is responsible for evaluating a change request and its impact on all of the project management knowledge areas?
A. Project change control system
B. Integrated change control
C. Risk analysis
D. Configuration management
Adrian is the project manager of the NHP Project. In her project there are several work packages that deal with electrical wiring. Rather than to manage the risk internally she has decided to hire a vendor to complete all work packages that deal with the electrical wiring. By removing the risk internally to a licensed electrician Adrian feels more comfortable with project team being safe. What type of risk response has Adrian used in this example?
A. Avoidance
B. Mitigation
C. Acceptance
D. Transference
Amy is the project manager for her company. In her current project the organization has a very low tolerance for risk events that will affect the project schedule. Management has asked Amy to consider the affect of all the risks on the project schedule. What approach can Amy take to create a bias against risks that will affect the schedule of the project?
A. She can create an overall project rating scheme to reflect the bias towards risks that affect the project schedule.
B. She can filter all risks based on their affect on schedule versus other project objectives.
C. She can have the project team pad their time estimates to alleviate delays in the project schedule.
D. She can shift risk-laden activities that affect the project schedule from the critical path as much as possible.
Linda is the project manager of the NAB Project. One of the risks her project team has identified is too dangerous for the project team to manage internally so she has hired a vendor to complete this portion of the project and to manage the identified risk. What risk response has Linda used in this instance?
A. Transference
B. Avoidance
C. Contractual
D. Mitigation
You work as a project manager for SoftTech Inc. You have implemented the risk action plan and it was not effective. What type of plan should you as a project manager will create for implementation if a selected risk strategy fails to be fully effective?
A. Mitigation management plan
B. Mitigation plan
C. Fallback plan
D. Risk response plan
You are the project manager of a large construction project. This project will last for 18 months and will cost $750,000 to complete. You are working with your project team, experts, and stakeholders to identify risks within the project before the project work begins. Management wants to know why you have scheduled so many risk identification meetings throughout the project rather than just initially during the project planning. What is the best reason for the duplicate risk identification sessions?
A. The iterative meetings allow the project manager and the risk identification participants to identify newly discovered risk events throughout the project.
B. The iterative meetings allow all stakeholders to participate in the risk identification processes throughout the project phases.
C. The iterative meetings allow the project manager to discuss the risk events which have passed the project and which did not happen.
D. The iterative meetings allow the project manager to communicate pending risks events during project execution.
You are the project manager of the NHK Project. Management wants to know how often your risk identification process will occur during the project. Considering that your project is scheduled to last one year and involvs five distinct phases, how often should risk identification take place?
A. Monthly
B. Once per project life cycle phase
C. Quarterly
D. Vary depending on the situations within the project
Harry is a project manager of a software development project. In the early stages of planning, he and the stakeholders operated with the belief that the software they were developing would work with their organization's current computer operating system. Now that the project team has started developing the software it has become apparent that the software will not work with nearly half of the organization's computer operating systems. The incorrect belief Harry had in the software compatibility is an example of what in project management?
A. Issue
B. Assumption
C. Risk
D. Constraint
You are the project manager for a construction project. The project includes a work that involves very high financial risks. You decide to insure processes so that any ill happening can be compensated. Which type of strategies have you used to deal with the risks involved with that particular work?
A. Mitigate
B. Avoid
C. Accept
D. Transfer
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