You are the project manager of the GHY Project for your company. You need to complete a project management process that will be on the lookout for new risks, changing risks, and risks that are now outdated. Which project management process is responsible for these actions?
A. Risk planning
B. Risk identification
C. Risk monitoring and controlling
D. Risk analysis
Della works as a project manager for SoftTech Inc. She is working with the project stakeholders to begin the quantitative risk analysis process. Which of the following inputs will be needed for the quantitative risk analysis process in her project? Each correct answer represents a complete solution. Choose all that apply.
A. Risk management plan
B. Project scope statement
C. Risk register
D. Cost management plan
You are the project manager of the GGH Project in your company. Your company is structured as a functional organization and you report to the functional manager that you are ready to move onto the quantitative risk analysis process. What things will you need as inputs for the quantitative risk analysis of the project in this scenario?
A. You will need the risk register, risk management plan, permission from the functional manager, and any relevant organizational process assets.
B. You will need the risk register, risk management plan, cost management plan, schedule management plan, and any relevant organizational process assets.
C. You will need the risk register, risk management plan, outputs of qualitative risk analysis, and any relevant organizational process assets.
D. Quantitative risk analysis does not happen through the project manager in a functional structure.
You are the project manager of the HQQ Project for your company. You are working with your project stakeholders to discuss the risks in the project that can adversely affect the project objectives. You are discussing the possibilities of causes for an identified risk event in your project. Your stakeholder is confused on the difference between causes and risk events. Which of the following is NOT an example of a cause for a project risk?
A. Limited team members to complete the project work
B. Quality assurance programs within the company
C. Work permit requirements
D. Schedule constraints on the project
You are the project manager of the NHQ project for your company. You are working with your project team to complete a risk audit. A recent issue that your project team responded to, and management approved, was to increase the project schedule because there was risk surrounding the installation time of a new material. Your logic was that with the expanded schedule there would be time to complete the installation without affecting downstream project activities. What type of risk response is being audited in this scenario?
A. Parkinson's Law
B. Mitigation
C. Avoidance
D. Lag Time
Consider a project with a budget at completion of $1,345,000 and it is supposed to be completed by today, but it is only 80 percent complete. This project has spent $1,250,000 to reach this point of completion. What is the schedule variance for this project?
A. -$217,500
B. 20 percent
C. -$174,000
D. -$269,000
Gary is the project manager for his organization. He is working with the project stakeholders on the project requirements and how risks may affect their project. One of the stakeholders is confused about what constitutes risks in the project. Which of the following is the most accurate definition of a project risk?
A. It is an uncertain event that can affect the project costs.
B. It is an uncertain event or condition within the project execution.
C. It is an uncertain event that can affect at least one project objective.
D. It is an unknown event that can affect the project scope.
A high-profile, high-priority project within your organization is being created. Management wants you to pay special attention to the project risks and do all that you can to ensure that all of the risks are identified early in the project. Management has to ensure that this project succeeds. Management's risk aversion in this project is associated with what term?
A. Quantitative risk analysis
B. Risk conscience
C. Risk mitigation
D. Utility function
You work as a project manager for BlueWell Inc. Management has asked you to work with the key project stakeholder to analyze the risk events you have identified in the project. They would like you to analyze the project risks with a goal of improving the project's performance as a whole. What approach can you use to achieve the goal of improving the project's performance through risk analysis with your project stakeholders?
A. Focus on the high-priority risks through qualitative risk analysis
B. Involve the stakeholders for risk identification only in the phases where the project directly affects them
C. Involve subject matter experts in the risk analysis activities
D. Use qualitative risk analysis to quickly assess the probability and impact of risk events
You are the project manager of the BJA Project for your company. Management is worried about one of the identified risks in your project. The risk event has a probability of 90 percent and a cost impact of $85,000. Management and you discuss possible solutions to address the risk. You share with them that for $75,000 you can reduce the probability of the risk event to 15 percent and the impact to $25,000. This solution will add three weeks to the project schedule. Management thinks this is a good idea and they would like you to add the time and cost additions to your project plan. What type of risk response is used?
A. Avoidance
B. Acceptance
C. Exploit
D. Mitigation
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