When should a project do risk identification?

The Project Risk Management knowledge area does not focus on which of the following processes?

Which of the following should be used to communicate risk management activities and status?

You are a project manager for a project. The project specialises in generating sufficient power for the national grid across the city or across the country. Your project involves upgrading the nationwide network. Your lead engineer has given you the following estimates for a critical path activity: 60 days most likely, 72 days pessimistic, 48 days optimistic. What is the expected value, or weighted average?

You are the project manager of the YHG project for your company. Within the project, you and the project team have identified a risk event that could have a schedule impact on the project of 2 months. This risk event has a 70% chance of occurring in the project. The project identifies a solution that will reduce the probability of the risk event to ten percent, but is difficult to implement. Management will not agree on the solution. What should you do in this situation?

You are carrying out a project by outsourcing, and planning to complete it 6 months later. Recently, you find the subcontractor has many troubles between labourers and management, which have caused some of the employees to leave. Luckily enough, the situation has not causing any impact to your project. But as a project manager, which of the following would you do in this situation?

You are the project manager of the NGH project for your organisation. You want to create a decision tree diagram to help discover the options and relative risk available to the project. Have completed the decision tree which of the following tools could be used to compliment the project analysis?

Which of the following are principles and processes in order to create a shared understanding of principles and processes, and foster engagement in risk management?

You are the project manager of the YHG project for your company. Within the project, you and the project team have identified a risk event that could have a financial impact on the project of $450,000. This risk event has a 70 percent chance of occurring in the project. The project identifies a solution that will reduce the probability of the risk event to ten percent, but it will cost $260,000 to implement. Management agrees with the solution and asks that you include the risk response in the project plan. What risk response is this?

Lisa is the project manager of the FKN project for her organisation. She is working with Sam, the CIO, to discuss a discount the vendor has offered the project based on the amount of materials that is ordered. Lisa and Sam review the offer and agree that while their project may qualify for the discounted materials the savings is nominal and they would not necessarily pursue the savings. Lisa documents this positive risk response in the risk register. What risk response is this?

You are the project manager of the NGH project for your organisation. You want to create a cause and- effect diagram to help discover the root causes of the risks within the project. Harold, the CIO, recommends that you create an Ishikawa diagram instead. What is an Ishikawa diagram?

Your company has won a prestigious project which deals with building software to be used on spaceships landing on the moon. After building the schedule network diagram – you identify the critical path and also a number of Near-Critical Paths. What does this mean with respect to Risks related to Project Schedule ?

All of the following are diagramming techniques, used within the Identify Risks process, EXCEPT:

A risk manager had just been hired to take over risk management responsibilities for a company producing a new pharmaceutical drug for diabetics. During the first cycle of risk identification, it was determined that the project had a high level of risk, and an expert was needed. The risk manager’s first order of business is to look over the risk management plan. All of the following are most likely to be addressed within the plan EXCEPT:

You are the project manager and working on the process of Monitor and Control Risks. Which of the following is NOT Tools and Techniques you can use for this process?

Management tells a project manager to subcontract part of the project to a company that management has worked with many times. Under these circumstances, the project manager should be MOST concerned about:

A project manager discovers an urgent need for outsourced resources on the project. He knows he has the money to cover the cost of these resources. He goes to the procurement manager and explains the situation, insisting a contract be drawn up today so he can obtain resources and circumvent the standard procedure. Is this the correct process to follow?

You are the project manager of the GHY project for your organisation. You are about to start the qualitative risk analysis process for the project and you need to determine the roles and responsibilities for conducting risk management. Where can you find this information?

You are the project manager of the CUL project in your organisation. You and the project team are assessing the risk events and creating a probability and impact matrix for the identified risks. Which one of the following statements best describes the requirements for the data type used in qualitative risk analysis?

A risk manager had just been hired to take over risk management responsibilities for a company producing a new pharmaceutical drug for diabetics. During the first cycle of risk identification, it was determined that the project had a high level of risk, and an expert was needed. The risk manager’s first order of business is to look over the risk management plan. All of the following are most likely to be addressed within the plan EXCEPT:

You are the project manager of the CUL project in your organisation. You and the project team are assessing the risk events and creating a probability and impact matrix for the identified risks. Which one of the following statements best describes the requirements for developing a probability and impact matrix?

Kelly is the project manager of the BHH project for her organisation. She is completing the risk identification process for this portion of her project. Which one of the following is the only thing that the risk identification process will create for Kelly?

Mike works as a project manager for BlueWell Inc. He is determining which risks can affect the project. Mike is looking for the process on how cost estimates will be used to qualify risk. Which of the following should Tom use?

Tom works as a project manager for BlueWell Inc. He is determining which risks can affect the project. Which of the following inputs of the identify risks process is useful in identifying risks, and provides a quantitative assessment of the likely cost to complete the scheduled activities?

Which tools are used to assess stakeholder risk tolerances?

You are the project manager of a new project in your organisation. You and the project team have identified the project risks, completed risk analysis, and are planning the most appropriate risk responses. Which of the following tools is most effective to choose the most appropriate risk response?

A part of a project deals with the hardware work. As a project manager, you have decided to hire a company to deal with all hardware work on the project. Which type of risk response is this?

During the execution of a project, a risk is identified by a team member. This newly identified risk is currently not in the Risk Register. As a Project Manager, what is the first action you would take after being notified of the risk?

A large telecommunications project is about halfway through when you are assigned as the project manager. The project involves three different sellers and a project team of 30 people. You would like to see the project communication requirements and the technology used for communication, where are you likely to find this information?

Your project has met with an unexpected problem. The supply of a critical component of your final product is delayed by 25 days. You need to show an alpha prototype of the product in 15 days. You’ve called a brainstorming team meeting to determine if you can deliver this limited version without the critical component. What are you trying to create?

Purchasing insurance is BEST considered an example of risk:

You are conducting Stakeholder Analysis. Which of the following questions can help you draw out stakeholder interests?

Stakeholder management includes which of the following?

You are the project manager of QSL project for your organisation. You are working with your project team and several key stakeholders to create a diagram that shows how various elements of a system interrelate and the mechanism of causation within the system. What diagramming technique are you using as a part of the risk identification process?

A Fire Fighter falls in the category of:

There are five outputs of the risk monitoring and controlling process. Which one of the following is NOT an output of the process?

Which of the following processes has the Risk Register as the primary output?

All of the following are tools used for performing variance and trend analysis EXCEPT?

In what portion of a project are risk and opportunities greatest and require intense planning and anticipation of risk events?

You are a project manager for a new Natural Project. You have just completed and obtained sign-off on the scope statement for your product. The stakeholder has informed you that a deliverable is missing from the scope statement. This deliverable is a critical success factor. You should do which of the following?

What should be done with risks on the watch list?

Identifying risk tolerance is a vital part of the risk management process. There are many reasons why this should be performed. Which of the following is the core reason why risk tolerances should be identified?

You are in the middle of developing risk assessment processes and tools that can quantify stakeholder risk tolerances in order to assess and determine risk thresholds for the project. This is core activity for the risk manager and incorporate the help of other to achieve this. What is a core tool and technique to achieve this?

The purpose of risk status meeting is to:

After conducting a SWOT Analysis, you have determined that a business deal is worth pursuing. You are required to use Agile development practices. In your company, there is no expertise in Agile development. Hence, you partner with another organisation that specialises in Agile development. This is an example of:

You are the project manager for an upcoming project. You’re working on the procurement plan for the program that will control the IT aspect of the project. You’ve decided to contract with a professional services company that specialises in writing custom software programs. You want to minimise the risk to the organisation, so you’ll opt for which contract type?

As a practicing project manager, you have a responsibility to all of the following except:

If the cost of insurance is $10,000, the value of the property is $100,000, and the probability of loss is ten percent, what is the expected cost of the insurance?

During a status meeting, two project team members began a heated argument that escalated to the point that half the room was involved. The project manager had her hands full in keeping the room under control. What are the team members most likely arguing about?

You work as a project manager for BlueWell Inc. You are working with Jon, the CIO of your company, on several risks within the project. Jon understands that through quantitative analysis you have used decision tress to understand and evaluate different risk and options. Jon’s concern, however, is that the impact and probability of these risk events may change as conditions within the project may change. He would like to know what you are going to do to understand this?

The project manager is in the process of evaluating bids on a scope of work that neither the team nor others in the organisation are familiar with. Which of the following would be the best technique to ensure that there are no significant differences in understanding of scope and risk with the prospective seller?

Andrew has joined as the Project Manager of a project. One of the project documents available to Andrew lists down all the risks in a hierarchical fashion. What is this document called?

Which of the following Tools and Techniques are part of Risk Management Planning?

Don has hired Jerry, a contractor, to complete a portion of his project work. The contract used was a cost-plus contract. If Don were to perform a risk audit, who would carry the risk in this scenario?

Jim updates risk policies and procedures using information such as lessons learned from projects and outputs of risk audits in order to improve the risk management effectiveness with HJK Inc. Jim is unaware of certain performances of the project which he has not captured. Why could have this happened to Jim’s project?

Which of the following statements is true about risks?

You work as a project manager for BlueWell Inc. You are working with Nancy, the COO of your company, on several risks within the project. Nancy understands that through qualitative analysis you have identified 80 risks that have a low probability and low impact as the project is currently planned. Nancy’s concern, however, is that the impact and probability of these risk events may change as conditions within the project may change. She would like to know where will you document and record these 80 risks that have low probability and low impact for future reference. What should you tell Nancy?

You are the project manager of the GYH project for your organisation. Management has asked you to begin identifying risks and to use an information gathering technique. Which one of the following risk identification approaches is an information gathering technique?

Beta is the Project Manager of a Road construction project. During a project review, Beta realises that one particular risk has occurred. To take appropriate action against risk that has happened, Beta needs to refer to which document?

Which of the following statements regarding reserve time (contingency) is false?

You work as a project manager for BlueWell Inc. Your project is using a new material to construct a large warehouse in your city. This new material is cheaper than traditional building materials, but it takes some time to learn how to use the material properly. You have communicated to the project stakeholders that you will be able to save costs by using the new material, but you will need a few extra weeks to complete training to use the materials. This risk response of learning how to use the new materials can also be known as what term?

During which stage of Risk planning are risks prioritised based on probability and impact?

When assessing the level of stakeholder engagement, which of the following analytical techniques should be used?

A project manager asked various stakeholders to determine the probability and impact of a number of risks. He then analysed assumptions. He is about to move to the next step of risk management. Based on this information, what has the project manager forgotten to do?

You are assigned as the project manager in a project with an aggressive schedule. During a recent meeting your team complained about the high pressure applied and the many hours of overwork time. What is the preferred solution to handle the problem?

You are a risk auditor for your company. You are reviewing the contract types a project manager has used in her project. Of the following, which contract type has the most risk for the project manager as a buyer?

In order to complete work on your projects, you have been provided confidential information from all of your clients. A university contacts you to help it in its research. Such assistance would require you to provide the university with some of the client data from your files. What should you do?

Which of the following processes involves choosing the alternative strategies, executing a contingency or fallback plan, taking corrective action, and modifying the project management plan?

During which stage of Risk planning are modelling techniques used to determine overall effects of risks on project objectives for high probability, high impact risks?

Workarounds are determined during which risk management process?

You are a project manager for product development. Your project involves upgrading the nationwide network for the company. Your lead engineer has given you the following estimates for a critical path activity: 60 days most likely, 72 days pessimistic, 48 days optimistic. What is the standard deviation?

What should project contingency reserve be evaluated on?

Bill is the project manager for a project that will last six months and has a budget of $580,000. In this project a high-risk has been identified with the new materials the project will be using. Bill would like to assign one person, Beth, to be responsible to monitor this risk. Bill assigns Beth the authority to respond to the risk event if it appears in the risk events that is likely to happen. In addition, Bill hires a consultant to work with Beth on this area of the project. In this instance, who is the risk response owner?

Ted is the project manager of the HRR project for his company. Management has asked that Ted periodically reviews the contingency reserve as risk events happen, pass, or are still pending. What is the purpose of reviewing the contingency reserve

Fred is the project manager of a large project in his organisation. Fred needs to begin planning the risk management plan with the project team and key stakeholders. Which plan risk management process tool and technique should Fred use to plan risk management?

Andrew is a Project Manager for Green Valley project. A risk management plan has been prepared for the project. Which of the following should Andrew do next?

Henry is the project manager of the QBG Project for his company. This project has a budget of $4,576,900 and is expected to last 18 months to complete. The CIO, a stakeholder in the project, has introduced a scope change request for additional deliverables as part of the project work and to ensure all risks can be mitigated. What component of the change control system would review the proposed impact on the features and functions of the project’s product to understand the level of risk?

You are the project manager of the GHY project for your company. This project has a budget of $543,000 and is expected to last 18 months. In this project, you have identified several risk events and created risk response plans. In what project management process group will you implement risk response plans?

Which of the following processes has risk register as the primary output?

Tracy is the project manager of the NLT Project for her company. The NLT Project is scheduled to last 14 months and has a budget at completion of $4,555,000. Tracy’s organisation will receive a bonus of $80,000 per day that the project is completed early up to $800,000. Tracy realises that there are several opportunities within the project to save on time by crashing the project work. Crashing the project is what type of risk response?

John Strauss is a Project Manager for a reforestation project. To identify the risks involved, John sends a questionnaire to gather inputs from experts. Which technique is John using?

Mathew is a Project Manager for software migration at a bank. A major risk that has been identified is attrition of resources. As a strategy to respond to this risk, Mathew, with support from Senior Management, provides good increments to his team members. What type of risk response is Mathew following?

Risk tolerances are determined in order to help:

Techniques such as force field analysis, scenario planning, futures thinking, visualisation, Delphi groups and nominal group technique are associated with which risk management area:

Planning meetings and analysis is a tool and technique of which process?

Frank is the project manager of the NHH Project. He is working with the project team to create a plan to document the procedures to manage risks throughout the project. This document will define how risks will be identified and quantified. It will also define how contingency plans will be implemented by the project team. What document is Frank and the NHH Project team creating in this scenario?

Who has the cost risk in a fixed price (FP) contract?

Pete works as a project manager for BlueWell Inc. The Management has told him that he must implement an agreed-upon contingency response if the cost performance index in his project is less than 0.90. Consider that Pete’s project has a budget at completion of $275,000. His project is 65 percent complete and he has spent $175,000 to date. However, Pete is scheduled to be 78 percent complete. What is the cost performance index for this project to determine if the contingency response should happen?

Which of these is not a valid response to positive risks?

A major negotiation with a potential supplier is scheduled for the next day when you discover that the project may get cancelled due to the risk and exposure. What should you do?

Frank is the project manager of the NHL Project for his company and he is starting the risk identification process for the project. Frank needs to ensure that the correct stakeholders are interviewed as part of risk identification. What document will help Frank to communicate and solicit inputs of the project stakeholders during risk identification?

John works as a project manager for ABD project. He and his team, are working on the following activities:
– Relative ranking of a priority list of project risks
– Watchlist of low priority risk
– Trends in Qualitative Risk Analysis results
In which of the following processes is John working on?

John works as a project manager for ABD project. He and his team, are working on the following activities:
– Relative ranking of a priority list of project risks
– Watchlist of low priority risk
– Trends in Qualitative Risk Analysis results
In which of the following processes is John working on?

Which of the following risk management processes numerically analyses the effects of identified risks on the project objectives?

A project manager of a retail chain of hardware stores is in the process of conducting risk identification activities. In considering the potential risks, he and his team identified 55 risks total. During a planning meeting, a discussion was held on a particular risk identified, which involves potential lawsuits if a customer or employee were to get injured from the display of chainsaws. What type of risk is this?

In which process of Project Risk Management knowledge area are numeric values assigned to probabilities and impact of risks?

Your company has bagged a number of government contracts dealing with setting up infrastructure. This includes setting up roads and bridges. This is a very big and prestigious project so your company would like to ensure everything is planned well in advance. You are the project manager of this project. Considering its importance – you and your team come up with a list of risks. One of the subject matter experts indicates that during the months of July and August the construction work of the bridge across the river would need to stop on account of past history of flooding of the river. You agree with the expert and plan the schedule accordingly. What strategy did you just apply ?

During which stage of risk planning are risks prioritised based on their relative probability and impact?

Which of the following processes must be repeated after Plan Risk Responses, as well as part of the Monitor and Control Risks, to determine if the overall project risk has been satisfactorily decreased?

Techniques such as integrated cost/schedule analysis is associated with which risk management area:

Which of the following processes is described in the statement below? “This is the process of numerically analysing the effect of identified risks on overall project objectives.”

What are workarounds in project management?

How are risk lessons learnt captured?

Which of the following risk response strategies involves outsourcing the risky projects?

You are the project manager of the NNQ Project for your company and are working with your project team to define contingency plans for the risks within your project. Mark, one of your project team members, asks what tool and technique should be used to identify contingency what a contingency plan is. Which of the following statements best defines what a contingency response is?

A project manager liked to hold meetings on a weekly basis with his team members. These meetings resembled brainstorming sessions, where ideas were generated regarding existing risks and project issues. The project manager never struck down any idea, and instead, attempted to foster an environment where creativity and sharing of ideas was encouraged. What type of leadership style does this project manager use?

A project has just lost its priority from being one of the key projects that the organisation was interested in to one of a low priority. This introduces risk belonging to which category?

You are in charge of a painting project for a high rise building. As part of the planning – you need to take a decision of buy Vs lease for some stilt ladders needed on site. The cost of the ladder is 1000 $ and a daily cost of 4$ while the daily lease cost is 12$.If you were to lease the ladder – what should be the duration to ensure your decision is correct?

You are preparing to start the qualitative risk analysis process for your project. You will be relying on some organisational process assets to influence the process. Which one of the following is NOT a probable reason for relying on organisational process assets as an input for qualitative risk analysis?

The only output of the perform qualitative risk analysis are risk register updates. When the project manager updates the risk register he will need to include several pieces of information including all of the following except for which one?

As the project manager, of a project to construct a city park, you have yourself identified 39 risks on the project, determined what would trigger the risks, rated them on a risk rating matrix, tested the assumptions and assessed the quality of the data used. You now plan to move to the next step of the risk management process. What have you missed?

You work as a project manager for BlueWell Inc. You are working with your team members on the risk responses in the project. Which risk response will likely cause a project to use the procurement processes?

Which of the following is true about risks?

All of the following are common results of risk management EXCEPT?

Risk Management is designed to increase the likelihood of positive events vs the likelihood and impact of negative events affecting a project. There are several processes recommended for identifying and tackling risks. Which of the following processes occurs first?

Your status meetings have project stakeholders from various parts of the globe. Which of the following is best to avoid communication errors during the meeting?

You work as a project manager for BlueWell Inc. You have to communicate the causes of risk events to the stakeholders. Which risk diagramming technique you will use to communicate the causes of risk events to project stakeholders?

What project management plan is most likely to direct the quantitative risk analysis process for a project in a matrix environment?

Your company has won a large project for one of the fund houses to administer their funds. The project work has been going on smoothly and the customer has been singing praises about the work done so far. The client has planned a visit the next month to go over the plans for the next phase of the project as well as to meet with the project team. Your senior management realises that this client could potentially need additional capabilities in the derivatives segment. Your company happens to have a strong exposure to this segment having executed numerous such projects. Your senior manager also invites key managers from the derivatives segment to showcase the organisations abilities in the derivatives vertical – this is an example of ?

You were in the middle of a two-year project to deploy new technology to field offices across the country. A hurricane caused power outages just when the upgrade was near completion. When the power was restored, all of the project reports and historical data were lost with no way of retrieving them. What should have been done to prevent this problem?

Negotiations between two parties are becoming complex, so party A makes some notes that both parties sign. However, when the work is being done, party B claims that they are not required to provide an item they both agreed to during negotiations, because it was not included in the subsequent contract. In this case, party B is:

Where can a project manager find project risk responsibilities?

You work as a project manager for BlueWell Inc. You would like to utilise sensitivity analysis in your project, but the management does not understand how this will be displayed. What type of chart is usually used with sensitivity analysis to show the relative affect of risks on the project?

Where can a project manager find risk-rating rules?

All of the following are inputs of the Identify Risks process EXCEPT:

You are completing the qualitative risk analysis process with your project team and are relying on the risk management plan to help you determine the budget, schedule for risk management, and risk categories. You discover that the risk categories have not been created. When should the risk categories have been created?

Ruth is the project manager of ISFH project for her company. This project is forty percent complete and it appears that some risk events are going to happen in the project that will have an adverse affect on the project. Ruth creates a change request regarding the risks. Is this a valid response?

You are working with Anna on your project to determine and map the probability distributions of risk within the project. You have indicated that you will use the uniform distribution method for a portion of the project. Which part of your project is most likely to have a uniform risk distribution?

During which risk management process is a determination to transfer a risk made?

Which of the following is not an output of the qualitative risk analysis?

The probability of risk occurring is highest during which stage of project management?

After much excitement and hard work, the procurement statement of work for the project is completed. Even after gaining agreement that the procurement statement of work is complete, the project manager is still concerned whether it actually addresses all the buyer’s needs. The project manager is about to attend the bidder conference. He asks you for advice on what to do during the session. Which of the following is the BEST advice you can give him?

Your team has just bagged a software development project. The executive management is very pleased as this is a very prestigious project. However you are a little worried considering the complex nature of the project. You decide to try and identify the possible risks. You get all relevant stakeholders together and conduct mammoth discussions. Together you have come up with a number of risks. However based on your experience – you still feel that not all the risks have been identified. You decide to set aside some budget for the risks that you have not identified but are sure you will encounter. Where does this budget come from?

The project manager and project sponsor are discussing the project costs and whether it is better to have their own company do part of the project or hire another company to do the work. If they asked for your opinion, you might say it would be better to do the work yourself if:

The communication management plan contains all of the following EXCEPT:

The process of developing strategies to reduce the threat of uncertainties to project objectives is a process called:

Which of the following tools and techniques are used to support risk decision making?

You have being assigned to a project that is not going very well. You have discussed the project with the sponsor and have agreed that there is a need to change some of the core requirements of the project. The sponsor is committed to the action and has requested the functional managers to support the project. As the project manager, what should you do NEXT?

Lisa is the project manager of the SQL project for her company. She has completed the risk response planning with her project team and is now ready to update the risk register to reflect the risk response. Which of the following statements best describes the level of detail Lisa should include with the risk responses she has created?

All of the following statements are true EXCEPT:

During which of the following processes is a probability and impact matrix used?

You have discovered that a new pipeline project you are managing may pose a threat to the environment. What is the most appropriate action ?

You have just started administrating a contract when management decides to terminate the contract based on the risk. What should you do FIRST?

During which of the following processes, probability and impact matrix is used?

Which of the following can best help a project manager during project execution?

Your organisation, as part of its enterprise environmental factors, has established risk governance to be implemented in each project. Part of this governance is the reassessment of risks within each project. How much detail and repetition in approach for risks to be reassessed for probability and impact?

All of the following statements are true, EXCEPT:

Todd is the project manager of the EST project for his company. His organisation has established certain rules in the enterprise environmental factors which affect the approach that Todd takes in managing his project. One of the rules requires Todd to consider the risk attitude of the stakeholders participating in risk analysis. Why must risk attitude be considered as a part of risk analysis?

You have been appointed as the manager of a new, large, and complex project. Because this project is business-critical and very visible, senior management has told you to analyse the project’s risks and prepare response strategies for them as soon as possible. The organisation has risk management procedures that are seldom used or followed, and has had a history of handling risks badly. The project’s first milestone is in two weeks. In preparing the risk response plan, input from which of the following is generally LEAST important?

Which of the following techniques would a project use to provide risk-related recommendations to stakeholders regarding risk strategy and planning, risk process facilitation, risk reporting and specialised risk tasks?

You are the project manager of RTF project for your organisation. You are working with your project team and several key stakeholders to create a diagram that shows causal factors for an effect to be solved. What diagramming technique are you using as a part of the risk identification process?

Risk strategy and planning is based on which of the following tools and techniques

When involved in project negotiations, non-verbal communication skills are of: –

You are working with your project stakeholders to identify risks within the JKP Project. You want to use an approach to engage the stakeholders to increase the breadth of the identified risks by including internally generated risk. Which risk identification approach is most suited for this goal?

Which of the following is NOT an input for the Qualitative Risk Analysis process?

Risk categories can BEST be described as:

What approach can a project manager use to improve the project’s performance during qualitative risk analysis?

A project manager of Cyber Channels Inc. is in the process of identifying project risks. While reviewing how the elements of a particular system interrelate, she discovers two risks relating to the cause of another risk that were both initially overlooked. Which of the following techniques is the project manager using?

Which of the following documents is described in the statement below? “It is developed along with all processes of the risk management. It contains the results of the qualitative risk analysis, quantitative risk analysis, and risk response planning.”

During the creation of the risk management plan, you decide to start by analysing the risk tolerance levels of the organisation and of stakeholders. What information are you most likely to utilise?

You are the project manager for BlueWell Inc. Your current project is a high priority and high profile project within your organisation. You want to identify the project stakeholders that will have the most power in relation to their interest on your project. This will help you plan for project risks, stakeholder management, and ongoing communication with the key stakeholders in your project. In this process of stakeholder analysis, what type of a grid or model should you create based on these conditions?

The impact of risk occurring is lowest during which stage of project management?

You have just finished updating the risk register with the prioritised list of risks. What risk management process are you currently in?

A system development project is nearing project closing when a previously unidentified risk is discovered. This could potentially affect the project’s overall ability to deliver. What should be done NEXT?

An output of risk response planning is:

When a project is assessing stakeholder risk tolerance and building stakeholder consensus, what activity is being performed?

Kelly is the project manager of the NNQ Project for her company. This project will last for one year and has a budget of $350,000. Kelly is working with her project team and subject matter experts to begin the risk response planning process. When the project manager begins the plan risk response process, what two inputs will she need?

A diagramming technique that shows causal influences, time ordering of events, and an expectation of outcomes considering a set of variables is considered:

What should be used to drive risk process improvements?

Jenny is the project manager for the NBT projects. She is working with the project team and several subject matter experts to perform the quantitative risk analysis process. During this process she and the project team uncover several risks events that were not previously identified. What should Jenny do with these risk events?

Your program manager has come to you, the project manager, for help with a bid for her newest project. You want to protect your company from financial risk. You have limited scope definition. What is the BEST type of contract to choose?

Which of the following statements regarding pure risk is true

Which of the following statements BEST describes Checklist Analysis?

What tools and techniques are used to estimate the overall risk exposure of the project?

A risk is characterised by:

You want to develop and establish evaluation criteria for risk management processes based on project baselines and objectives in order to measure effectiveness of the project risk process. What tool and technique should be used to do this?

You have just taken control of a large-scale project of architectural engineering, and one of the sponsors reminds you of another important yet trouble-making stakeholder notorious for requesting changes. You have dealt with this stakeholder in the past and while it has being tough going, you have generally reached a successful outcome with him. This project is considered by one of the key projects in the organisations portfolio and do not want any obstacles along the project path. As a project manager, how would you best deal with this potential stakeholder problem?

An experienced project manager has just begun working for a large information technology integrator. Her manager provides her with a draft project charter and immediately asks her to provide an analysis of the risks on the project. Which of the following would BEST help in this effort?

Your project is in middle of managing the contract, when the seller comes to you to discuss some of the items of the RFP. The seller has a series of questions that need to be discussed and want to set up meeting with you and your project team. You investigate the items and agree that a discussion should happen. What should you say to the seller?

A project manager discovers an urgent needs for outsourced resources on the project. He knows he has the capital for the resources and goes to the procurement manager to explain the situation. He insists that a letter of intent is drawn up as soon as possible so he can obtain the resources and move forward without having to get caught in red tape. What would you recommend to the project manager: –

You have replaced an earlier project manager in a project .The earlier project manager has left the organisation and you are now responsible for the project. On reviewing the project management plan you are disturbed because a number of procurement contracts have been signed and they all turn out to be Cost plus fixed fee types of contracts – why are you worried ?

A particular stakeholder has a reputation for making numerous changes on the project. The project manager is concerned with this situation as the project needs to be managed against an agreed timeline and budget. What should the project manager do at the beginning of the project to manage this situation?

When is passive risk acceptance an appropriate approach?

Your project spans the entire organisation. You would like to assess the risk of the project but are worried that some of the managers involved in the project could affect the outcome of any risk identification meeting. Your worry is based on the fact that some employees would not want to publicly identify risk events that could make their supervisors look bad. You would like a method that would allow participants to anonymously identify risk events. What risk identification method could you use?

A project manager reviewing a control chart noticed that three of the processes were climbing up towards the upper control limit. What should the project manager do?

During execution in a project to build a major road bridge, your team found a major flaw in the technical drawings. On an ad-hoc base, they had to find and implement a workaround to avoid delays and mitigate technical problems. What should you do next?

There are four inputs to the Monitoring and Controlling Project Risks process. Which one of the following will NOT help you, the project manager, to prepare for risk monitoring and controlling?

A project manager has just finished the risk response plan for a U.S. $387,000 engineering project. Which of the following should he probably do NEXT?

During a post-mortem meeting, discussion arises about who has to take responsibility for some major failures. It has become obvious that the attendees of the meeting will not come to a jointly accepted conclusion. What is not an appropriate strategy for such a situation?

A contractor is working on a fixed price contract that calls for a single, lump sum payment upon satisfactory completion of the contract. About halfway through the contract, the contractor’s project manager informs their contract administrator that financial problems are making it difficult for them to pay their employees and subcontractors. The contractor asks for a partial payment for work accomplished. Which of the following actions by the buyer is most likely to cause problems for the project?

You are a project manager for one of many projects in a large and important program. At a high-level status meeting, you note that another project manager has reported her project on schedule. Looking back on your project over the last few weeks, you remember many deliverables from the other project that arrived late. What should you do?

Frank is the project manager of the NHQ project for his company. Frank is working with the project team, key stakeholders, and several subject matter experts on risks dealing with the new materials in the project. Frank wants to utilise a risk analysis method that will help the team to make decisions in the presence of the current uncertainty surrounding the new materials. Which risk analysis approach can Frank use to create an approach to make decisions in the presence of uncertainty?

If a project manager wants to report on the actual project results versus the planned results which should be used: –

Sammy is the project manager for her organisation. She would like to rate each risk based on its probability and affect on time, cost, and scope. Harry, a project team member, has never done this before and thinks Sammy is wrong to attempt this approach. Harry says that an accumulative risk score should be created, not three separate risk scores. Who is correct in this scenario?

Jonathon is a new project manager and is introduced into the project at an early stage. Jonathon wants to liaise with stakeholders of other projects by using communication techniques and sharing information on project risk performance. Which technique should Jonathon use?

A risk register is an output of this process:

You are finalising the monthly project status report due now to your manager when you discover that several project team members are not reporting actual hours spent on project activities. This results in skewed project statistics. What is the MOST appropriate action to be taken?

You are the project manager of the KJH Project and are working with your project team to plan the risk responses. Consider that your project has a budget of $500,000 and is expected to last six months. Within the KJH Project you have identified a risk event that has a probability of .70 and has a cost impact of $350,000. When it comes to creating a risk response for this event what is the risk exposure of the event that must be considered for the cost of the risk response?

Jane is the project manager of the GBB project for her company. In the current project a vendor has offered the project a ten percent discount based if they will order 100 units for the project. It is possible that the GBB Project may need the 100 units, but the cost of the units is not a top priority for the project. Jane documents the offer and tells the vendor that they will keep the offer in mind and continue with the project as planned. What risk response has been given in this project?

Which Risk Response strategy can involve using tools such as insurance, performance bonds, warranties or guarantees?