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If a risk event has a 90% chance of occurring, and the consequences will be $10,000, what does $9,000 represent?
Option 1: Risk value
Option 2: Present value
Option 3: Expected value
Option 4: Contingency budget
Option 5:
A project manager asked various stakeholders to determine the probability and impact of a number of risks. He then tested assumptions and evaluated the precision of the risk data. He is about to move to the next step of risk management. Based on this information, what has the PM forgotten to do?
Option 1: Evaluate trends in risk analysis
Option 2: Identify triggers
Option 3: Provide a standardized risk rating matrix
Option 4: Create a fallback plan
Option 5:
A project manager has assembled the project team, identified 56 risks on the project, determined what would trigger the risks, ranked them on a risk rating matrix, tested their assumptions and measured the precision of the data used. The team is continuing to move through the risk management process. What has the PM forgotten to do?
Option 1: Simulation
Option 2: Risk mitigation
Option 3: Overall risk ranking for the project
Option 4: Involvement of other stakeholders
Option 5:
If a risk has a 20% chance of occurring in a given month and the project is expected to last five months, what is the probability that this risk event will occur during the fourth month of the project?
Option 1: Less than 1%
Option 2: 20%
Option 3: 60%
Option 4: 80%
Option 5:
You are a project manager for a manufacturing plant that has never before done this type of project. The project cost is $30,000 and will make use of three sellers. Once begun, the project cannot be canceled as there will be a large expenditure on plant and equipment. As the project manager, it would be MOST important to carefully:
Option 1: Review all cost proposals from the sellers
Option 2: Examine the budget reserves
Option 3: Complete the project charter
Option 4: Perform an identification of risks
Option 5:
A project manager is quantifying risks for a project. Several of the experts are off-site but wish to be included in the risk assessment portion of the project. How can this be done?
Option 1: Use Monte Carlo simulation using the internet as a tool
Option 2: Apply the critical path method
Option 3: Determine options for corrective actions
Option 4: Apply the Delphi techniques
Option 5:
You were in the middle of deploying 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 information was lost, with no way to retrieve it. What should have been done to prevent this?
Option 1: Purchase insurance
Option 2: Plan for a reserve fund
Option 3: Monitor the weather and have a contingency plan
Option 4: Schedule the installation outside the hurricane season
Option 5:
A system development project is nearing closure when an unidentified risk is discovered. This could potentially affect the project?s overall ability to deliver. What should be done NEXT?
Option 1: Alert the project sponsor of potential impacts to cost, scope or schedule
Option 2: Qualify the risk
Option 3: Mitigate the risk by developing a risk response plan
Option 4: Develop a workaround
Option 5:
The CPI of a project is 0.6 and the SPI is .71. The project has 625 tasks and is being completed over a four year period. The team members are very inexperienced and the project received little support for proper planning. Which of the following is the BEST thing to do?
Option 1: Update the risk identification and analysis
Option 2: Spend more time improving the cost estimates
Option 3: Remove as many tasks as possible
Option 4: Reorganize the responsibility matrix
Option 5:
While preparing your risk responses, you identify additional risks. What should you do?
Option 1: Apply reserves to try to compensate
Option 2: Document the unknown risk items and calculate the expected monetary value based on probability and impact that result from the occurrences
Option 3: Determine the unknown risk events and the associated cost, then add the cost to the project budget as a reserve
Option 4: Add a 10% contingency
Option 5:
You have just been assigned as the PM for a new telecommunications project. There appear to be many risks on this project but no one has evaluated them to asses the range of possible project outcomes. What needs to be done?
Option 1: Risk identification
Option 2: Risk quantification
Option 3: Risk response planning
Option 4: Risk monitoring and control
Option 5:
During project execution, a team member identifies a risk that is not in the risk management plan. What should you do?
Option 1: Analyze the risk
Option 2: Get further information on how the team member identified the risk because you already performed a detailed risk analysis and did not identify this risk
Option 3: Disregard the risk because the risks were identified during planning
Option 4: Inform the customer about the risk
Option 5:
During project execution, a major problem occurred that was not included in the risk response plan. What should you do first?
Option 1: Create a workaround
Option 2: Reevaluate the risk identification process
Option 3: Look for any unexpected effects of the problem
Option 4: Tell management
Option 5:
The customer requests a change to the project that would increase the project risk. Which of the following should you do before all the others?
Option 1: Include the expected value of the risk in the new cost estimate
Option 2: Talk to the customer about the impact of the change
Option 3: Analyze the impacts of the change with the team
Option 4: Change the risk management plan
Option 5:
During which step of risk management is a determination to transfer a risk made?
Option 1: Risk identification
Option 2: Risk quantification
Option 3: Risk response control
Option 4: Risk response planning
Option 5:
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