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A project audit team discovered that a project did not have a risk register. Which phase under the Risk management knowledge area has likely been missed out or improperly done?
Option 1: Identify Risks
Option 2: Perform Risk Assessment
Option 3: Plan Risk Responses
Option 4: Plan Risk Management
Option 5:
Probability distributions are frequently used in Perform Quantitative Risk Analysis. Which of these is not a valid example of such a distribution?
Option 1: Theta distribution
Option 2: Logarithmic distribution
Option 3: Triangular distribution
Option 4: Beta distribution
Option 5:
Melissa is managing a hardware deployment project, and is creating a risk management plan. Which of the following would NOT be included in this plan?
Option 1: Exposure
Option 2: Risk Categories
Option 3: Budgeting
Option 4: Methodology
Option 5:
When are risk identification activities performed?
Option 1: During the Perform Qualitative Risk Analysis process
Option 2: During the Plan Risk Management process
Option 3: During the Perform Quantitative Risk Analysis process
Option 4: Ongoing throughout the project
Option 5:
When a negative risk occurs in a project, a response to it would be called:
Option 1: A contingency plan
Option 2: Failure planning
Option 3: A workaround
Option 4: Backup planning
Option 5:
You are the project manager of a project and are about to conduct a risk identification exercise in a few days' time. You would like to proactively remind the participants in the exercise of the various sources from which risk may arise in the project. What could you use to help you do this?
Option 1: A Risk Breakdown Structure (RBS)
Option 2: A Risk Simulation Structure (RSS)
Option 3: A Risk Register
Option 4: An Impact Matrix
Option 5:
The project management team expects that during the course of the project, there could be delays in component delivery, strikes, changes in the permitting processes or extensions of specific engineering durations. What analysis will help come up with contingency and response plans to mitigate these?
Option 1: Contingency analysis
Option 2: Variance analysis
Option 3: What-If scenario analysis.
Option 4: Schedule compression
Option 5:
A Probability and Impact Matrix contains risks prioritized according to their potential implications for meeting the project's objectives. The typical approach is:
Option 1: To use a look-up table or Probability and Impact Matrix with specific combinations of Probability and impact that lead to a risk being rated as "high", "moderate" or "low" importance. The importance for planning responses to the risk are usually set by the organization.
Option 2: To create a Risk Breakdown Structure with the probabilities and Impacts listed on the individual boxes. The higher the risk, the closer it is towards the Start Node.
Option 3: To use a look-up table or Probability and Impact Matrix with specific combinations of Probability and impact that lead to a risk being rated as "high", "moderate" or "low" importance. The importance for planning responses to the risk are usually set by the project manager.
Option 4: To create a matrix with the Cost, Time, Scope and Quality on one axis and probability of occurrence on the other.
Option 5:
A project manager included contingency reserves and management reserves in the total budget of a high-risk project. He also made certain earned value measurement calculations. Which of the following is incorrect?
Option 1: Reserves are included as part of earned value measurement calculations.
Option 2: Reserves are not part of the project cost baseline.
Option 3: The project manager needs to get approval before spending management reserve.
Option 4: Reserves are usually included in the total budget of a project.
Option 5:
Lois is a project manager managing a town-development project. She has set up a series of interviews with various stakeholders to gather some experiential and historical information on risks. Which phase is this likely to happen in?
Option 1: Perform Qualitative Risk Analysis
Option 2: Plan Risk Responses
Option 3: Understand Risks
Option 4: Perform Quantitative Risk Analysis
Option 5:
Risk identification checklists are usually developed based on historical information and knowledge accumulated from previous similar projects. Which of the following statements about risk identification checklists is wrong?
Option 1: It is impossible to build an exhaustive checklist.
Option 2: The lowest level of the Risk Breakdown Structure (RBS) cannot be used as a risk checklist
Option 3: Quick and simple risk checklists are the least effective ones.
Option 4: Risk checklists should be reviewed during project closure.
Option 5:
A decision tree is a Perform Quantitative Risk Analysis technique that is structured around using a Decision Tree Diagram. It describes a situation under consideration and the implications of each of the available choices and the possible scenarios. A Decision Tree Diagram shows how to make a decision between alternative capital strategies known as:
Option 1: Alternative nodes
Option 2: Questionpoints
Option 3: Decision nodes
Option 4: Checkpoints
Option 5:
A software development project team has determined the best way to mitigate the risk of not having the computational resources to complete all bug testing on schedule is to add 3 more servers to the test bed. However, the network may not have enough capacity to handle the extra load of those three servers and could fail. This type of risk is called a _______________ risk.
Option 1: Secondary
Option 2: Simulation
Option 3: Bottleneck
Option 4: Hidden
Option 5:
A project manager prepared quantitative assessments of the probable costs required to complete a project and came up with Activity cost estimates. She also prepared some supporting detail for these estimates. Which of the following would not be a supporting detail for cost estimates?
Option 1: Indication of the range of possible estimates (ex: $ 5,000 +/- 5%).
Option 2: Indication of the confidence level of the final estimate (ex: 90% )
Option 3: Documentation of the basis of the estimates.
Option 4: Indication of the profit margin that can be expected on the project.
Option 5:
Identification of new risks, reassessment of old risks and closing of outdated risks are done as part of the Monitor and Control Risks phase. How often should project risk reassessment be scheduled?
Option 1: It depends on how the project progresses relative to its objectives.
Option 2: It is left to the discretion of the project manager.
Option 3: Reassessment needs to be done at the 25%, 50%, and 75% stages of project completion.
Option 4: Reassessment needs to be done at the 20%, 40%, 60% and 80% stages of project completion.
Option 5:
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