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You are the project manager of a large construction project. Part of the project involves the wiring of the electricity in the building your project is creating. You and the project team determine the electrical work is too dangerous to perform yourself so you hire an electrician to perform the work for the project. This is an example of what type of risk response?

  • A. Acceptance
  • B. Mitigation
  • C. Transference
  • D. Avoidance

Answer: C

Which types of project tends to have more well-understood risks?

  • A. Operational work projects
  • B. First-of-its kind technology projects
  • C. Recurrent projects
  • D. State-of-art technology projects

Answer: C

There are seven risk responses, a project manager can use to address risk events. Which one of the following is a risk response that is appropriate for positive or negative risk events depending on the scenario in the project?

  • A. Avoidance
  • B. Acceptance
  • C. Sharing
  • D. Transference

Answer: B

Eric is the project manager of the MTC project for his company. In this project a vendor has offered Eric a sizeable discount on all hardware if his order total for the project is more than
$125,000. Right now, Eric is likely to spend $118,000 with vendor. If Eric spends $7,000 his cost savings for the project will be $12,500, but he cannot purchase hardware if he cannot implement the hardware immediately due to organizational policies. Eric consults with Amy and Allen, other project managers in the organization, and asks if she needs any hardware for their projects. Both Amy and Allen need hardware and they agree to purchase the hardware through Eric's relationship with the vendor. What positive risk response has happened in this instance?

  • A. Sharing
  • B. Exploiting
  • C. Transference
  • D. Enhancing

Answer: A

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?

  • A. Executing
  • B. Planning
  • C. Monitoring and Controlling
  • D. In any process group where the risk event resides

Answer: C

Risks with low ratings of probability and impact are included on a for future monitoring.

  • A. Risk alarm
  • B. Watchlist
  • C. Observation list
  • D. Risk register

Answer: B

You are the project manager of the NKJ Project for your company. The project's success or
failure will have a significant impact on your organization's profitability for the coming year. Management has asked you to identify the risk events and communicate the event's probability and impact as early as possible in the project. Management wants to avoid risk events and needs to analyze the cost-benefits of each risk event in this project. What term is assigned to the low-level of stakeholder tolerance in this project?

  • A. Mitigation-ready project management
  • B. Risk utility function
  • C. Risk avoidance
  • D. Risk-reward mentality

Answer: B

You are the project manager for your organization. You are preparing for the quantitative risk analysis. Mark, a project team member, wants to know why you need to do quantitative risk analysis when you just completed qualitative risk analysis. Which one of the following statements best defines what quantitative risk analysis is?

  • A. Quantitative risk analysis is the process of numerically analyzing the effect of identified risks on overall project objectives.
  • B. Quantitative risk analysis is the planning and quantification of risk responses based on probability and impact of each risk event.
  • C. Quantitative risk analysis is the review of the risk events with the high probability and the highest impact on the project objectives.
  • D. Quantitative risk analysis is the process of prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact.

Answer: A

You work as a project manager for SoftTech Inc. You are working with the project stakeholders to begin the qualitative risk analysis process. You will need all of the following as inputs to the qualitative risk analysis process except for which one?

  • A. Stakeholder register
  • B. Project scope statement
  • C. Risk management plan
  • D. Risk register

Answer: A

You work as a project manager for BlueWell Inc. Your project is running late and you must respond to the risk. Which risk response can you choose that will also cause you to update the human resource management plan?

  • A. Teaming agreements
  • B. Transference
  • C. Crashing the project
  • D. Fast tracking the project

Answer: C

Todd is the project manager of the EST project for his company. His organization 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?

  • A. Risk attitude can affect the measurement of probability and impact.
  • B. Risk attitude can establish a stakeholder's influence over project decisions.
  • C. Risk attitude identifies stakeholders that are hygiene seekers or motivation seekers.
  • D. Risk attitude establishes stakeholders as positive or negative stakeholders.

Answer: A

Which of the following is a risk response planning technique associated with threats that seeks to reduce the probability of occurrence or impact of a risk to below an acceptable threshold?

  • A. Avoidance
  • B. Exploit
  • C. Transference
  • D. Mitigation

Answer: D

Wendy is the project manager of the FBL project for your company. She has identified several risks within her project and has created a risk contingency reserve of $45,000 total. Her project is nearly complete and many of the risks have not happened in the project. What should Wendy do with the funds in the contingency reserve?

  • A. The funds remain in the contingency reserve until all of the risks have passed.
  • B. The funds for the risks that have passed and have not happened are transferred to the project budget.
  • C. The funds for the risks that have passed and have not happened are released.
  • D. The funds remain in the contingency reserve until the project is closed.

Answer: C

You are the project manager for your organization. You have determined that an activity is too dangerous to complete internally so you hire licensed contractor to complete the work.
The contractor, however, may not complete the assigned work on time which could cause delays in subsequent work beginning. This is an example of what type of risk event?

  • A. Internal
  • B. Secondary risk
  • C. Pure risk
  • D. Transference

Answer: B

Sensitivity analysis is a technique for systematically changing parameters in a model to determine the effects of such changes and is useful for computer modelers for a range of purposes. Which of the following purposes does the sensitivity analysis include? Each
correct answer represents a complete solution. Choose all that apply.

  • A. Estimating the average outcome
  • B. Model development
  • C. Decision making or the development of recommendations for decision makers
  • D. Increased understanding or quantification of the system

Answer: BCD

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

Answer: A


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