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- 1. Multiple Choice
146. The key processes of Project Risk Management are:
Plan Risk Management, Identify Risks, Assess Risks, Mitigate Risks, Transfer Risks, and Document Outcomes.
Identify Risks, Plan Risk Management, Evaluate Risks, Develop Risk Responses, Mitigate Risks, and Document Results.
Identify Risks, Perform Qualitative Risk Validation, Perform Quantitative Impact Assessment, Develop Risk Response Strategies, Document Response Strategies, and Monitor Risk Responses.
Plan Risk Management, Identify Risks, Perform Qualitative Risk Analysis, Perform Quantitative Risk Analysis, Plan Risk Responses, Implement Risk Responses, and Monitor Risks
- 2. Multiple Choice
146. Strategies typically used to deal with threats or risks that may have negative impacts on project objectives if they occur include all of the following EXCEPT:
A.Interpreting.
B.Avoiding.
C.Transferring.
D.Mitigating.
- 3. Multiple Choice
146. Risk transference nearly always involves:
A.Eliminating risk through beta testing.
B.Policies and procedures for a response system.
C.Accepting a lower profit if some activities overrun their budget.
D.Payment of a risk premium to the party taking on the risk.
- 4. Multiple Choice
146. In the Plan Risk Responses process, an accept strategy for a negative risk or threat indicates that the project team has decided:
A. To agree with the project manager.
B. To eliminate a specific risk or threat, to reduce the probability and/or impact of an adverse risk event to be within acceptable threshold limits, or to pursue an opportunity actively.
C.Not to change the project management plan to deal with a risk, or it is unable to identify any other suitable response strategy.
D. To purchase insurance, or to require performance bonds, warranties, and guarantees.
- 5. Multiple Choice
146. The primary output of the Identify Risks process is the:
A.Risk register.
B.Expected monetary value of the risk events.
C.List of corrective actions.
D.Risk mitigation plan.
- 6. Multiple Choice
A thorough analysis of the will help identify potential risks to the project.
A.Risk identification checklist based on historical information and knowledge
B.Project's change control system
C.Project's mission statement
D.Project's schedule and budget
- 7. Multiple Choice
182. All of the following are inputs to the Identify Risks process EXCEPT:
A.Risk management plan.
B.Scope baseline.
C.Risk mitigation plan.
D.Quality management plan.
- 8. Multiple Choice
182. Tools and techniques of the Perform Quantitative Risk Analysis process include:
A.Contracting, contingency planning, alternative strategies, and insurance.
B.Interviewing, historical results, workarounds, and response development.
C. .Checklists, damage control reports, standard allowances, and inspection.
D.Expert judgment, data gathering, simulations, and decision tree analysis.
- 9. Multiple Choice
182. As an output of the Perform Quantitative Risk Analysis process, the risk register is updated. These updates generally include:
A. Prioritized list of quantified risks.
B. Qualitative analysis of the threats to ignore and opportunities to accept.
C.Checklists, corrective actions, and qualified decision trees.
D.Direction, resources, and contingency costs.
- 10. Multiple Choice
A risk impact assessment to investigate the potential effect on a project objective such as schedule, cost, quality, or performance has the following characteristics EXCEPT:
A.Evaluation of each risk can be conducted using a probability and impact matrix that leads to rating the risks as low, moderate, or high priority.
B. Approaches used in evaluating risk impacts related to project objectives could be relative, numerical, or nonlinear.
C. Usually, risk-rating rules are specified by the organization in advance of the project and can be tailored to the specific project.
D. The impact on project objectives should be assessed primarily at the end of the project, as part of the lessons learned.
- 11. Multiple Choice
187. The outputs from the Monitor Risks process include all of the following EXCEPT:
A.Project documents updates.
B. Work breakdown structure (WBS).
C.Change requests.
D. Project management plan updates.
- 12. Multiple Choice
187. The risk rating:
A. Is calculated by multiplying the probability of the occurrence of a risk times its impact (numerical scale) on an objective (e.g., cost, time, scope, or quality) if it were to occur.
B. Is the sum of squares of the scale values assigned to the estimates of probability and impact.
C.Cannot be used to determine whether a risk is considered low, moderate, or high.
D. Is a commonly used technique for risk avoidance.
- 13. Multiple Choice
187. Which one of the following choices is the BEST description of sensitivity analysis?
A. It examines the extent to which the uncertainty of project objectives affects each project element simultaneously.
B. It examines the extent to which the uncertainty of each project element affects the objective being studied when all other uncertain elements are held at their baseline values.
C.It is a method for assessing stakeholders’ tolerance to risk.
D. It cannot be used to determine which risks have the most potential impact on the project.
- 14. Multiple Choice
187. All of the following are characteristics of a decision tree EXCEPT:
A.A decision tree is a diagramming and calculation technique for evaluating the implications of a chain of multiple options in the presence of uncertainty.
B.Decision tree analysis is a risk analysis tool that can be used to choose the most appropriate responses.
C.A decision tree is primarily a graphical, qualitative risk analysis technique and is not generally used in quantitative risk analysis.
D.Decision tree analysis uses the expected monetary value (EMV) analysis to calculate the average outcome when the future includes scenarios that may or may not happen.
- 15. Multiple Choice
187. The risk management plan generally includes all of the following EXCEPT:
A.Methodology.
B.Risk strategy.
C.Responses to individual risks.
D.Risk categories.
- 16. Multiple Choice
187. The Perform Qualitative Risk Analysis process assesses the priority of identified risks using all of the following EXCEPT:
A. Relative probability or likelihood of occurrence of identified risks.
B. Impact on project objectives if the identified risks occur.
C.A mathematical technique, such as the expected monetary value (EMV), to create the impression of precision and accuracy.
D.The organization's risk tolerance associated with the project constraints of cost, schedule, scope, and quality.
- 17. Multiple Choice
187. As an output of the Monitor Risks process, an updated risk register generally includes some or all of the following EXCEPT:
A. The work breakdown structure (WBS).
B. Outcomes of risk reassessments, risk audits, and periodic risk reviews.
C.Identification of new risks, updates to probability, impact, priority, response plans, ownership, and other elements of the risk register.
D.Actual outcomes of the project's risks and of the risk responses.
- 18. Multiple Choice
187. SWOT analysis has all of the following characteristics EXCEPT:
A. It is a technique that examines the project from each of the strengths, weaknesses, opportunities, and threats (SWOT) perspectives to increase the breadth of identified risks by including internally generated risks.
B. It identifies strengths and weaknesses of the organization, regardless of the specific project or the general business area.
C.It identifies any opportunities for the project that arise from organizational strengths, and any threats arising from organizational weaknesses.
D. It examines the degree to which organizational strengths offset threats, as well as identifies opportunities that may serve to overcome weaknesses.
- 19. Multiple Choice
187. All of the following are inputs to the Implement Risk Response process EXCEPT:
A.Project documents.
B.Project risk management plan.
C.Organizational project assets.
D.Expert judgment.
- 20. Multiple Choice
1.
Two vendors offer to sell
similar electronic components, which are integrated at the vendor's site. To avoid
risk while evaluating the bids, the project manager views such items as the vendors'?
Price, sales volume, profit margin
Price, promised delivery, inspection schedule
Price, experience, delivery means
Experience, personnel skills, material control procedures
- 21. Multiple Choice
Which of the following techniques is used to evaluate the degree to which the data about risks is useful for
risk management?
Decision Tree
Probability impact matrix
Simulation
Data Quality Assessment
- 22. Multiple Choice
Upon evaluation, a newly appointed project manager identifies that the XYZ project has many risks with high-risk
impact scores, but has an overall low risk score. How is this possible?
The risk scores are graded on a bell curve.
The risks are rated High, Medium, and Low
The impact of each risk is not accounted for until it comes to fruition
The probability of each risk is low
- 23. Multiple Choice
You are currently in the planning process and have identified the risks associated with this project and are ready for the next step. What is the next step?
Assign probability and impact values using qualitative or quantitative analysis
Use the Delphi technique to confirm the identified risks
Identify the response strategies for the identified risks
Start working on the creation of the project schedule
- 24. Multiple Choice
Sensitivity analysis is one of the tools involved in performing quantitative risk analysis. What are the advantages of using sensitivity analysis?
It determines the risk to public only.
It allows for independent answers.
Management understands that there is a range of possible outcomes.
It provides insight into the project that the PM may be lacking.
- 25. Multiple Choice
A project of $1.5 million has an adverse event that has the probability of 60% of occurrence and a potential loss of $25,000. This represents an expected negative value of:
$1,50,000
$15000
$1500
$90000
- 26. Multiple Choice
After reviewing the detailed analysis of a risk associated with a particular project activity, your Project Manager along with the team decides to respond to the risk by purchasing insurance. This could be an example of?
Active acceptance
Passive acceptance
Mitigation
Transference
- 27. Multiple Choice
The sponsor has asked the Project Manager to ensure that sufficient amount of management reserve is available for his project. What does the Project Manager
explain to the team as the primary purpose of
management reserve?
To take care of the risks identified for the project activities
To take care of the costs that management may incur to review the project activities
To take care of the risks that could not be identified by the project team
To take care of the risks those have been identified, but no response has been planned to take care of them
- 28. Multiple Choice
strategies does this belong to Looking at the trend of
natural disasters that have occurred in India in the past 5 years, your company is adamant to buy an insurance against earthquakes, as the other disasters do not seem prevalent in the area where the work is to be done. Which of the risk response strategies does this belong to?
Mitigation
Contingency
Transference
Acceptance
- 29. Multiple Choice
Which of the following statements is MOST incorrect?
A risk has a cause and, if it occurs a consequence
There are negative risks and positive risks
Positive risks may be viewed as opportunities and should be pursued
Negative risks must be eliminated before project plan execution
- 30. Multiple Choice
Which of the following statements is MOST true?
Risks that are assessed with scores in the lower left portion of a typical P-I matrix indicate low probability with low impact
Risks that are assessed with scores in the lower left portion of a typical P-I matrix indicate high probability with high impact
Risks that are assessed with scores in the upper right portion of a typical P-I matrix indicate low probability with low impact
Risks that are assessed with scores in the upper right portion of a typical P-I matrix indicate high probability with low impact
- 31. Multiple Choice
Tools and Techniques for Quantitative Risk Analysis are all of the following EXCEPT,
Expert Judgment
Data gathering and representation techniques
Quantitative risk analysis and modeling techniques
Risk Register
- 32. Multiple Choice
The recycling project manager has determined that the risks associated with handling certain hazardous chemicals are too high. He has decided to allow an outside company that specializes in handling hazardous materials to complete this portion of the project, and so has outsourced the handling of the chemicals to an experienced contractor. Which of the following is it an example of?
Transference
Mitigation
Avoidance
None of the mentioned
- 33. Multiple Choice
As part of risk identification, you are
tasked with using a technique called SWOT. Which
of the following describes SWOT?
Analysis of: strengths, weakness, options, and timing
An elite project team that comes in and fixes project risks and threats
Analysis of strengths, weakness, opportunities, and threats
Technique for rating risks on a scale from 1 to 100
- 34. Multiple Choice
As part of planning, you are identifying risks and impacts of risk on your project. Chris, a project team member, is confused by what risk means. Your explanation is that a
risk is a (an) occurrence of event that can affect the project for good or bad:
Uncertain
Potential
Planned
None of the mentioned
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