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1.A project manager has a two-month project with three project team members. The project sponsor disagrees with the project manager that a risk planning process is necessary since the project is tiny.
Would it be appropriate for the project manager to implement some level of risk management?
A. Yes, even small projects may require risk planning.
B. No, small projects do not usually require risk planning.
C. No, risk planning should be initiated with the sponsor’s consent.
D. Yes, the risk planning process implementation is ultimately the project manager’s decision.
Answer: A
2.Which form of communication minimizes misunderstandings and reinforces teamwork?
A. Status reports
B. Discussion threads
C. Face-to-face discussions
D. Project archives
Answer: C
3.During the initial risk planning process, the risk manager and project manager discuss ways to handle known risks. Which project reserve should the project manager use to budget for known risks?
A. Budget reserve
B. Contingency reserve
C. Change management reserve
D. Risk reserve
Answer: B
4.The project manager receives an updated project schedule from a sub-team detailing the deliverables, dates, and durations for a critical milestone on developing and testing off-shore activities. This report is received one hour before a meeting with the chief executive officer (CEO) to present an updated master schedule of the critical path. The CEO has been promised a discussion on the project schedule several times. However, based on the recent update from the off-shore team, the project manager realizes this new schedule is not realistic. There are unknown risks associated with it, and it is not well thought out. Some key stakeholders want to present this revised plan to the CEO. This meeting has been postponed twice already.
Which action should the project manager take before meeting with the CEO?
A. Talk to the stakeholders before the meeting to discuss the options and ask their opinion.
B. Present the revised master schedule to the CEO with the caveat that it is being updated as new information is received, and these are the current dates at this point.
C. Request the meeting be rescheduled before presenting the master schedule to the CEO, stating that new significant risks were identified and need to be assessed thoroughly
D. Present the revised schedule to the CEO and only answer questions about validity if asked.
Answer: C
5. After years of experience, a project manager becomes the lead manager for a company. This new lead manager asks all project managers to use a specific technique when performing qualitative risk analysis on their projects. This technique consists of achieving the relative weighting of the project’s objectives regarding priority to the stakeholders.
What is the name of this technique?
A. Relative Weighting of the objectives of Stakeholders (RWS)
B. Objectives Stakeholders Weighting (OSW)
C. Quantitative Weighted Analysis (QWA)
D. Analytic Hierarchy Process (AHP)
Answer: C
6. In the country where a project is being executed, customs procedures are complex and frequent. During the risk identification process, the project team identifies a risk related to delays in customs on concrete equipment that will likely occur. Equipment delays on this project could lead to the project cancellation.
How should the probability and impact be characterized for this risk?
A. Low probability/low impact
B. High probability/low impact
C. Low probability/high impact
D. High probability high impact
Answer: D
7.Which of the following success factors will enhance the Perform Qualitative Risk Analysis process as the risk occurrence gets closer?
A. Agreed-upon definition
B. Iterative analysis
C. High-quality information
D. Agreed-upon approach
Answer: A
8.The project manager must evaluate two separate contractors for a project with a definite finish date of 15 December. After performing a Monte Carlo assessment on the submitted schedules, the following information is found.
Which contractor should be chosen because of having the highest statistical output?
A. Contractor A should be chosen based on the confidence level.
B. Contractor B should be selected based on probability.
C. Contractor A should be selected based on probability and confidence level.
D. Contractor B should be chosen based on probability and confidence level.
Answer: A
9.Which analysis method has a lower standard deviation?
A. European Hypercube
B. Monte Carlo simulation
C. Hecht analysis
D. Latin Hypercube
Answer: D
10.What best describes the job of a risk owner?
A. Responsible and accountable for managing risks
B. Creating a detailed description of a risk
C. Responsible and responsible for the risk management plan
D. Actively involved in the identification of new risks
Answer: A
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