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NEW QUESTION # 132
You work as a project manager for BlueWell Inc. You are working with your team members on the risk responses in the project. Which risk response will likely cause a project to use the procurement processes?
- A. Sharing
- B. Mitigation
- C. Exploiting
- D. Acceptance
Answer: A
NEW QUESTION # 133
Which of the following success factors will enhance the Perform Qualitative Risk Analysis process as the risk occurrence gets closer?
- A. High quality information
- B. Agreed-upon definition
- C. Agreed-upon approach
- D. Iterative analysis
Answer: B
NEW QUESTION # 134
The project manager must evaluate two separate contractors for a project with an absolute 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 B should be chosen based on probability.
- B. Contractor A should be chosen based on confidence level.
- C. Contractor B should be chosen based on probability and confidence level.
- D. Contractor A should be chosen based on probability and confidence level.
Answer: B
NEW QUESTION # 135
You are the project manager of the NNH Project. In this project you have created a contingency response that the schedule performance index should be less than 0.93. The NHH Project has a budget at completion of
$945,000 and is 45 percent complete though the project should be 49 percent complete. The project has spent
$455,897 to reach the 45 percent complete milestone. What is the project's schedule performance index?
- A. 1.06
- B. 0.92
- C. -$37,800
- D. 0.93
Answer: D
NEW QUESTION # 136
As part of identifying the risk appetite of project stakeholders, the project manager must first identify the stakeholders. Which of the following inputs are used to identify project stakeholders?
- A. Project charter, bid documents, enterprise environmental factors, and organizational process assets
- B. Project charter, communications management plan, enterprise environmental factors, and organizational process assets
- C. Project management plan, human resource plan, enterprise environmental factors, and organizational process assets
- D. Project charter, management reserve, enterprise environmental factors, and organizational process assets
Answer: A
NEW QUESTION # 137
Holly is the project manager of the NSS Project for her company. She is discussing some of the project risks and the issues that have happened in the project. Holly has faxed the status report to her project client for their review. Based on the standard communication model, which component in this scenario is the decoder?
- A. Holly
- B. Project customer
- C. Telephone wire
- D. Project customer's fax machine
Answer: D
NEW QUESTION # 138
A risk manager is managing risks of a mission critical application. A subject matter expert (SME) asks the risk manager to treat every single risk identified as an extremely high priority.
What should the risk manager do?
- A. Ask the project sponsor if every risk in the risk register can have the same priority.
- B. Mark every identified risk as an extremely high priority and any future risks as a lower priority.
- C. Agree with the SME, treat every risk with equal priority, and inform all stakeholders.
- D. Perform a sensitivity analysis and determine the correct priority of every identified risk.
Answer: D
Explanation:
Explanation
The risk manager should perform a sensitivity analysis to assess the impact of each risk on the project objectives. This will help in determining the correct priority of every identified risk, ensuring that resources are allocated effectively and that the most critical risks are addressed first.
NEW QUESTION # 139
A project team has failed to complete an important project milestone on time. The team was counting on an external provider to deliver key equipment on a specific date but the provider was delayed.
What should the risk manager have done to prevent missing the milestone?
- A. Use management reserves to cover delays.
- B. Better schedule monitoring and controlling.
- C. Have a detailed work breakdown structure (WBS).
- D. Identify and analyze project plan assumptions.
Answer: D
Explanation:
Identifying and analyzing assumptions is crucial in risk management because assumptions often hide potential risks. PMBOK Guide states:
"During risk identification, it is important to identify and document assumptions and assess their validity...
Assumptions may prove to be incorrect, resulting in project risk."
- PMBOK Guide, 6th Edition, Section 11.2
This proactive analysis helps uncover hidden risks and plan for contingencies.
References:
PMBOK Guide, 6th Edition, Section 11.2
NEW QUESTION # 140
A project manager has requested a risk manager facilitate risk identification on a project. While facilitating this effort, the project manager wants to ensure that stakeholders interact and provide their expertise so that an exhaustive list of risks is created.
Which risk identification technique should the risk manager use?
- A. Nominal group technique
- B. Interviews
- C. Delphi technique
- D. Prompt lists
Answer: A
Explanation:
The risk identification technique that the risk manager should use is the nominal group technique. This technique involves bringing stakeholders together to brainstorm potential risks and then ranking them based on their importance. This allows for interaction and collaboration among stakeholders, which can help ensure that an exhaustive list of risks is created.
The nominal group technique is a risk identification technique that involves the interaction and collaboration of stakeholders to generate an exhaustive list of risks. It is a structured process that allows each participant to share their ideas independently, then rank and prioritize them as a group. This technique ensures that all opinions are considered and reduces the influence ofdominant or biased individuals12 References: 1: PMI Risk Management Professional (PMI-RMP)® Handbook, page 10 2: A Guide to the Project Management Body of Knowledge (PMBOK® Guide) - Seventh Edition, page 11.2.2.1
NEW QUESTION # 141
You work as a project manager for BlueWell Inc. Management has asked you to work with the key project stakeholder to analyze the risk events you have identified in the project. They would like you to analyze the project risks with a goal of improving the project's performance as a whole. What approach can you use to achieve the goal of improving the project's performance through risk analysis with your project stakeholders?
- A. Involve subject matter experts in the risk analysis activities
- B. Involve the stakeholders for risk identification only in the phases where the project directly affects them
- C. Use qualitative risk analysis to quickly assess the probability and impact of risk events
- D. Focus on the high-priority risks through qualitative risk analysis
Answer: D
NEW QUESTION # 142
The purpose of a numeric scale in risk management is to______________
- A. Assign a relative value to the impact on project objectives if the risk in question occurs
- B. Avoid high-impact risks
- C. Rank order risks in terms of very low, low, moderate, high, and very high
- D. Test project assumptions
Answer: A
Explanation:
You can develop relative or numeric, well-defined scales using agreed-upon definitions by the stakeholders. When using a numeric scale, each level of impact has a specific number assigned to it. [Planning] PMI®, PMBOK® Guide, 2013, 331-332
NEW QUESTION # 143
Adrian is the project manager of the NHP Project. In her project there are several work packages that deal with electrical wiring. Rather than to manage the risk internally she has decided to hire a vendor to complete all work packages that deal with the electrical wiring. By removing the risk internally to a licensed electrician Adrian feels more comfortable with project team being safe.
What type of risk response has Adrian used in this example?
- A. Transference
- B. Mitigation
- C. Avoidance
- D. Acceptance
Answer: A
NEW QUESTION # 144
You work as a project manager for BlueWell Inc. You are performing the quantitative risk analysis for your project. One of the project risks has a 50 percent probability of happening, and it will cost the project $55,000 if the risk happens. What will be the expected monetary value of this risk event?
- A. Zero - the risk event has not yet occurred
- B. Negative $26,000
- C. Negative $27,500
- D. Negative $55,000
Answer: C
NEW QUESTION # 145
Lamont is the project manager of a project that has recently finished the final project deliverables. The project customer has signed off on the project deliverable and Lamont has a few administrative closure activities to complete. In the project, there were several large risks that could have wrecked the project but Lamont and his project team found some creative methods to resolve the risks without affecting the project costs or project end date. What should Lamont do with the risk responses he identified during the project's monitoring and controlling process?
- A. Include the responses in the project management plan.
- B. Nothing. The risk responses are included in the project's risk register already.
- C. Include the risk response in the project risk management plan.
- D. Include the risk responses in the organization's lessons learned database.
Answer: D
NEW QUESTION # 146
You and your project team are identifying the risks that may exist within your project. Some of the risks are small risks that won't affect your project much if they happen. What should you do with these identified risk events?
- A. These risks can be accepted.
- B. These risks can be dismissed.
- C. These risks can be added to a low priority risk watch list.
- D. All risks must have a valid, documented risk response.
Answer: C
NEW QUESTION # 147
Your organization has a project that is expected to last 20 months but the customer would really like the project completed in 18 months. You have worked on similar projects in the past and believe that you could fast track the project and reach the 18 month deadline. What increases when you fast track a project?
- A. Costs
- B. Resources
- C. Risks
- D. Communication
Answer: C
NEW QUESTION # 148
Joan is a project management consultant and she has been hired by a firm to help them identify risk events within the project. Joan would first like to examine the project documents including the plans, assumptions lists, project files, and contracts. What key thing will help Joan to discover risks within the review of the project documents?
- A. Lack of consistency between the plans and the project requirements and assumptions can be the indicators of risk in the project.
- B. Plans that have loose definitions of terms and disconnected approaches will reveal risks.
- C. Poorly written requirements will reveal inconsistencies in the project plans and documents.
- D. The project documents will help the project manager, or Joan, to identify what risk identification approach is best to pursue.
Answer: A
NEW QUESTION # 149
You are the project manager of the GHY Project for your company. You need to complete a project management process that will be on the lookout for new risks, changing risks, and risks that are now outdated.
Which project management process is responsible for these actions?
- A. Risk monitoring and controlling
- B. Risk planning
- C. Risk analysis
- D. Risk identification
Answer: A
NEW QUESTION # 150
The project manager wants to use an objective method to evaluate the key project risks and develop response plans.
What action should the risk manager propose?
- A. Ask the team to prepare a Monte Carlo analysis.
- B. Ask the team to perform an earned value analysis.
- C. Review the lessons learned from other projects.
- D. Ask the risk expert to perform a PESTLE evaluation.
Answer: A
Explanation:
Explanation
The action that the risk manager should propose is to ask the team to prepare a Monte Carlo analysis. This is a statistical technique that can be used to model the probability of different outcomes in a project. By performing a Monte Carlo analysis, the project manager can objectively evaluate key project risks and develop response plans based on this analysis.
NEW QUESTION # 151
You are the project manager for your organization. You have identified a risk event you're your organization could manage internally or externally. If you manage the event internally it will cost your project $578,000 and an additional $12,000 per month the solution is in use. A vendor can manage the risk event for you. The vendor will charge $550,000 and $14,500 per month that the solution is in use. How many months will you need to use the solution to pay for the internal solution in comparison to the vendor's solution?
- A. Approximately 8 months
- B. Approximately 13 months
- C. Approximately 11 months
- D. Approximately 15 months
Answer: C
NEW QUESTION # 152
During project planning, a risk is identified for which the risk manager has defined a mitigationstrategy. Later during project execution, this risk still leaves substantial residual risk.
What should the risk manager do to handle this situation?
- A. Ask the project sponsor for more budget to deal with this risk.
- B. Activate the contingency plan to handle this risk during execution.
- C. Mark this new risk as an extremely high priority and inform all stakeholders.
- D. Revisit this risk in the risk register and redefine the mitigation strategy.
Answer: D
Explanation:
Explanation
If a risk still leaves substantial residual risk after implementing the mitigation strategy, the risk manager should revisit the risk register and redefine the mitigation strategy to reduce the residual risk to an acceptable level.
NEW QUESTION # 153
A risk manager manages risks in a construction project. A stakeholder mentions that if there is less than a 50% chance of rain, construction should continue. Another stakeholder says that if there is less than a 60% chance of rain, construction should continue.
What should the risk manager do next to find out the correct limit?
- A. Use industry standard risk thresholds
- B. Find out the stakeholders' risk appetite
- C. Review the agreed-upon risk tolerance
- D. Perform a sensitivity analysis of the risk
Answer: C
Explanation:
Explanation
The risk manager should review the agreed-upon risk tolerance to determine the correct limit for continuing construction based on the chance of rain. Risk tolerance is the level of risk an organization is willing to accept and should be established during the risk management planning process.
Risk tolerance is the degree of uncertainty that a stakeholder is willing to accept in respect to a negative outcome on a project objective. Risk tolerance can be expressed as a percentage, a range, a value, or a qualitative statement. Risk tolerance should be agreed upon by the project team and the stakeholders at the beginning of the project, and documented in the risk management plan. The risk manager should review the agreed-upon risk tolerance to find out the correct limit for the rain probability that would affect the construction activity. This would help to resolve the conflicting opinions of the stakeholders and ensure that the risk management decisions are aligned with the project objectives and expectations. Reviewing the agreed-upon risk tolerance is the best option among the choices given, as it is the most relevant and reliable source of information for the risk manager. Performing a sensitivity analysis, finding out the stakeholders' risk appetite, or using industry standard risk thresholds are not as effective or appropriate ways of finding out the correct limit, as they do not reflect the specific agreement and context of the project. References: PMI-RMP Certification Handbook1, page 9; PMBOK Guide, pages 414-415.
NEW QUESTION # 154
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