RMP - 5. RISK RESPONSE

A subcontractor working on a project may cause delays in the construction schedule. The project manager records this risk in the risk register and issues a change request. The project sponsor rejects the change request. What should the project manager have done differently?

• Performed an analysis to affirm the request is valid before submitting.
• Executed the risk strategy response and recorded it in the risk register.
• Contacted the other stakeholders so they know the request is in process.
• Informed the client and the project sponsor that the request is being submitted.

You identified a risk in your project that is difficult for you to manage, therefore, you give the responsibility to manage this risk to an outside source. What kind of risk response strategy is this?

• Accept.
• Exploit.
• Avoid.
• D. Transfer.

A project lost 10 productive days due to bad weather. In order to make up for the lost time, the project management team calls for an emergency meeting and decides to apply fast-tracking as a schedule compression technique. This is an example of:

• Workaround.
• Risk escalation.
• Risk mitigation.
• Risk avoidance.

A project team is working on a risk response strategy by evaluating every risk and coming up with suitable response strategies. However, one particular risk with a negative impact cannot be avoided or mitigated. Furthermore, there is no way to transfer risk by outsourcing or buying insurance. What is the best the team can do about the risk?

• Accept the risk.
• Share the risk by allocating ownership to a third party.
• Revisit the risk Response Strategy.
• Treat it as a secondary risk and update it in the Risk Register.

A risk manager notices that a risk owner is facing challenges implementing their response strategy and the costs are significantly exceeding expectations. What is the first thing the risk manager should do?

• Change the risk response strategy.
• Conduct a cost-benefit analysis.
• Highlight this situation to the project manager.
• Analyze the situation and meet with the risk owner.

John is the project manager of the ABC Project. He and the project team have identified a risk event in the project with a high probability of occurrence, and the risk event has a high-cost impact on the project. John discusses the risk event with Sara, the primary project customer, and she decides that the requirement surrounding the risk event should be removed from the project. The removal of the requirements does affect the project scope, but it can release the project from the high-risk exposure. What risk response has been enacted in this project?

• Mitigation.
• Transference.
• Avoidance.
• Acceptance.

You are a risk manager for a big construction project. You and the project team successfully identified and analyzed risks. As a part of the risk response process, what is the purpose of mitigating negative risks?

• To reduce the probability of risk occurrence, and reduce the impact.
• To increase the probability of a risk occurrence, and reduce the impact.
• Transfer the probability of a risk occurrence to a third party, and reduce the impact.
• To accept the probability of a risk occurrence and reduce the impact.

What is the primary advantage of group risks by common causes during qualitative risk analysis?

• It saves time by collecting the related resources, such as project team members, to analyze the risk events.
• It can lead to developing effective risk responses.
• It can lead to the creation of risk categories unique to each project.
• It helps the project team realize the areas of the project most laden with risks.

You are a project manager working on a strict deadline. You find a work package on the critical path which is highly complex and could delay the final delivery of your product. After consulting your customer, you decide to drop this work package from the project. Which risk response strategies do you use in this case?

• Mitigate.
• Sharing.
• Avoid.
• Transfer.

You have identified a risk that may cause safety concerns for the workers completing the task. You've decided to hire a subcontractor to complete this work because the risk is too great to accept internally. Which risk response if this?

• Avoid.
• Mitigate.
• Transfer.
• Accept.