Pre-test Risk Management

The Perform Quantitative Risk Analysis process has five tools and techniques, including:

- Data gathering

- Expert judgment

- Interpersonal and team skills

- Data analysis

Which of the following tools and techniques is missing from the list?

• Representation of Uncertainty

• Statistical sampling

• Cost-benefit analysis

• Assumption and constraint analysis

Which of the following is a tool and technique of the Plan Risk Management Process?

• Meetings

• Representations of uncertainty

• Change requests

• Audits

Your project has just begun its execution when hurricane warnings are issued for the area. The possibility of a hurricane was one of the risks identified during risk management planning.

Which of the following should you review first to determine how to respond to this risk?

• Risk register

• Risk management plan

• Risk audit

• Risk contingency plan

While identifying risks, you learn that one of the selected vendors may not be as stable as you had initially thought. Therefore, you create a list of backup suppliers and plan a risk response that involves hiring one of the alternate suppliers. During the project execution, you received notice that the selected vendor has just filed for bankruptcy and will not deliver as contracted.

What process will be used next to keep your project on track and all stakeholders satisfied?

• Manage Stakeholder Engagement

• Implement Risk Responses

• Plan Risk Responses

• Perform Qualitative Risk Analysis

During the last few sprints, the scrum team has been unable to complete any of its sprint goals due to the defects coming from previous releases, unexpected calls with the salespeople, and work requested by the team member’s functional managers. The scrum master approaches the sponsor requesting help. The sponsor replies that the situation is unlikely to change.

What is the best course of action for the scrum master going forward?

• Capture all interruptions in the issue log and present it to the sponsor at the end of the project

• Decline all work requests that are not related to the current project

• Accept all requests since the project sponsor informed that the situation is unlikely to change

• Allocate place holder user stories to account for interruptions

A vendor went out of business before delivering a component for your project. As a result, the previously planned risk response was implemented by contracting with a different vendor. However, the new vendor will not be able to deliver the component in time to meet the deadline even with the use of the contingency reserves.

What should you do next?

• Terminate the project

• Submit a change request

• File a claim against the original vendor

• Perform the Conduct Procurements process

During project risk planning, the project manager and the team are trying to decide whether to invest $10 million to develop new software or to instead invest $5 million to upgrade the existing software. The team is uncertain how strong will demand be for their product and, therefore, must account for this uncertainty in their analysis.

What would be the best tool for the project manager to use in this case?

• Tornado diagram

• Monte Carlo analysis

• Influence diagram

• Decision tree analysis

When reviewing the issue log, the project manager finds a new entry indicating that additional fencing is needed to address ground security risks on the project. After reviewing the risk register, she finds ground security among the risks identified during project planning. She wants to address the risk but is not sure if the project has enough funds to cover it.

Which data analysis technique can be used to make this determination?

• Technical performance analysis

• Reserve analysis

• Contingency analysis

• Risk audit

You are managing a project where several risks have been identified. For low-priority threats, you decide to forgo the development of risk responses and only establish contingency reserves.

What risk strategy are you using in this situation?

• Mitigation

• Acceptance

• Transfer

• Avoidance

Your project is the opening of a new retail store location. The night before the grand opening, you learn that a severe storm has caused significant damage to the building, which threatens to delay the grand opening. The storm was identified as a risk earlier in the project and captured, along with the response plan and the risk owner, in the risk register.

What should you do immediately?

• Organizational process assets

• Enterprise environmental factors

• Resource breakdown structure

• Logistical factors