Test Sprint 2

A large project requires new equipment to support the project execution. The procurement manager communicated to the project manager that the delivery of the newly purchased equipment will be delayed. The project manager is concerned that this will directly affect the project schedule. What should the project manager do next?

• Validate the information and update the risk management plan.

• Update the risk register and discuss it with the project stakeholders.

• Source second-hand equipment in order to prepare for any delivery delays.

• Update the sponsor of the potential issue and ask for any suggestions.

An organization is embarking on the deployment of a new digital solution that will revolutionize purchasing services. The project manager has created all the necessary plans and activities to ensure a successful integration and solution launch. There is a risk of a partner's system being unavailable which could impact the project negatively.

What key activity is needed to ensure the project's success?

• Eliminate the risk by mandating the partner to change the system settings to facilitate an easier integration with the new solution.

• Continuously monitor the risk of the partner system's unavailability, and put the proper resolution plans in place in case the risk materializes into an actual issue.

• Communicate to the project stakeholders that full integration may not be possible and that the project will potentially be delayed as a result.

• Mitigate the risk by developing alternative plans to make the solution ready and available without full integration capabilities.

You are starting to write your project charter with your project sponsor when the senior managers ask for a time and cost estimate for the project. You have not yet gathered many of the project details. What kind of estimate can you give?

• Analogous estimate

• Rough order of magnitude estimate

• Parametric estimate

• Bottom-up estimate

A project manager has just finished the risk response plan for a $387,000 engineering project. Which of the following should he probably do next?

• Determine the overall risk rating of the project.

• Begin to analyze the risks that show up in the project drawings.

• Add work packages to the project work breakdown structure.

• Hold a project risk review.

Your team is designing a packaging robot for a pharmaceutical production line. The product owner is an engineer, and he tells you it's a waste of the team's time to create a risk-adjusted backlog. You reply that this tool will allow the team to:

• Maximize the expected monetary value of the key product features.

• Deliver the highest-value features while mitigating the most serious threats.

• Balance continuous improvement with progressive elaboration.

• Calculate the contingency reserve needed for all the opportunities and threats.

A project manager is quantifying risk for her project. Several of her experts are off-site, but wish to be included. How can this be done?

• Perform Monte Carlo analysis using the internet as a tool.

• Apply the critical path method.

• Determine options for recommended corrective action.

• Use facilitation techniques.

A project team is creating a project management plan when management asks them to identify project risks and provide some form of qualitative output as soon as possible. What should the project team provide?

• Risk triggers

• Prioritized list of risks

• Contingency reserves

• Probability of achieving the time and cost objectives

A project manager is currently analyzing her project risks. She wishes to quickly assign relative probabilities to these risks in order to prioritize them. Which of the following processes assigns relative probabilities to the identified project risks?

• Plan Risk Responses

• Perform Quantitative Risk Analysis

• Perform Qualitative Risk Analysis

• Identify Risks

A project manager is currently performing the Monitor Risks process for her project. She determines that some of the project risks listed in the risk register are no longer valid. What should be done to these risks?

• These risks need to be reassessed.

• These risks need to be transferred to the risk watch list.

• These risks need to be closed.

• These risks need to be documented as lessons learned.

 A project manager is currently planning for his project risks. He has documented the risk categories and has obtained approved definitions of the risk probability and impacts. In addition, he has developed a probability and impact matrix that will help in prioritizing project risks. Which of the following processes should he perform next?

• Perform Qualitative Risk Analysis

• Identify Risks

• Perform Quantitative Risk Analysis

• Plan Risk Management