Risk Management

Which of the following risk events is MOST likely to interfere with attaining a project’s schedule objective?

• Delays in obtaining required approvals

• Substantial increases in the cost of purchased materials
  

• Contract disputes that generate claims for increased payments

• Slippage of the planned post-implementation review meeting

Risks are identified during _________ risk management process(es).

• Identify Risks
  

• Perform Qualitative Risks and Monitor Risks
  

• Identify Risks and Perform Quantitative Risks

• Identify Risks and Monitor Risks

Outputs of the Plan Risk Responses process include:

• Residual risks, fallback plans and contingency reserves

• Risk triggers, contracts and a risk list.
  

• Secondary risks, process updates and risk owners

• Contingency plans, project management plan updates, and change requests.

During risk management activities, 236 risks have been identified which are caused by 13 root causes. You could eliminate the 234 risks by your risk management activities. For remaining 2 risks, you, together with your team, could not find a way to mitigate or insure the risks. Also these 2 risks cannot be outsourced or removed from project scope. What is the best solution?

• Accept the risk

• Mitigate the risk

• Avoid the risk

• Transfer the risk

Under which of the following scenarios would you not use a decision tree?

 

• When some future scenarios are unknown

• When the future scenarios are known

• When you need to look at the implications of not choosing certain alternatives

• When the outcomes of some of the actions are uncertain

Which of the following is not an appropriate method for dealing with a negative risk?

• Avoid

• Transfer

• Mitigate

• Exploit

Project risks should be identified by:

• Those invited to the risk identification process only

• Key project stakeholders only

• The project manager only

• All project personnel

Your project team has recently identified a risk in the software development project and decided not to change the project management plan to deal with the risk. The risk response strategy that your team used in this scenario is an example of:

• Mitigate

• Transfer

• Acceptance

• Avoid

Which of the following is NOT a step in the risk management process?

• Risk identification

• Risk analysis

• Risk elimination

• Risk monitoring

What is a Risk Register?

• A list of project stakeholders

• A document that contains all identified risks, their probability and impact, and response plans

• A schedule of project activities

• A financial budget report