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Worksheets11. Risk Management
Total questions: 12
Worksheet time: 11mins
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
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.
To accept 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.
You are completing the qualitative risk analysis process with your project team and are relying on the risk management plan to help you determine the budget, schedule for risk management and risk categories. You discover that the risk categories have not been created. When should the risk categories have been created?
Risk identification process.
Plan risk management process.
Define scope process.
Plan risk response process.
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
Calculate the contingency reserve needed for all the opportunities and threats
Balance continuous improvement with progressive elaboration
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?
Mitigate
Avoid
Transfer
Accept
The project manager asks the risk manager to determine the initial risk assessment for a six-month initiative that is about to kick-off. Which two artifacts will help the risk manager conduct the related analysis? (Choose two).
Monte Carlo analysis.
Work breakdown structure (WBS).
Project organization chart.
Configuration management plan
Brainstorming.
If a risk has a 20 percent chance of happening in a given month, and the project is expected to last five months, what is the probability that this risk event will occur during the fourth month of the project?
Less than one percent
20 percent
40 percent
80 percent
