NEW
Font size
S
M
L
XL
WorksheetsRMP - 4. RISK ANALYSIS
Total questions: 23
Worksheet time: 17mins
Name
Class
Date
1.
Sara is the project manager for her organization. She has hired a subject matter expert to interview the project stakeholders on certain identified risks within the project. The subject matter expert will assess the risk event with what specific goal in mind:
a)
To determine the level of probability of impact for each risk event.
b)
To determine the validity of each risk event.
c)
To determine the probability and cost of the risk event.
d)
To determine the bias of the risk event based on each person interviewed.
2.
Which of the following tools are used to identify the probability of achieving specifics cost targets?
a)
Contingent response strategies.
b)
Sensitivity analysis.
c)
Monte Carlo analysis.
d)
Decision tree analysis.
3.
You are the project manager of the AMD project for your organization. In this project, you are currently performing quantitative risk analysis. The tool and technique you are using is a simulation where the project mode is computed many time with the input values chosen at random for each iteration. The goal is to create a probability distribution from the iterations for the project schedule. What technique will you use with this simulation?
a)
Analogous modeling.
b)
Monte Carlo Technique.
c)
Expected Monetary Value.
d)
Pareto modeling.
4.
Which project reserves should the project manager use to budget for known risks?
a)
Sponsor reserve.
b)
Contingency reserve.
c)
Budget reserve.
d)
Management reserve.
5.
The project manager for project A was expecting the mobilization of critical equipment from another project, project B. However, a day before the mobilization was scheduled, another project manager notifies project A's project manager that the equipment would not be available for at least another month due to delayed activities for project B. This has jeopardized meeting a critical milestone for project A. How should project A's project manager avoid this situation in the future?
a)
Request that the other project manager inform if any additional delays are expected.
b)
Ask the other project manager to officially confirm the new date in writing.
c)
Request that the other project manager be added to relevant reports.
d)
Prepare a contingency response plan to implement when delays occur.
6.
What type of reserve should be allocated for the risks that are identified but unclear. How can this risk be proactively managed?
a)
Cost budget.
b)
Management.
c)
Budget.
d)
Contingency.
7.
A project management team has identified a large number of risks during its risk identification sessions. It was noticed that it would not have the time and resources to quantitatively analyze all of them. The team also agreed that not all of these risks would justify the effort necessary to dig deeply into them. What should the team do next?
a)
Perform qualitative risk analysis to prioritize the risks.
b)
Perform quantitative risk analysis to numerically analyze risks.
c)
Implement agreed upon risk response plans.
d)
Plan risk responses for each of the identified risks.
8.
A project manager is working on a complex construction project. During the risk identification process, hundreds of risks were identified. The team seems to be confused regarding on which risks to focus. The project manager advises the team to go ahead and start assessing the likelihood and impact of each risk. What process is this part of?
a)
Plan Risk Management.
b)
Perform Quantitative Risk Analysis.
c)
Monitor and Control Risk.
d)
Perform Qualitative Risk Analysis.
9.
You and your team have done extensive brainstorming and discussion. You have also looked up the organization's process and have come up with a exhaustive list of risk. You and your team members feel fairly confident now that you know all the risks. You decide to prioritize the risks and only focus on the high-priority ones. A team member indicates that a large number of risks have very low priority. What should you do next?
a)
These risks can be accepted.
b)
Perform Quantitative Risk Analysis.
c)
Update risk register.
d)
These risks can be dismissed.
10.
The expected monetary value of a project is above US$ 1 million. The risk manager is concerned about this situation, and decides to review the related plans and processes to evaluate the degree of variation from the baseline. Next, the risk manager needs to document the results of such an analysis. What is the best document for the project manager to reference to find out where the results of such analysis should be documented?
a)
Risk management.
b)
Communication management plan.
c)
Issue log.
d)
Lessons learned.
11.
At a Food company, a major unified management information system is to be implemented. The project manager noted that risks gathered from the organization's business functions are not properly identified and categorized, making it difficult to develop an effective risk response. How should the project manager handle this situation?
a)
Outsource conducting the risk response plan to risk consultants.
b)
Coach the functional groups on how to properly conduct the process.
c)
Adjust the risk response plans to effectively handle the identified risks.
d)
Ask functional managers to improve their risk register and process.
12.
One of the project risks is likely to cause a negative impact of $15000 with a probability of 50%. At the same time, there is a possibility of saving $10000 by choosing alternate resources, this has a likelihood of 25%. What is the EMV of the project?
a)
($5,000).
b)
($25,000).
c)
($2,500).
d)
($7,500).
13.
During project execution, the project team realizes that the power outlet of imported equipment is not compatible with the current customer's electrical infrastructure. This event was originally identified as a risk during earlier stages of the project and the associated risk response indicated a plan to purchase a new power adapter. Which project fund will be used to cover this cost?
a)
Project budget.
b)
Management budget.
c)
Contingency reserve.
d)
Management reserve.
14.
After identifying the risks by the risk manager and the project team members, the risk manager wants to engage the whole project team in prioritizing the identified risk but the project manager refuses the engagement of the whole project team due to resource concerns. As a risk manager, what should you do?
a)
Convince the project manager of the importance of the whole project team's engagement in all risk processes.
b)
Follow the project manager's instructions, as the project manager is responsible.
c)
Engage the project team in the risk prioritization process and then discuss lessons learned with the project manager after finishing the process.
d)
Ask the functional manager to replace the project manager with another helpful one.
15.
During the identification risk process, the project manager identifies four risks. What is the estimated monetary value of the cost for this project?
a)
US$ 940.
b)
US$ -1940.
c)
US$ 1940.
d)
US$ -940
16.
The project manager has completed four projects all with similar scope. The project manager has recently been assigned to start on a new project and believes some risks may occur again on this project. What should the project manager do?
a)
Discuss and evaluate the identified risks with the project team.
b)
Inform the sponsor that these risks should be added according to experience.
c)
Add the risks to the risk register and determine a contingency.
d)
Implement the risk response strategies into the risk plan.
17.
The project team identifies a risk to related to delays in customs on substantial equipment that will likely occur. Equipment delays on this project could lead to project cancellation. How should the probability and impact be characterized for this risk?
a)
High probability/low impact.
b)
Low probability/low impact.
c)
High probability/high impact.
d)
Low probability/high impact.
18.
A project manager notices an unusually high rate of risks but has limited resources to address them. To what should the project manager refer to determine risk priorities?
a)
Risk mitigation strategy.
b)
Risk probability and impact matrix.
c)
Risk management plan.
d)
Risk breakdown structure (RBS).
19.
You are managing a project for constructing a bridge over a river. All the risks have been identified and the design phase is just completed. The team is in its second week of construction. One of the subject matter experts reports that there is a possibility of the monsoons to be heavier this year. She points out that the load-bearing plates earlier designed may have to be redesigned considering the additional water pressure expected because of additional rain water. What would be your best immediate course of action?
a)
Update the risk register to add this risk along with its probability and impact.
b)
Write up a change request and submit it to the Change Control Board for approval.
c)
Schedule an emergency meeting with all stakeholders to discuss this risk.
d)
Mitigate risks by immediately redesigning the load-bearing plates.
20.
Which of the following success factors will enhance the perform the qualitative risk analysis process as the risk occurrence gets closer?
a)
Address both threats and opportunities.
b)
Appropriate project model.
c)
Iterative qualitative risk analysis.
d)
Early identification of risks.
21.
A project manager has two projects of equal, strategic organizational importance. However, due to budget constraints, only one can be chosen. There are uncertainties and risks associated with both projects. What tool or technique should the project manager use to decide which project to choose?
a)
Simulations.
b)
Decision tree analysis.
c)
Sensitivity analysis.
d)
Influence diagram.
22.
Based on these data, which of the following has the highest risk exposure?
a)
Delayed procurement.
b)
Labor shortage.
c)
Funding shortage.
d)
New technology.
23.
What technique can be used to justify risk response decisions taken on a high-risk project?
a)
Interviews.
b)
Nominal group technique.
c)
Prompt lists.
d)
Decision tree analysis.
Reset
