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WorksheetsRMP - 7. FINAL PREPARATION
Total questions: 71
Worksheet time: 36mins
Name
Class
Date
1.
The risk manager wants to determine what is to be measured, how it is to be measured, and what project outcomes are to be measured. In which of the following processes should this be established?
a)
Monitoring and controlling process.
b)
Planning process.
c)
Initiating process.
d)
Executing process.
2.
A company is preparing a formal response to bid for an infrastructure engineering, procurement and construction project. When should a risk register be developed to identify risks?
a)
During the project execution phase to allow the project manager to understand the risk attitudes of stakeholders.
b)
After a project budget is set up with a purchase order to charge hours for a risk workshop.
c)
Before a formal bid response is provided to the client to gain a greater understanding of the project's risk profile.
d)
When a client project kick-off meeting is held to introduce risk assessment process to the client
3.
If the project manager wants to review the risk response effectiveness from past projects, from which of the following will he find these?
a)
Lessons learned and enterprise environment factors.
b)
Lessons learned and risk audit.
c)
Lessons learned and probability and impact matrix.
d)
Lessons learned and issue log.
4.
What are the key success factors for the risk identification process?
a)
Risk identification should be performed as early in the project lifecycle as possible. Risks should be clearly described and linked to project objectives.
b)
Risk identification should be based on agreed-upon definitions, collect high-quality information about risks, and used throughout the project.
c)
Risk identification should be performed as early in the project lifecycle as possible; risks should be clearly described and use appropriate project model.
d)
Risk identification should be performed as early in the project lifecycle as possible; risks should be clearly described and interrelationships between risks in quantitative risk analysis.
5.
Which among the following refers to a structural description of a risk which separates cause, effect and risk?
a)
Risk Model.
b)
Risk Breakdown Structure.
c)
Risk Category.
d)
Risk Meta-language.
6.
A project has a significant impact on an organization. Multiple stakeholders expressed concerns regarding the overall project risk during the construction of the risk management plan, and they agreed that risk appetite is low. What should the project risk manager monitor closely?
a)
Risk breakdown structure (RBS).
b)
Risk management reports.
c)
Risk response strategies.
d)
Risk thresholds.
7.
A list of risks was identified that could occur during the design phase. Now, the team finished the design phase, and those risks did not materialize. What should the project manager do next?
a)
Use their contingency with other risks that are still open.
b)
Close the risks and update their status in the risk register.
c)
Reevaluate those risks' severity and update the risk register.
d)
Remove the risk from the list as they are no longer applicable.
8.
Which of the following will ultimately determine the risk threshold?
a)
The risk appetite of the key stakeholders.
b)
The project management office (PMO).
c)
Practice Standard for Risk Management.
d)
The project manager.
9.
A risk manager administered a pre-workshop risk survey in preparation for the upcoming workshop. The workshop invitees participated in the survey and submitted many risks encompassing all project phases and risk areas. The risk manager sorts risks by similarities and categories for the workshop. What should the risk manager do next to visually organize the risks?
a)
Develop an affinity diagram.
b)
Assign probability and impact.
c)
Perform the analytical hierarchy process.
d)
Perform a SWOT analysis.
10.
You are a project manager building a prototype board for an embedded project. Since your organization lacks the required level of fabrication expertise, you outsource the fabrication process for board development to an external vendor. During the course of the project, the vendor informs you of a probable delay by 3 days in the final delivery of the fabricated board. This is an EXAMPLE of?
a)
Risk Trigger.
b)
Residual Risk.
c)
Secondary Risk.
d)
Risk Workaround.
11.
What is an example of legal and regulatory requirements and/or constraints when assessing a project environment for threats and opportunities?
a)
Organizational communication requirements.
b)
Formal knowledge sharing and information sharing procedures.
c)
Organizational standard policies, processes and procedures.
d)
Confidentiality of project information.
12.
Which of the following management plans defines how risks will be identified. It will also define how contingency plans will be implemented by the project team?
a)
Resource management plan.
b)
Project management plan.
c)
Risk response plan.
d)
Risk management plan.
13.
Bill is the project manager of the construction 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. Bill discusses the risk event with Virginia, the primary project customer, and she decides that the requirements 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?
a)
Avoidance.
b)
Mitigation.
c)
Acceptance.
d)
Transference.
14.
What are the key success factors for the plan risk responses process?
a)
Define roles and responsibilities, address threats and opportunities, categories risk causes, and address interaction of risks and responses.
b)
Identify appropriate project model, define roles and responsibilities, address threats and opportunities and address interaction of risks and responses.
c)
Define roles and responsibilities, address threats and opportunities, address interactions on risks and responses and specify timing of responses.
d)
Define roles and responsibilities, address threats and opportunities, risk probability and impact assessment, and address interaction of risks and responses.
15.
A project manager is educating the project team on risk management regarding the role of threats and opportunities. The team decides to log the opportunities in the current project's risk register to try to maximize their chances of occurrence. What should the project team do next?
a)
Conduct strengths, weaknesses, opportunities and threats (SWOT) analysis.
b)
Log the threats in the risk register to try to minimize the probability of occurrence.
c)
Update the project management plan to ensure the results of the opportunities are captured.
d)
Log the threats in the risk register to try to maximize the probability of occurrence.
16.
After identifying the risks, what should the project team do next?
a)
Perform quantitative risk analysis.
b)
Calculate the contingency reserve.
c)
Create a probability and impact matrix.
d)
Develop the mitigation plan.
17.
You are a project manager of a software development project. You are currently creating a risk management plan. In support of this process, you need to determine the acceptable level of overall project risk exposure. What should you do first?
a)
Consult the risk exposure register within the organizational process assets.
b)
Develop a set of responses to individual project risks to mitigate overall project risk.
c)
Facilitate a brainstorming meeting to develop a comprehensive list of project risks.
d)
Determine the risk appetites of key project stakeholders.
18.
You are a project manager who is in charge of an important project for your company. The engineering department offers you some talented resources for the same cost. As a project manager, what should you do?
a)
Accept the resource as its talented resources for the same cost.
b)
Create a change request to prevent a delay in getting the resource hired.
c)
Decline the resources to keep team moral.
d)
Analyze the impact replacing the resources and exploit the opportunity.
19.
Which of the following characteristics would a risk-tolerant person or group demonstrate?
a)
Reasonable comfort with most uncertainty, accepts risk as a normal feature of project and business and takes uncertainty in stride with no apparent or significant influence on their behavior.
b)
Risk taking is a price worth paying for future payoffs, seeks strategies and tactics that have high future payoffs, thinks abstractly and creatively envisioning possibilities, and not afraid of change or unknown.
c)
Discomfort with uncertainty, low tolerance for ambiguity, seeks security and resolution in the face of risk.
d)
Adaptable and resourceful, not afraid to take action, thrill seeking.
20.
Your project uses a piece of equipment that if the temperature of the machine goes above 450 degrees Fahrenheit the machine will overheat and have to be shut down for 48 hours. Should this machine overheat even once it will delay the project's end date. You work with your project to create a response that should the temperature of the machine reach 430, the machine will be paused for a at least an hour to cool it down. What is the temperature of 430 called?
a)
Risk event.
b)
Risk identification.
c)
Risk trigger.
d)
Risk response.
21.
You have been waiting for some material resources from your supplier for your project. In order to avoid delays, you want to implement a contingency plan to buy those resources and keep the project on track. Which of the following includes the criteria that triggers the use of a contingency plan?
a)
Risk Audit Documents.
b)
Organizational Process Assets.
c)
Risk Management Plan.
d)
Risk Register.
22.
A project manger wants to introduce new technology to improve a project's performance. However, there are some costs associated that are beyond the current budget, and the proposed technology has not been applied to any previous company projects. What should the project manager do in this situation?
a)
Take advantage of this opportunity of improving the project performance.
b)
Outsource the implementation of the new technology as soon as possible.
c)
Accept the fact that there is a risk associated with this new technology.
d)
Escalate this initiative to project decision-makers and sponsors.
23.
At the completion of a small project, the risk manager performs a risk audit and finds that several identified risks had occurred, and the impact was significantly larger than expected. While the project remained on schedule, the project budget increased by 50%. The project met all risk response milestones and no additional, previously unidentified risks, occurred on the project. Based on this information, what risk management process improvement should the risk manager recommend for future similar project?
a)
Expand the use of risk identification techniques.
b)
Revise the level of accuracy of probability and impact scores.
c)
Document the risk audit report and capture it in the lessons learned database.
d)
Increase frequency of risk management meetings with the project manager.
24.
You are managing a construction project. During the implementation phase; a team member has told you that one of the risks previously identified has occurred. As a project manager, what should you do next?
a)
Implement a workaround plan.
b)
Update the risk management plan.
c)
Update Risk Register.
d)
Update the change log.
25.
Risk identification is performed in which manner?
a)
Incremental.
b)
Qualitative.
c)
Iterative.
d)
Mandatory.
26.
What is the difference between qualitative and quantitative risk analysis?
a)
Qualitative risk analysis addresses individual risks descriptively; quantitative risk analysis predicts likely project outcomes based on the combined effects of risks.
b)
Quantitative risk analysis prioritizes individual risks for subsequent treatment, qualitative risk analysis leads to quantitative risk analysis.
c)
Quantitative risk analysis and qualitative risk analysis are the same.
d)
Quantitative risk analysis addresses individual risks descriptively; qualitative risk analysis predicts likely project outcomes based on combined effects of risks.
27.
You are working on a project and the management wants a rapid and cost-effective means for establishing priorities for planning risk responses in your project. Which risk management process can satisfy management's objective for your project?
a)
Qualitative risk analysis.
b)
Historical information.
c)
Rolling wave planning.
d)
Quantitative analysis.
28.
A risk manager is managing risks of a mission-critical application. A subject matter expert (SME) asks the risk manager to treat even single risks identified as an extremely high priority. What should the risk manager do?
a)
Agree with the SME, treat every risk with equal priority and inform all stakeholders.
b)
Mark every identified risk as an extremely high priority and any future risks as a lower priority.
c)
Perform a sensitivity analysis and determine the correct priority of every identified risk.
d)
Ask the project sponsor if every risk in the risk register can have the same priority.
29.
Which of the following statements best describes the requirements for the data type used in qualitative risk analysis?
a)
A qualitative risk analysis requires fast and simple data to complete the analysis.
b)
A qualitative risk analysis requires accurate and unbiased data if it is to be credible.
c)
A qualitative risk analysis required unbiased stakeholders with biased risk tolerance.
d)
Qualitative risk analysis encourages biased data to reveal risk tolerance.
30.
What is the best source of project information which could result in the reduction of risk?
a)
Sensitivity analysis.
b)
Make observations/conversations on the current project.
c)
Review organizational process assets, lessons learned from previous similar projects.
d)
Determine the risk using brainstorming techniques.
31.
During the execution of a project, the project manager learns there are several unexpected issues. The customer is dissatisfied because the deliverables are taking longer than planned and the quality of deliverables is affected. What process should the project manager have performed with greater emphasis during project planning?
a)
Plan risk response.
b)
Identify risks.
c)
Plan risk management.
d)
Monitor risks.
32.
You are managing a new project for a risk-seeking organization. Your project has an overall risk that exceeds the risk levels documented in the risk management plan. What is the best course of action for the organization to take with the project based on its current scope?
a)
Perform a reserve analysis to validate the remaining reserves.
b)
Cancel the project, as the overall level of risk remains unacceptable.
c)
Perform a Monte Carlo simulation to understand possible risk outcomes.
d)
Monitor ongoing risks closely for any major changes.
33.
You are working with your project stakeholders to identify risks within the project. You want to use an approach to engage the stakeholders to increase the breadth of the identified risks by including internally generated risks. Which risk identification approach is most suited for this goal?
a)
Delphi Technique.
b)
Assumption analysis.
c)
Brainstorming.
d)
SWOT analysis.
34.
You are a risk manager for a large project in your company. During the monitoring and controlling process, which of the following should you do?
a)
Stay alert for risk events, and remind team members to keep the risk manager informed about risk triggers, and update the enterprise organizational assets.
b)
Review identified risks, update the lessons learned documents, and create risk management plan.
c)
Create a risk management plan, develop risk responses and identify risks.
d)
Review identified risks, stay alert for risk events, and remind team members to keep the risk manager informed about risk triggers.
35.
A risk manager manages risks in a construction project. A stakeholder mentions that if there is less than a 50% chance of rain, construction should continue. Another stakeholder says that if there is less than 60% chance of rain, construction should continue. What should the risk manager do next to find out the correct limit?
a)
Perform a sensitivity analysis of the risk.
b)
Find out the stakeholders' risk appetite.
c)
Use industry standard risk thresholds.
d)
Review the agreed-upon risk tolerance.
36.
Which project management process is responsible for the lookout for new risks, evaluating current risks, Risks that are now outdated, or Closing risks?
a)
Risk identification.
b)
Risk analysis.
c)
Monitor and Close Risks.
d)
Risk planning.
37.
The project team is updating the risk register with the minimum acceptable level of exposure and impact for each risk. The team also wants to determine if they have reached the maximum level of exposure before they escalate the risk. What should the team perform in this scenario?
a)
Risk response planning.
b)
Monitor and control risks.
c)
Quantitative risk analysis.
d)
Risk urgency assessment.
38.
A project team considered one of the project risks to be small and trivial. Therefore, this risk is not documented. After a few weeks, the risk occurred and negatively impacts the project. As a project manager, what could have been done to avoid this situation?
a)
Start in quantitative analysis after developing the risk management plan to calculate the impact.
b)
Establish the ground rules early in the project and communicate the punishment policy to the project team during the project kick-off meeting.
c)
Conduct team meetings early in the project to ensure team members are familiar with risk identification requirements.
d)
Provide team members with a watch list and risk matrix early in the project to ensure risks aren't missed.
39.
Which of the following proves that a company's risk management process is successful?
a)
Profitability has increased due to risk management.
b)
Extra resources were added to complete the project early.
c)
The number of identified risks has reduced.
d)
Projects that have high risks are given additional time.
40.
A project is evaluating new software to streamline the current purchase order process. The current process is labor-intensive and involves printing, ink signatures, scanning, and emailing. Several team members gathered cycle time data to gauge the current process and evaluate the new process. What should the risk manager do next with the data set?
a)
Perform a risk data quality assessment.
b)
Perform a probability and impact assessment.
c)
Perform a sensitivity analysis.
d)
Perform Monte Carlo simulation.
41.
What is defined as "an uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives" and second, what is a "chosen mental disposition towards uncertainty, adopted explicitly or implicitly by individuals and groups?
a)
Threats/attitudes.
b)
Opportunity/Response Strategy.
c)
Risk/attitudes.
d)
Risk/Exposure.
42.
A new project manager has been assigned to work on an ongoing project. When checking the project documentation, the project manager realizes risk register items do not comply with the contracted scope. The project manager wants to use an objective method to determine the key project risks and develop response plans. What action should the risk manager propose?
a)
Ask the team to perform an earned value analysis.
b)
Hire a risk expert to perform PESTLE evaluation.
c)
Review the lessons learned from other projects.
d)
Ask the team to perform a Monte Carlo analysis.
43.
During a company's audit, it's found that no risk management information exists within the lessons learned database. What could the company do to increase the amount of risk management organizational process assets?
a)
Require the PMO to merge and distribute risk logs to all key stakeholders associated with risk management.
b)
Require the project manager to update the project management office PMO policy and procedures on an iterative basis to ensure relevancy to current project.
c)
Require the PMO to perform quality audits on all active projects, to ensure alignment with communication industry standards.
d)
Require the project manager to record significant risk management information, to provide concrete data in the lessons learned database for future projects.
44.
Multiple new risks have come upon a project that were not included on the risk register. The project manager met with the team to explain that risk management is critical for the success of the project, and risk identification is key. What should the project manager do next?
a)
Review assumptions and constraints around risks.
b)
Apply an iterative approach to risk identification.
c)
Develop the risk response plans for identified risks.
d)
Determine the likelihood and impact of the risks.
45.
A project manager is managing a very small project. The project sponsor told the project manager that a risk planning process is unnecessary because the project is very small. Is it good for the project manager to implement the risk planning for the project?
a)
Yes, even small projects may require risk planning.
b)
No, risk planning should be initiated after customer and sponsor approval.
c)
Yes, the risk planning process implementation is ultimately the project manager's decision.
d)
No, small projects don't usually require risk planning.
46.
If the contingency reserves are depleted before the project is completed. What recommendations could be implemented to prevent this from recurring?
a)
Increase the contingency reserve.
b)
Implement a reserve analysis process.
c)
Increase the cost and schedule baseline.
d)
Use the Monte Carlo simulation.
47.
What is the primary difference between a risk audit and a risk reassessment?
a)
A risk reassessment is conducted at the completion of a major phase; audits are conducted after the project is complete.
b)
Project stakeholders conduct risk audits; management conducts reassessments.
c)
Risk reassessments are regularly scheduled, risk audits are performed as defined in the project's risk management plan.
d)
There is no difference; they are virtually the same.
48.
You have been managing a top-secret government project, which has been progressing as planned until recently. Suddenly, one of your team members calls and informs you that the project has encountered an unexpected major problem that was not included in the risk register. What should be your first course of action?
a)
Create a fallback plan.
b)
Create a workaround.
c)
Update the risk management plan.
d)
Take corrective and preventive actions.
49.
Which of the following techniques help to identify and analyze risks?
a)
Probability and impact matrix
b)
SWOT Analysis.
c)
Expert judgment.
d)
Monte Carlo.
50.
A home solar panel project has many internal and external stakeholders including households, businesses, community groups, electric utility companies, local government officials, landlords, and investors. What should the project manager do when engaging stakeholders?
a)
Include all stakeholders in the project's governance.
b)
Ignore any risks beyond stakeholders' tolerance.
c)
Communicate responses strategies to all stakeholders.
d)
Consider stakeholder's positions and opinions regarding the project's output.
51.
A project manager and stakeholders are reviewing the project documents to identify opportunities that will be realized if the project is completed early. At the end of the review, what document should be updated?
a)
Risk register.
b)
Risk management plan.
c)
Risk brainstorming.
d)
Risk mitigation plan.
52.
You are the project manager of the NHK Project. Management wants to know how often your risk identification process will occur during the project. Considering that your project is scheduled to last one year and involves five distinct phases, how often should risk identification take place?
a)
Quarterly.
b)
Once per project lifecycle phase.
c)
Monthly.
d)
Very depending on the situations within the project.
53.
The risk manager organizes a stakeholder meeting to obtain an agreement on project risk response strategies. At the conclusion of this meeting, the risk response strategies should be which of the following?
a)
Ensure appropriate, timely, effective and agreed responses.
b)
Iterative, scaled to the project and addressing threats and opportunities.
c)
Scheduled, budgeted and easy for project stakeholders to understand.
d)
Cost-effective, validated by Monte Carlo analysis and assigned.
54.
What best describes the job of a risk owner?
a)
Actively involved in the identification of new risks.
b)
Creating detailed description of a risk.
c)
Responsible and accountable for managing the corresponding risk through all of the subsequent Project Risk Management.
d)
Responsible and accountable for the risk management plan.
55.
A project manager is working on a construction project. Based on past experience, the project manager identifies a risk that a supplier of a critical material may not deliver on time. The project manager has already accounted for this risk in the risk management plan. If this risk materializes, the project manager plans to procure the material from a different supplier. A potential risk in this plan is that there may be differences in the material provided by the first and second suppliers. What type of risk is this?
a)
Residual risk.
b)
Primary risk.
c)
C. Secondary risk.
d)
Normal risk.
56.
An IT project is 40% complete. During the initial analysis, risks A and B were identified for the project. Risk A has a probability of 0.6 and an impact at US$ 50,000. Risk B has a probability of 0.7 and an impact of US$ 60,000. After implementing the planned risk response for risk B, the probability of risk B has been reduced to 0.3. What is the current project risk exposure?
a)
US$ 72,000.
b)
US$ 48,000.
c)
US$ 20,000.
d)
US$ 18,000.
57.
Which of the following represents the main goals of the risk audit?
a)
Assess the risks that have occurred and the take the required actions.
b)
Document what went well and not so well with the risk management process, and recommend action to improve.
c)
Document and assess the new identified risks and take the required actions.
d)
Examine the effectiveness of project team members and take the required actions.
58.
Contingency reserve total US$ 213,000. If risk 4 probability has been reduced to 40%. What would the new contingency reserve total?
a)
US$ 145,000.
b)
US$ 157,000
c)
US$ 92,400.
d)
US$ 39,000.
59.
A project manager wants to introduce new technology to improve a project's performance. However, there at some costs associated that are beyond the current budget, and the proposed technology has not been applied to any previous company projects. What should the project manager do in this situation?
a)
Take advantage of this opportunity of improving the project performance.
b)
Outsource the implementation of the new technology as soon as possible.
c)
Accept the fact that there is a risk associated with this new technology.
d)
Escalate this initiative to project decision-makers and sponsors.
60.
Who is responsible for stakeholder expectations management in a high-profile, high-risk project?
a)
Project management office.
b)
Project risk assessment officer.
c)
Project manager.
d)
Project sponsor.
61.
A project manager has received reports from a supplier that he is over capacity, which may delay his delivery. What should the project manager update next?
a)
Risk register.
b)
Stakeholder engagement plan.
c)
Issue log.
d)
Schedule Baseline.
62.
A project decides to mitigate risk on the risk register. From which of the following sources should the funds be drawn to cover the risk mitigation?
a)
Management reserve.
b)
Contingency reserve.
c)
Contingency management.
d)
Project charter.
63.
A project manager is working on a high-priority and high-profile project. The project team had identified three opportunities, and after analysis, risk responses were recorded. Although risk responses were adequate for the identified opportunities, two of those opportunities were not acted upon. During the risk audit, the project manager found out that several of the planned risk responses were not implemented. What should the project manager have done to avoid this?
a)
Increased communications to influence stakeholder risk responses.
b)
Provided regular training to the risk owners for plan implementation.
c)
Updated the project schedule, adding risk owner implementation tasks.
d)
Determined risk triggers and threshold in the risk response plan.
64.
Which of the following describes the stakeholder's attitude if he is unwilling to make decisions that would result in a negative impact on the project?
a)
Risk averse.
b)
Risk Mitigation.
c)
Risk seeker.
d)
Risk neutral.
65.
A project manager assumes there will be no more than one design error/omission in the post-design phase. After construction begins, it is determined that two important infrastructure pieces that conflict will be located in the same place. What should the project manager do?
a)
Update the assumptions log and assess the risk associated with it.
b)
Add a note in the assumptions log that the error/omission has been met.
c)
Hire a consulting firm to evaluate schedule and cost impact.
d)
Stop the construction phase and restart the design for the two pieces.
66.
You are managing a shopping center construction project. Which of the following provides the outcomes to update the project risk documents as a result of the control risk process?
a)
Risk reserve and risk seeker.
b)
Risk reserve analysis and risk attitude.
c)
Risk reassessments and risk audits.
d)
Risk response strategies and stakeholder analysis.
67.
You have identified a risk that will negatively affect your security project. You and your team have decided to use an older encryption technology because of the high risk associated with the new technology. What type of risk strategy are your using?
a)
Exploitation.
b)
Avoidance.
c)
Mitigation.
d)
Transfer.
68.
What are the key success factors for the plan risk responses process?
a)
Collect high-quality information about risks, address threats and opportunities, address interaction of risks and responses, and specify timing of responses.
b)
Define roles and responsibilities, address threats and opportunities, categories risk causes, and address interaction of risks and responses.
c)
Identify appropriate project model, define roles and responsibilities, address threats and opportunities, and address interaction of risks and responses.
d)
Clearly define risk-related roles and responsibilities, address the interaction of risks and responses, specify the timing of risks, and address both threats and opportunities.
69.
A project manager is developing the risk management process and schedules a risk workshop at the start of the project. Upon receiving the invitation, a senior stakeholder emails the project manager stating that a risk management plan is not needed since this is a small project, and lack of a plan will reduce costs. Which of the following should the project manager?
a)
Review the scope in an attempt to save money in other areas of the project to provide funding for the risk management activities.
b)
Cancel the workshop, as stakeholder is senior and risk management is an optional process, especially on smaller projects.
c)
Continue with the workshop, but remove the stakeholder from the list of attendees.
d)
Advise the stakeholder risk management is a valuable undertaking and must be applied to all projects to some degree.
70.
You work as a project manager for BlueWell Inc. You are working with Nancy, the COO of your company, on several risks within the project. Nancy understands that through qualitative analysis you have identified 80 risks that have a low probability and low impact as the project is currently planned. Nancy's concern, however, is that the impact and probability of these risk events may change as conditions within the project may change. She would like to know where will you document and record these 80 risks that have low probability and low impact for future reference. What should you tell Nancy?
a)
Risks with low probability and low impact are recorded in a watch list for future monitoring.
b)
Risk identification is an iterative process, so any changes to the low probability and low impact will be reassessed throughout the project life cycle.
c)
All risks are recorded in the risk management plan.
d)
All risks, regardless of their assessed impact and probability, are recorded in the risk log.
71.
Jack is the risk manager of a project that is halfway through its execution. Jack identifies a residual risk that wasn't taken into consideration during the plan risk response process, but may affect the project schedule baseline. What should Jack do to handle this residual risks?
a)
Analyze this risk then implement the risk response.
b)
Accept the risk, since it is low priority risk.
c)
Analyze this risk and update the risk register.
d)
Issue change request to increase the management reserve.
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