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NEW QUESTION # 36
You are project manager for ABD project. You, with your team, are working on the following activities:
Probabilistic analysis of a project.
Probability of achieving cost and time objectives.
Trends in Qualitative Risk Analysis results.
On which of the following processes are you working on?
- A. Perform Quantitative Risk Analysis
- B. Identify Risks
- C. Perform Qualitative Risk Analysis
- D. Plan Risk Management
Answer: A
NEW QUESTION # 37
Rex is the project manager of the BDF Project. This project will last for two years and has a budget of
$2,345,000. Management has instructed Rex that the project must not go over budget as funds are very tight in the organization. During the project planning Rex and the project team discover a positive risk event to save $75,000. Rex wants to make certain that this risk event happens so which risk response method is most appropriate?
- A. Share
- B. Mitigation
- C. Enhance
- D. Exploit
Answer: D
NEW QUESTION # 38
You are the project manager of the GHQ project for your company. You are working with your project team to prepare for the qualitative risk analysis process. Mary, a project team member, does not understand why you need to complete qualitative risks analysis. You explain to Mary that qualitative risks analysis helps you determine which risks needs additional analysis. There are also some other benefits that qualitative risks analysis can do for the project. Which one of the following is NOT an accomplishment of the qualitative risk analysis process?
- A. Cost of the risk impact if the risk event occurs
- B. Time frame for a risk response
- C. Prioritization of identified risk events based on probability and impact
- D. Corresponding impact on project objectives
Answer: A
NEW QUESTION # 39
Which statement describes the risk portrayed on the risk matrix heat map below?
- A. The risk has a probability of 40% of occurrence and a high impact rating.
- B. The risk has a high impact and probability of occurring.
- C. The risk has a probability of 60% of occurrence and a medium impact rating.
- D. The risk has a low probability and high impact rating.
Answer: D
NEW QUESTION # 40
Which of the following processes involves choosing the alternative strategies, executing a contingency or fallback plan, taking corrective action, and modifying the project management plan?
- A. Scope Change control
- B. Configuration Management
- C. Monitor and Control risk
- D. Integrated Change control
Answer: C
NEW QUESTION # 41
You are project manager for ABD project. You, with your team, are working on the following activities:
* Probabilistic analysis of a project.
* Probability of achieving cost and time objectives.
* Trends in Qualitative Risk Analysis results.
On which of the following processes are you working on?
- A. Perform Quantitative Risk Analysis
- B. Identify Risks
- C. Perform Qualitative Risk Analysis
- D. Plan Risk Management
Answer: A
NEW QUESTION # 42
The project manager and the risk manager of a new project to develop an application to support autonomous driving are meeting with the sponsor and key stakeholders to discuss the project. During the meeting, it is identified that the transport authority is discussing new traffic regulations for the industry that could be in place before the project ends.
How should the project manager and the risk manager handle this situation?
- A. Send a letter to the traffic authority with the general project information.
- B. Ensure the project complies with the current traffic regulations and laws.
- C. Perform inquiries on the website of the traffic authority weekly.
- D. Meet with the traffic authority staff in charge of the new regulation.
Answer: D
Explanation:
Explanation
Meeting with the traffic authority staff responsible for the new regulation allows the project manager and risk manager to understand the potential changes and their impact on the project. This will help them proactively address any potential issues and ensure the project complies with the new regulations.
NEW QUESTION # 43
A project manager has been assigned to a project that is just starting. The organization has a very low risk appetite towards this project due to constraints on budget and schedule. The project stakeholders are very engaged on the project and want to ensure that there is clear visibility on the project risks and progress.
How should the project manager handle stakeholder expectations?
- A. Ensure the risk register includes all identified risks.
- B. Discuss the risk response strategies with the stakeholders.
- C. Add buffers to the schedule to accommodate risk.
- D. Develop a communication plan to share updates on risks.
Answer: D
Explanation:
Explanation
The project manager should develop a communication plan to share updates on risks (D) to handle stakeholder expectations, especially since the organization has a low risk appetite and stakeholders are very engaged. This approach ensures that stakeholders are regularly informed about the project's risks and progress, addressing their concerns and expectations. This is supported by the PMI's PMBOK Guide, Sixth Edition.
NEW QUESTION # 44
What approach can a project manager use to improve the project's performance during qualitative risk analysis?
- A. Create a risk breakdown structure and delegate the risk analysis to the appropriate project team members.
- B. Analyze as many risks as possible regardless of who initiated the risk event.
- C. Focus on high-priority risks.
- D. Focus on near-term risks first.
Answer: C
NEW QUESTION # 45
You are the project manager of a large construction project. This project will last for 18 months and will cost $750,000 to complete. You are working with your project team, experts, and stakeholders to identify risks within the project before the project work begins. Management wants to know why you have scheduled so many risk identification meetings throughout the project rather than just initially during the project planning. What is the best reason for the duplicate risk identification sessions?
- A. The iterative meetings allow the project manager to communicate pending risks events during project execution.
- B. The iterative meetings allow all stakeholders to participate in the risk identification processes throughout the project phases.
- C. The iterative meetings allow the project manager to discuss the risk events which have passed the project and which did not happen.
- D. The iterative meetings allow the project manager and the risk identification participants to identify newly discovered risk events throughout the project.
Answer: D
NEW QUESTION # 46
Marsha is the project manager of the NHQ Project. There's a risk that her project team has identified, which could cause the project to be late by more than a month. Marsha does not want this risk event to happen so she devises extra project activities to ensure that the risk event will not happen. The extra steps, however, will cost the project an additional $10,000. What type of risk response is this approach?
- A. Enhancing
- B. Exploiting
- C. Transference
- D. Mitigation
Answer: D
NEW QUESTION # 47
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 supplier.
What type of risk is this?
- A. Normal risk
- B. Secondary risk
- C. Primary risk
- D. Residual risk
Answer: B
Explanation:
Explanation
This is a secondary risk because it is a risk that arises as a direct result of implementing a risk response (in this case, procuring material from a different supplier).
NEW QUESTION # 48
You are the project manager of the GGG project. You have completed the risk identification process for the initial phases of your project. As you begin to document the risk events in the risk register what additional information can you associate with the identified risk events?
- A. Risk owner
- B. Risk cost
- C. Risk schedule
- D. Risk potential responses
Answer: D
NEW QUESTION # 49
A project manager has a two-month project with three project team members. The project sponsor does not agree with the project manager that a risk planning process is necessary, since the project is very small.
Would it be appropriate for the project manager to implement some level of risk management?
- A. No, small projects do not usually require risk planning.
- B. No, risk planning should be initiated with the sponsor's consent.
- C. Yes, even small projects may require risk planning.
- D. Yes, the risk planning process implementation is ultimately the project manager's decision.
Answer: C
NEW QUESTION # 50
As a part of monitoring and controlling the project, the project manager should update the risk register. The project manager should update the risk register with information on risk reassessment, risk audits, and periodic risk reviews. What other information should the project manager update the risk register with?
- A. Actual outcomes of risk management duties by the project team.
- B. Actual cost of risk events.
- C. Actual costs and schedule delays of risk events.
- D. Actual outcomes of the project's risks and of the risk responses.
Answer: D
NEW QUESTION # 51
Stakeholder deliverable reviews will start soon and additional work is expected to resolve any issues or required adjustments. Budget overruns during execution have put serious constraints on the remainder of the project's budget.
What should the project manager do next?
- A. Conduct a risk reassessment and reserve analysis.
- B. Review the consequences of potential changes.
- C. Coach stakeholders on risk identification practices.
- D. Request a budget relief using the management reserve.
Answer: A
Explanation:
Explanation
The project manager should reassess the risks and analyze the reserve to determine if any adjustments can be made to accommodate the expected additional work. This will help in identifying potential budget-saving measures and making informed decisions on how toproceed.
NEW QUESTION # 52
What are critical success factors for the Plan Risk Responses process?
- A. Define roles and responsibilities, address threats and opportunities, categorize risk causes, and addresses interaction of risks and responses
- B. Define roles and responsibilities, address threats and opportunities, address interaction of risks and responses, and specify timing of responses
- C. Identify appropriate project model, define roles and responsibilities, address threats and opportunities, and addresses interaction of risks and responses
- D. Collect high-quality information about risks, address threats and opportunities, address interaction of risks and responses, and specify timing of responses
Answer: B
NEW QUESTION # 53
You are the project manager of the NHQ Project for your company. You are discussing some of the project issues that need to be resolved in the project. You and the project stakeholders come to an agreement about the risk issues and how they will be resolved. Where should you document this information for issue resolution?
- A. Issue log
- B. Lessons learned documentation
- C. Project management plan for execution
- D. Risk response plan
Answer: A
NEW QUESTION # 54
You work as the project manager for BlueWell Inc. You are monitoring the project performance. You want to make a decision to change the project plan to eliminate a risk in order to protect the project objectives. Which of the following strategies will you use to tackle the risk?
- A. Risk avoidance
- B. Risk transference
- C. Risk mitigation
- D. Risk acceptance
Answer: A
NEW QUESTION # 55
Some project risks are applicable for the project's lifecycle while others risks are only applicable to specific project activities. When should project risks be closed?
- A. When iterative data analysis determines the risk is not applicable
- B. When the stakeholders agree a risk is no longer applicable
- C. When the forecast activity date has been met or exceeded
- D. When the risk has been realized and can no longer happen again
Answer: B
Explanation:
Explanation
Project risks should be closed when the stakeholders agree a risk is no longer applicable. This ensures that risks are actively managed and only relevant risks are considered throughout the project lifecycle.
NEW QUESTION # 56
The project manager schedules a third workshop to facilitate the qualitative risk analysis. One team member complains that they should not have iterative meetings, but rather, should complete this at the beginning of the project.
Which of the following should the project manager do?
- A. Proceed with the meeting, but remove the team member from the invitees' list.
- B. Continue with the workshop, but discipline the team member for undermining the authority of the project manager.
- C. Explain that itis good practice to perform qualitative analysis throughout the life of the project.
- D. Agree with the team member, as qualitative analysis should only be performed during the initial stages of a project.
Answer: C
NEW QUESTION # 57
Tom is the project manager for his organization. In his project he has recently finished the risk response planning. He tells his manager that he will now need to update the cost and schedule baselines. Why would the risk response planning cause Tom the need to update the cost and schedule baselines?
- A. Risk responses may take time and money to implement.
- B. Risk responses protect the time and investment of the project.
- C. New or omitted work as part of a risk response can cause changes to the cost and/or schedule baseline.
- D. Baselines should not be updated, but refined through versions.
Answer: C
Explanation:
Explanation
NEW QUESTION # 58
A project manager has finished the project charter for a project and has now moved into the planning phase. In the first planning meeting, the project manager is trying to determine the risk tolerance and risk attitudes of the project's key stakeholders.
What is the first resource the project manager should reference?
- A. Requirements management plan
- B. Enterprise environmental factors (EEFs)
- C. Project charter
- D. Benefits management plan
Answer: B
Explanation:
Explanation
Enterprise environmental factors (EEFs) provide information about the organization's culture, risk tolerance, and risk attitudes, which can help the project manager determine the risk tolerance and risk attitudes of the project's key stakeholders. (Reference: PMBOK Guide, 6th Edition, p. 39)
NEW QUESTION # 59
Ben works as a project manager for the MJH Project. In this project, Ben is preparing to identify stakeholders so he can communicate project requirements, status, and risks. Ben has elected to use a salience model as part of his stakeholder identification process. Which of the following activities best describes a salience model?
- A. Influence/impact grid, grouping the stakeholders based on their active involvement ("influence") in the project and their ability to affect changes to the project's planning or execution ("impact").
- B. Describing classes of stakeholders based on their power (ability to impose their will), urgency (need for immediate attention), and legitimacy (their involvement is appropriate).
- C. Grouping the stakeholders based on their level of authority ("power") and their level or concern ("interest") regarding the project outcomes.
- D. Grouping the stakeholders based on their level of authority ("power") and their active involvement ("influence") in the project.
Answer: B
NEW QUESTION # 60
A six-month, US$1,2 million project is two months completed. The project has 3 high, 6 medium, and 2 low risks, with a 10% reserve for known risks, and a 5% reserve for unknown risks. Most of the project's reserves have not been spent. The risk manager, who is also the project schedule manager, establishes monthly risk management reviews to evaluate performance. So far, the project has missed 50% of the planned risk mitigation milestones.
Based on this project data, what technique should the risk manager recommend to improve the risk management process?
- A. Perform a variance analysis and potentially allocate more reserves to improve risk mitigation.
- B. Adjust project risk thresholds to increase the number of residual risks on the project.
- C. Increase the frequency of risk status meetings and update the risk management plan.
- D. Increase the risk manager's position to a full-time position and acquire a dedicated project schedule lead.
Answer: D
NEW QUESTION # 61
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