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NEW QUESTION # 66
Fred is the project manager of the PKL project. He is working with his project team to complete the quantitative risk analysis process as a part of risk management planning. Fred understands that once the quantitative risk analysis process is complete, the process will need to be completed again in at least two other times in the project. When will the quantitative risk analysis process need to be repeated?
- A. Quantitative risk analysis process will be completed again after the plan risk response planning and as part of procurement.
- B. Quantitative risk analysis process will be completed again after the risk response planning and as a part of monitoring and controlling.
- C. Quantitative risk analysis process will be completed again after the cost management planning and as a part of monitoring and controlling.
- D. Quantitative risk analysis process will be completed again after new risks are identified and as part of monitoring and controlling.
Answer: B
NEW QUESTION # 67
David is the project manager of the NKL Project for his organization. He has been asked to create a proposal for a construction project for a client. David realizes that there are several requirements within the SOW and RFP provided by the client that would eliminate his company from bidding on the construction project. David proposed to management that his organization create a partnership with a competitor so that together they could bid on the construction project and qualify for the customer's requirements. What risk response is David proposing to management?
- A. Teaming agreement
- B. Sharing
- C. Exploiting
- D. Transference
Answer: B
NEW QUESTION # 68
Mark works as a project manager of the NNH project. In this project, he has created a contingency response that the cost performance index should be less than 0.91. The NHH project has a budget at completion of $950,000 and is 43 percent complete - though the project should be 50 percent complete.
The project has spent $470,897 to reach the 43 percent complete milestone. What is the project's cost performance index?
- A. 0.87
- B. 0.91
- C. 0.95
- D. 0.80
Answer: A
NEW QUESTION # 69
Which of the following demonstrates that a company's risk management process is successful?
- A. Profitability has increased due to the risk management process.
- B. The number of identified risks has decreased.
- C. Additional resources were added to complete the project faster.
- D. Projects deemed too risky are given additional time.
Answer: A
NEW QUESTION # 70
Which of the following describes a difference between qualitative and quantitative risk analysis?
- A. Quantitative risk analysis adds to the risk register, qualitative risk analysis leads to quantitative risk analysis.
- B. Qualitative risk analysis addresses individual risks descriptively; quantitative risk analysis predicts likely project outcomes based on combined effects of risks.
- C. Quantitative risk analysis prioritizes individual risks for subsequent treatment, qualitative risk analysis leads to quantitative risk analysis.
- D. Quantitative risk analysis addresses individual risks descriptively; qualitative risk analysis predicts likely project outcomes based on combined effects of risks.
Answer: B
NEW QUESTION # 71
Mark works as a project manager of the NNH project. In this project, he has created a contingency response that the cost performance index should be less than 0.91. The NHH project has a budget at completion of
$950,000 and is 43 percent complete - though the project should be 50 percent complete. The project has spent $470,897 to reach the 43 percent complete milestone. What is the project's cost performance index?
- A. 0.87
- B. 0.91
- C. 0.95
- D. 0.80
Answer: A
NEW QUESTION # 72
You are the project manager of a large project that will last four years. In this project, you would like to model the risk based on its distribution, impact, and other factors. There are three modeling techniques that a project manager can use to include both event-oriented and project-oriented analysis. Which modeling technique does NOT provide event-oriented and project-oriented analysis for identified risks?
- A. Sensitivity analysis
- B. Expected monetary value
- C. Jo-Hari Window
- D. Modeling and simulation
Answer: C
NEW QUESTION # 73
A new resource is added to the project team from a matrix organization. How should the project's risk manager familiarize the new team member with the project's risk management process?
- A. Send the new team member the risk management plan to read.
- B. Provide project specific risk training and mentor through the risk process.
- C. Provide the new team member with a copy of the risk register and latest status report.
- D. The functional manager is responsible for providing the training.
Answer: B
NEW QUESTION # 74
You are the project manager of the NHH Project for your company and you have completed the risk analysis processes for the risk events. You and the project team have created risk responses for most of the identified project risks. Now, you would like to assign risk owners to the events. Which risk events should have risk response owners?
- A. Each agreed-to and funded risk response should have a risk response owner
- B. Only the risk events that are considered a negative risk event with a high risk rating
- C. Each risk that has a risk response should have a risk response owner
- D. Only the risks with a high risk rating
Answer: A
NEW QUESTION # 75
During a risk reassessment workshop with the project team and some external stakeholders, two key external stakeholders are overemphasizing the impact of a few project risks. This has led to a conflict.
How should the risk manager handle this situation?
- A. Use the assumption analysis techniques to validate the assumptions.
- B. Run a sensitivity analysis to check which risks have the most impact.
- C. Request for a skilled facilitator to help resolve conflicts that have arise.
- D. Refer to the team's ground rules on how to resolve conflicts.
Answer: C
Explanation:
Explanation
Involving a skilled facilitator can help resolve conflicts that arise during the risk reassessment workshop. A facilitator can ensure that the workshop remains focused and productive while managing conflicts and differences of opinion. (Reference: PMBOK Guide, 6th Edition, p. 512)
NEW QUESTION # 76
____ analysis is a statistical concept that calculates the average outcome when the future includes scenarios that may or may not happen.
- A. Sensitivity
- B. Expert judgment
- C. Expected monetary value
- D. Modeling and simulation
Answer: C
NEW QUESTION # 77
A project team is conducting initial risk planning. What other risk-related task should the project manager perform?
- A. Prioritizing the risks in the risk register
- B. Identifying the risk threshold
- C. Scoring the risks utilizing the risk matrix
- D. Determining the risk register headings
Answer: B
NEW QUESTION # 78
What project management plan is most likely to direct the quantitative risk analysis process for a project in a matrix environment?
- A. Human resource management plan
- B. Risk management plan
- C. Staffing management plan
- D. Risk analysis plan
Answer: B
NEW QUESTION # 79
Ben is the project manager of the CMH Project for his organization. He has identified a risk that has a low probability of happening, but the impact of the risk event could save the project and the organization with a significant amount of capital. Ben assigns Laura to the risk event and instructs her to research the time, cost, and method to improve the probability of the positive risk event. Ben then communicates the risk event and response to management. What risk response has been used here?
- A. Sharing
- B. Enhance
- C. Transference
- D. Exploit
Answer: B
NEW QUESTION # 80
Linda is the project manager of the NAB Project. One of the risks her project team has identified is too dangerous for the project team to manage internally so she has hired a vendor to complete this portion of the project and to manage the identified risk. What risk response has Linda used in this instance?
- A. Avoidance
- B. Transference
- C. Mitigation
- D. Contractual
Answer: B
NEW QUESTION # 81
You are the project manager of the BJA Project for your company. Management is worried about one of the identified risks in your project. The risk event has a probability of 90 percent and a cost impact of $85,000. Management and you discuss possible solutions to address the risk. You share
with them that for $75,000 you can reduce the probability of the risk event to 15 percent and the impact to $25,000. This solution will add three weeks to the project schedule. Management thinks this is a good idea and they would like you to add the time and cost additions to your project plan. What type of risk response is used?
- A. Acceptance
- B. Avoidance
- C. Mitigation
- D. Exploit
Answer: C
NEW QUESTION # 82
Fill in the blank with an appropriate phrase.
________are activities that are dangerous to complete and manage such as construction, electrical work, or manufacturing.
- A. Pure risks
Answer: A
NEW QUESTION # 83
You work as a project manager for TechSoft Inc. You are preparing to plan risk responses for your project with your project team. How many risk responses are available for a positive risk event in the project?
- A. Seven
- B. Three
- C. One
- D. Four
Answer: D
NEW QUESTION # 84
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 transference
- B. Risk avoidance
- C. Risk mitigation
- D. Risk acceptance
Answer: B
NEW QUESTION # 85
A project manager works on a long-term and high visibility project at an organization that has a low risk appetite towards this project due to its impact on the company's business. The project sponsors follow up weekly with the project manager, who was just informed by one of the risk owners that the exposure from two high-impact risks are hitting the risk thresholds.
What should the project manager do next?
- A. Implement mitigation measures for those risks.
- B. Complete an assessment and confirm the response with the sponsors.
- C. Update the project management plan to add contingency.
- D. Perform an assumptions and constraints analysis.
Answer: B
Explanation:
Explanation
The project manager should complete an assessment of the high-impact risks and confirm the response with the project sponsors (C) since the organization has a low risk appetite for this project. This approach ensures that the sponsors are aware of the situation and can provide guidance on how to proceed. This is in line with PMI's PMBOK Guide, Sixth Edition.
NEW QUESTION # 86
During project execution, a project manager invites the stakeholders to a risk review meeting. During this meeting, a vendor highlights that the mitigation plan for a schedule risk has generated an additional risk.
What should the risk manager do first?
- A. Update the new risk in the risk register.
- B. Plan responses for the new risk.
- C. Passively accept the new risk.
- D. Add the new risk to the watch list.
Answer: A
Explanation:
Explanation
The risk manager should first update the risk register with the new risk identified by the vendor. This will help in keeping track of all the risks associated with the project and facilitate the subsequent planning and management of the risks.
NEW QUESTION # 87
The project risk manager for an environmental preservation project has started the process of monitoring and controlling risks, The project manager has asked the project team to document the results of this process.
How should this documentation be utilized in the future?
- A. To hold those who created the risk accountable
- B. To return the remaining amount of the contingency reserve
- C. To comply with the rules and regulations
- D. To ensure information is recorded for lessons learned
Answer: D
Explanation:
Explanation
Documenting the results of the risk monitoring and controlling process is important for creating lessons learned. This helps future projects by providing a reference for risk management practices and experiences.
NEW QUESTION # 88
During project planning, a risk is identified for which the risk manager has defined a mitigationstrategy. Later during project execution, this risk still leaves substantial residual risk.
What should the risk manager do to handle this situation?
- A. Revisit this risk in the risk register and redefine the mitigation strategy.
- B. Mark this new risk as an extremely high priority and inform all stakeholders.
- C. Ask the project sponsor for more budget to deal with this risk.
- D. Activate the contingency plan to handle this risk during execution.
Answer: A
Explanation:
Explanation
If a risk still leaves substantial residual risk after implementing the mitigation strategy, the risk manager should revisit the risk register and redefine the mitigation strategy to reduce the residual risk to an acceptable level.
NEW QUESTION # 89
In addition to monitoring and controlling the project risks for their status and information the risk monitoring and controlling process accomplishes four key things for a project. Which one of the following is NOT a determination that is made by the risk monitoring and controlling process?
- A. Determines if the project constraints are still valid
- B. Determines if the risk contingency reserves should be modified to be in alignment with the current risk assessment
- C. Determines if the project assumptions are still valid
- D. Determines if the risk management policies and procedures are being followed
Answer: A
NEW QUESTION # 90
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