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Questions and Answers

Project Risk Management

1. Which of the following processes is not included in Project Risk Management?A) Risk identification

B) ualitati!e Risk Anal"sis#) Risk $uantification

%) Risk response planning

&. %ecision trees are used toA) Plan where to plant shru's on the project

B) #alculate the pro'a'ilit" of an outcome#) %etermine what e!ents ma" take place

%) (!aluate a decision

. Risk tolerances are determined toA) *elp the team rank the project risks

B) *elp the project manager estimate project#) *elp the team schedule the project

%) *elp management know how other managers will act on the project

+. Which of the following documents outlines the action steps to 'e taken if an identifiedrisk e!ent occurs?

A) Risk management planB) Project plan

#) #orrecti!e action plan%) Risk response plan

,. Which of following is not an input to the risk management planning?

A) Project #harterB) lessons learned

#) work 'reakdown structure%) %efined Roles and Responsi'ilities

-. f a project has a -/0 chance of a 2 31//4/// profit and a +/0 chance of a 2

31//4/// loss4 the e5pected monetar" !alue of the project isA) 2 31//4/// profit

B) 2 3-/4/// loss#) 2 3&/4/// profit

%) 2 3+/4/// loss

6. 7ou ha!e just 'een assigned as the project manager for a si8ea'le engineering project

and "ou want to $uickl" re!iew the project9s procedures for managing risk throughoutthe project. Which of the following plans will help "ou the most in finding the

information?A) A risk identification plan

B) A risk management plan#) A risk anal"sis plan

%) A Monte #arlo simulation

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A) gnore them4 the" are not critical enough to include in risk response de!elopmentdocument them and re!isit during project e5ecution

B) %ocument them and re!isit during project e5ecution

#) gnore them4 the" are alread" taken care of in "our contingenc" plans%) %ocument them so that the" can 'e gi!en to the customer

16. Which of the following risk e!ents is most likel" to interfere with the attainment of theproject9s schedule o'jecti!e?

A) %ela"s in o'taining re$uired appro!alsB) 2u'stantial increases in the cost of purchased materials

#) #ontract disputes that generate claims for increased pa"ments%) 2lippage of the planned post@implementation re!iew meeting

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#) gnore the risk 'ecause risks were identified during planning

%) =ell the customer a'out the risk

&,. Purchasing insurance is an e5ample ofA) Risk mitigation

B) Risk transference

#) Risk acceptance

%) Risk a!oidance

&-. n the range of contract t"pes4 from irm@i5ed Price P) to #ost Plus i5ed ee

#P)4 where is the risk the greatest for the 'u"er?

A) irm fi5ed price

B) i5ed price incenti!e firm target

#) #ost plus fi5ed fee

%) #ost plus award fee

&6. %uring the project4 a team mem'er tells "ou that a major risk the team identified hasoccurred 'ut is not as serious as pre!iousl" thought. What is the first thing "ou shoulddo?

A) ncrease the $ualit" standard

B) =hank the team mem'er and continue following "our communication plan

#) n!estigate changing the contingenc" plan

%) otif" management

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#) lowcharting%) nter!iewing

,

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Answers

Project Risk Management

Q.No. Ans

1 C

2 D

3 A

4 D

5 B

6 C

7 B

8 A

9 C10 D

11 D

12 C

13 D

14 C

15 A

16 B

17 A

18 D

19 C

20 B

21 D

22 A

23 C

24 A

25 B

26 C

27 C

28 D

29 C

30 B