Session 6 – Plan and Manage risks

Question 1 of 10

1. Question

You as a Project Manager have tailored the definitions of probability and impact levels to your project as a part of Plan Risk Management Process. These tailored definitions will be used in

Plan Risk response
Perform Qualitative Risk Analysis
Perform Quantitative Risk Analysis
Identify Risks

Question 2 of 10

2. Question

You are in the process of risk identification. The identified risks are being documented as initial entries into the risk register. Which of the following attributes of risk is likely to be entered after the risk identification step?

Identified Risks an document the description and sources
Assess the Probability of risk
List of potential responses
Root causes of the risks

Question 3 of 10

3. Question

A project manager should involve his team in performing the Risk Identification Process. This is because:

The team should develop responses to the risks identified.
The team members can take responsibility for the risks and their responses.
The team is informed of all the risks involved
The team can bring in more ideas and predictions about risks.

Question 4 of 10

4. Question

At what frequency is Identify Risks Process to be performed in a project?

This process is performed once during the early stages of the project.
This process is performed only at the end of the project.
The process is iterative and frequency is twice a week.
The process is iterative and frequency varies with the situation

Question 5 of 10

5. Question

Scenario:

You work for a small development company that builds homes for low-income families.
The home- build program’s purpose is to build a two- or three-bedroom home for each qualifying family.
Under the sponsorship of Linda Michaels, your company is getting ready to build a new home for the Andrews family.
The family has qualified for the home-build program and is the next family on the home list.
You have been assigned to manage this project. Each new build project is named by the address and the next available lot is located at 234 West Adams Street.
For the 234 West Adams project, the scheduling will need to be managed around the delivery of products and materials.
The costs of these materials have been known to fluctuate lately due to the uncertain economy.
Occasionally, projects in this part of town are vandalized during construction. Of course, you must also be mindful of the weather during construction.
It is somewhat unpredictable, but as far as you know, the forecast is looking good for the next few weeks.
Now that you have identified how to manage the project and what the costs are, you can take the next step and determine what the project risks are.
You would like to review the potential project risks in a risk register.

Which of the following might be risks (either opportunities or threats) for this project? (Choose three.)

Fluctuating material costs
Finding another family for the house if the Andrews family moves to another town
Weather
Vandalism

Question 6 of 10

6. Question

What is the difference between avoiding a threat and mitigating it?

Avoid means to reduce the impact or probability, and mitigate means to change the management plan to remove the risk.
Avoid means to outsource the work to remove the risk, and mitigate means to reduce the impact or probability.
Avoid means to change the management plan to remove the risk, and mitigate means to reduce the impact or probability.
Avoid means to change the management plan to remove the risk, and mitigate means to accept the impact or probability

Question 7 of 10

7. Question

Which of the following is a good example of mitigating the probability of the risk of fire in a process plant?

Install smoke detectors.
Install fire-proof components.
Hire another company to do the part of the work that could result in a fire.
Keep the phone number of the fire department handy.

Question 8 of 10

8. Question

Which of the following Process establish relative priorities of project risks for Plan Risk Responses and lays the foundation for perform Quantitative Risk Analysis, if required?

Qualitative Risk Analysis
What-If Analysis
SWOT Analysis
Root Cause Analysis

Question 9 of 10

9. Question

Which one of the following can be treated as an appropriate example of a ris

We have determined that our schedule is not going to meet the required deadline.
We think it is possible there will be a sale on parts and we could spend less money than we originally thought.
There are not enough resources to complete the work on time.
The change in the prime rate has caused our funding source to be unable to provide the money we need in the upcoming project phase.

Question 10 of 10

10. Question

You are in the process of risk identification. The identified risks are being documented as initial entries into the risk register. Which of the following attributes of risk is likely to be entered after the risk identification step?

Identified Risks an document the description and sources
Assess the Probability of risk
List of potential responses
Root causes of the risks