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Which of the following is not a tool and technique used in the process of Plan Risk Responses. AContingent Response Strategies. For the following processes of Project Risk Management: A. Plan Risk Management. Most of these questions are definition...
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When do you perform Risk Identification? At the beginning of a project. During project planning. During the whole lifetime of a project. During project execution. Correct Answer: C New risks appear all the time. Moreover, known risks change their...
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It means they tolerate little risks to the Project Schedule. So, having a team on standby to keep the equipment working is the best option here. You are on the call with clients. They say the vendor team they hired to create designs is behind schedule. What should you do? State that your project is also behind the schedule because of it. Log the risk into Risk Register to assess impact. Do nothing. Contact the vendor to help them out. Likewise, you should not assume that a risk has no impact at all.
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Therefore, always log all possible risks first. Decide later. After you performed Qualitative Risk Analysis you need to create: A. A prioritized list of risks. List of risk for additional analysis and investigation. List of urgent risks D. Watch list Correct Answer: E A prioritized list of risks, list of risk for additional analysis and investigation, list of urgent risks, the watch list, AND list of risks grouped by categories are the output of the Qualitative Risk Analysis process. After reviewing Risk Register you see two critical risks that you anticipate during the next week. What should you do with this knowledge? Your Risk Register is shared with the team and stakeholders. Reach out to the stakeholders and the responsible person with a reminder. Correct Answer: B Once again, you should be proactive. It includes communications as well. You can quickly adjust it to your needs and use the plan on your project for FREE.
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And you get access to all my other Risk Management resources. Get the Template Of the thousands of things you need to learn about project management, there are five that you need to focus on first. So what is it? Budget, risks, scope, leadership, stakeholders, communications? Find out how to become a confident and successful project manager in months, not years. Subscribe to my channel. No email or registration needed. Just click the button below.
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You are required to use Agile development practices. In your company, there is no expertise in Agile development. Hence, you partner with another organization that specializes in Agile development. When the Project Manager is notified of a risk, it is her responsibility to analyze the risk and take it further. She can ask for more details from the team, if required. However, the first action will always be to analyze the risk.
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Options B and C are the only possible answers. Mitigation strategies are planned for identified risks. In this case the risk has already happened. Therefore, the meeting is to determine a workaround. For more information, read Responding to Negative Risks. To solve this problem, you need to find the EMV of each option. The process of Identify Risks has the Risk Register as the major output. Research has shown that to have effective brainstorming sessions the size of each group should be limited to 3. Each group should also be diverse. For more information, read Effective Brainstorming Methods. This is an example of responding to an opportunity positive risk. There are four strategies to respond to positive risks.
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For more information, read How to Respond to Positive Risks. Risk probability and impact are defined during Perform Qualitative Risk Analysis. They are quantified in the Perform Quantitative Risk Analysis process. Therefore, A is the correct option.
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Mean of 28 days Risk Management Page 3 4 Question 3 In a project that involves the construction of many cell towers for a large wireless carrier, which of the following risk events is most likely to interfere with attaining a project s schedule objective? Substantial increases in the cost of purchased materials B. Contract disputes that generate claims for increased payments C. Slippage of the planned post implementation review meeting D. Delays in obtaining required approvals Risk Management Page 4 5 Question 4 A company is doing risk identification when a stakeholder asks the following question: If a risk has a 20 percent change of happening in a given month, and the project is expected to last five months, what is the probability that this risk event will occur during the fourth month of the project?
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Less than 1 percent B. Risk value B. Present value C. Contingency budget D. Which of the following should he probably do NEXT? Determine the overall risk rating of the project. Begin to analyze the risks that show up in the project drawings. Hold a project risk reassessment. Add work packages to the project work breakdown structure. Risk Management Page 7 8 Question 7 A company is starting to use risk management since the beginning of the year, a project manager analyzed the quality of risk data and asked various stakeholders to determine the probability and impact of a number of risks.
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He is about to move to the next process of risk management. Based on this information, what has the project manager forgotten to do? Provide a standardized risk rating matrix. Evaluate trends in risk analysis. Identify triggers. Create a fallback plan. Risk Management Page 8 9 Question 8 At a utility company that produces electricity for the entire west coast, a project manager has assembled the project team. They have identified 82 risks on the project, determined what would trigger the risks, rated them on a risk rating matrix, tested their assumptions, and assessed the quality of the data used. The team is continuing to move through the risk management process.
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What has the project manager forgotten to do? Simulation B. Risk mitigation C. Involve other stakeholders D. Overall risk ranking for the project Risk Management Page 9 10 Question 9 You are a project manager for the construction of a major new manufacturing plant that has never been done before. Once begun, the project cannot be cancelled, as there will be a large expenditure on plant and equipment. As the project manager, it is most important to carefully: A. Review all cost proposals from the sellers. Perform an identification of risks.
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Project Risk Management
Examine the budget reserves. Complete the project charter. Risk Management Page 10 11 Question 10 Your team has come up with risks and 18 major causes of those risks. The project is the last in a series of projects that the team has worked on together. The sponsor is very supportive, and a lot of time was invested in making sure the project work was complete and signed off by all key stakeholders. During project planning, the team cannot come up with an effective way to mitigate or insure against a risk. It is not work that can be outsourced, nor can it be deleted. What would be the best solution?
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Continue to investigate ways to mitigate the risk. Look for ways to avoid the risk. Look for ways to transfer the risk. Accept the risk. Risk Management Page 11 12 Question 11 At a shoe manufacturing company, a project manager is quantifying risk for her project. Several of her experts are off site, but wish to be included. How can this be done? Use Monte Carlo analysis using the Internet as a tool. Apply the critical path method. Use the Delphi technique. Determine options for recommended corrective action. Risk Management Page 12 13 Question 12 An experienced project manager has just begun working for a large computer systems integrator.
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His project involves five suppliers and 25 team members in four different cities far apart from each other. His manager provides him with a draft project charter and immediately asks him to provide an analysis of the risks on the project. Which of the following would best help in this effort? An article from PM Network magazine B. His project scope statement from the project planning process C. A conversation with a team member from a similar project that failed in the past D. His resource plan from the project planning process Risk Management Page 13 14 Question 13 You have been appointed as the manager of a new, large, and complex project.
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Your project involves 18 team members from 3 different continents. Because this project is business critical and very visible, senior management has told you to analyze the project s risks and prepare response strategies for them as soon as possible. The organization has risk management procedures that are seldom used or followed, and has had a history of handling risks badly. The project s first milestone is in two weeks. In preparing the risk response plan, input from which of the following is generally least important? Project sponsor B. Project team members C. Individuals responsible for risk management policies and templates D. Key stakeholders Risk Management Page 14 15 Question 14 Your company is a leader in the commercial insurance business and has just won an award for best customer service.
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You were in the middle of a 14 month project to deploy new technology to field offices across the country. A hurricane caused power outages just when the upgrade was near completion. When the power was restored, all of the project reports and historical data were lost with no way of retrieving them. What should have been done to prevent this problem? Purchase insurance. Monitor the weather and have a contingency plan.
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Plan for a reserve fund. Schedule the installation outside of the hurricane season. Risk Management Page 15 16 Question 15 At a large industrial conglomerate business, a system development project is nearing project closing when a previously unidentified risk is discovered. This could potentially affect the project s overall ability to deliver. What should be done next? Alert the project sponsor of potential impacts to cost, scope, or schedule. Mitigate this risk by developing a risk response plan. Develop a workaround. Qualify the risk.
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Risk Management Page 16 17 Question 16 At an engineering firm a highway improvement project is underway. This work is long over due since it will improve the transportation between two distant cities. The cost performance index CPI of the project is 0. The team members are very inexperienced and the project received little support for proper planning. Which of the following is the best thing to do? Spend more time improving the cost estimates. Remove as many work packages as possible. Update risk identification and analysis. Reorganize the responsibility assignment matrix. Risk Management Page 17 18 Question 17 At a carpet manufacturing company a PMP certified project manager has been assigned to lead the design of a new carpet for a company that owns many hotels across the world.
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During project executing, a major problem occurs that was not included in the risk register. What should he do first? Reevaluate the Identify Risks process. Create a workaround. Look for any unexpected effects of the problem.
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An upside risk is the risk that the organization will outperform its strategic goals. Examples of upside risk include situations in which a Post-graduate Studies. Pilot Paper Demonstration Exam. Time allowed: 3 hours 15 minutes. The sample questions are provided to help examinees familiarise themselves with the form and style of questions which they may see in the CFPCM Certification Examination Founda-tion Level, Level 1 and Level 2. You may use a financial or scientific However, the number of questions testing each learning outcome will generally be within the range plus or As our books are updated, these will be available to download at no additional cost.
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Taimoor Javed. Download PDF. Because the funds are to be invested in a business at the end For every exam, time management is very important and everyone wants a precise course content in a prioritized manner along with the key questions which will help them to understand the concept in less time. There have been many discussions about which materials are best to use while preparing for the FRM exams. Examples of upside risk include situations in which a business venture experience an unexpected increase in revenue or market share.
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Sample project management essay exam questions and answers pdf Final Exam 1 QUESTION 1 25 MARKS The Project Manager can be seen to be in charge of risk management on the project but risk management is often seen as the responsibility of everyone involved in the project including project team members, sponsors, key business unit stakeholder and the like. A PMP Question Bank will provide you questions to practice and test your understanding of the concepts. He holds an MS in mathematics and computer. I have attached the pdf for the text book along with the 4 questions straight from the quiz.
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The project management plan is a summary and consolidation of the other management plans that provides a quick overview of the entire project management essay exam questions and answers pdf project Project Management MCQ pdf for MBA, BBA Exams: Set Project management is increasingly contributing to achieving organizational strategies C. The above sample project management interview questions and answers should help you face the interviewer confidently. Each essay has to be 5 paragraphs long. One of the most common topics of project management essay exam questions and answers pdf discussion on our project management community is candidates wanting feedback about answers they have given to sample questions for the APMP exam.
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Our exam materials can boost your confidence for the real exams and will help you remember PMP exam questions and answers that you will take part in. View examquestions-and-answers. From this link, you can get more information on the PMP exam pattern. To assess project status or progress 4. I need help with my Project Management Quiz. Project management exam essay questions and answers pdf. All four essay's needs to be typed. Questions about a Project Management Software. The project manager then issues a change request. Table of Contents Exam Questions Answers to the PMP Practice project management speaker, consultant, and trainer with more than 25 years of industry experience. Free online PMP certification question bank for distance learning exam preparation on topics as Develop Project Management Plan The project management plan is the master plan that includes all planning documents for the project, such as the budget, schedule, resources, and scope statement.
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Project Risk Management Exam Questions And Answers Pdf
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