The risk manager is prioritizing risks based on the potential impact to cost and schedule and identifies the following 4 risks: Risk 1 has a US$500,000 potential cost increase, and a 60 day potential schedule slippage, with a 25% probability…
What identification technique is used to help reduce the ambiguity of a risk statement? A. Driver risk, outcome B. Exploit, risk, accept C. Probability risk, impact D. Cause, risk, effect
Which of the following techniques for planning risk response can provide a means of identifying symptoms for use as trigger conditions for contingency responses? A. Root cause analysis B. Quantitative risk analysis C. Ensuring that actions are available to address…
During what process should a project manager assign a risk owner? A. Plan Risk Responses B. Plan Risk Management C. Monitor Risks D. Identify Risks
What are the supporting elements for effective risk management? A. Trained core people, matrix organization, simple scalable process, and tools and techniques B. Competent people, collaborative organization, rigorous process, and tools and techniques C. Competent people, supportive organization, simple scalable…
The company is a risk seeking organization, and has experienced measurable success based on their current strategy for growth. A new project has an overall project risk that exceeds the risk levels documented in the risk management plan. What would…
A race director is planning a marathon with US$80,000 in upfront costs that will be offset by race fees. The remainder of the funds will be donated to a national charity. State law mandates that all money paid by the…
Which of the following represents the best description of the role of project manager for project risk management? A. Determining the acceptable levels of risk for the project in consultation with stakeholders, approving the risk management, assessing the impact of…
A risk on the risk register is triggered. This triggered risk costs US$200,000 to mitigate and will overwhelm the project, causing it to fail if not mitigated. The project manager identifies that there is US$200,000 left in the management reserve.…
While preparing for a project review meeting with leadership, the project team analyzes and checks its scope activities and discovers missing requirements. The project risk manager decides to hire a subcontractor to fulfil these newly discovered requirements. What risk strategy…