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Q73. You are the project manager of the GHG project for your company. You have identified the project risks, completed qualitative and quantitative analysis, and created risk responses. You also need to document how and when risk audits will be performed in the project. Where will you define the frequency of risk audits?
A. Risk response plan
B. Quality management plan
C. Risk management plan
D. Schedule management plan
Answer: C
Q74. You work as a project manager for BlueWell Inc. Management has asked you to work with the key project stakeholder to analyze the risk events you have identified in the project. They would like you to analyze the project risks with a goal of improving the project's performance as a whole. What approach can you use to achieve the goal of improving the project's performance through risk analysis with your project stakeholders?
A. Focus on the high-priority risks through qualitative risk analysis
B. Involve the stakeholders for risk identification only in the phases where the project directly affects them
C. Involve subject matter experts in the risk analysis activities
D. Use qualitative risk analysis to quickly assess the probability and impact of risk events
Answer: A
Q75. You are the project manager of a large construction project. You are evaluating the strengths, weaknesses, opportunities, and threats involved in a project. In which of the following processes are you on?
A. Define Scope
B. Plan Risk Responses
C. Plan Risk Management
D. Identify Risks
Answer: D
Q76. Tom is the project manager for his organization. In his project he has recently finished the risk response planning. He tells his manager that he will now need to update the cost and schedule baselines. Why would the risk response planning cause Tom the need to update the cost and schedule baselines?
A. New or omitted work as part of a risk response can cause changes to the cost and/or schedule baseline.
B. Risk responses protect the time and investment of the project.
C. Risk responses may take time and money to implement.
D. Baselines should not be updated, but refined through versions.
Answer: A
Q77. You are the project manager of the YHG project for your company. Within the project, you and the project team have identified a risk event that could have a financial impact on the project of $450,000. This risk event has a 70 percent chance of occurring in the project. The project identifies a solution that will reduce the probability of the risk event to ten percent, but it will cost $260,000 to implement. Management agrees with the solution and asks that you include the risk response in the project plan. What risk response is this?
A. This is mitigation because the response reduces the probability.
B. This is not a risk response, but a change request.
C. This is transference because of the $260,000 cost of the solution.
D. This is avoidance because the risk response caused the project plan to be changed.
Answer: A
Q78. Frank is the project manager of the NHQ project for his company. Frank is working with the project team, key stakeholders, and several subject matter experts on risks dealing with the new materials in the project. Frank wants to utilize a risk analysis method that will help the team to make decisions in the presence of the current uncertainty surrounding the new materials. Which risk analysis approach can Frank use to create an approach to make decisions in the presence of uncertainty?
A. Monte Carlo Technique
B. Qualitative risk analysis process
C. Quantitative risk analysis process
D. Delphi Technique
Answer: C
Q79. The only output of the perform qualitative risk analysis are risk register updates. When the project manager updates the risk register he will need to include several pieces of information including all of the following except for which one?
A. Trends in qualitative risk analysis
B. Risk probability-impact matrix
C. Watchlist of low-priority risks
D. Risks grouped by categories
Answer: B
Q80. You are the project manager of the GHY Project for your company. You have completed the risk response planning with your project team. You now need to update the WBS. Why would the project manager need to update the WBS after the risk response planning process? Choose the best answer.
A. Because of work that was omitted during the WBS creation
B. Because of new work generated by the risk responses
C. Because of risk responses that are now activities
D. Because of risks associated with work packages
Answer: B