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NEW QUESTION # 11
Tom is the project manager of the GGG project for his company. He is working with the project team on the Perform Qualitative Risk Analysis process. Tom is having the project team to review the project scope statement as an input to the qualitative risk analysis process. Why?
- A. The project scope statement must be reviewed to understand the quality requirements and the risks associated with the demand for quality.
- B. The project scope statement will reveal the type of project as either a recurrent or first-of-itskind project.
- C. The project scope statement must be understood to see the project requirements and the inherent risks of the project.
- D. The project scope identifies the risks associated with project constraints.
Answer: B
NEW QUESTION # 12
You are the project manager of the GHY project for your company. This project has a budget of $543,000 and is expected to last 18 months. In this project, you have identified several risk events and created risk response plans. In what project management process group will you implement risk response plans?
- A. Executing
- B. Monitoring and Controlling
- C. Planning
- D. In any process group where the risk event resides
Answer: B
NEW QUESTION # 13
Harry works as a project manager for the NHQ Project. He is performing quantitative risk analysis for his project. One of the project risks has a 40 percent probability of happening, and it will cost the project $65,000 if the risk happens. What is the expected monetary value of this risk event?
- A. Zero - the risk event has not yet occurred
- B. $27,000
- C. Negative $26,000
- D. Negative $67,000
Answer: C
NEW QUESTION # 14
Ruth is the project manager of ISFH project for her company. This project is forty percent complete and it appears that some risk events are going to happen in the project that will have an adverse affect on the project.
Ruth creates a change request regarding the risks. Is this a valid response?
- A. Yes, change requests can ask for additional funds to pay for the risk impact.
- B. No, change requests should not address risks, only risk response strategies should be issued.
- C. No, change requests should not address pending risks, but only scope changes.
- D. Yes, change requests can be recommended for corrective actions for contingency plans.
Answer: D
NEW QUESTION # 15
Harry works as a project manager for BlueWell Inc. He is determining how to conduct the risk management activities for a project. According to the PMBOK, there are six inputs to the plan risk management process. Which one of the following is NOT an input to this process?
- A. Project scope statement
- B. Schedule management plan
- C. Cost management plan
- D. Risk management plan
Answer: D
NEW QUESTION # 16
Your organization, as part of its enterprise environmental factors, has established risk governance to be implemented in each project. Part of this governance is the reassessment of risks within each project. How much detail and repetition in approach for risks to be reassessed for probability and impact?
- A. The probability and impact of risk event should determine the level of reassessment throughout the project lifecycle.
- B. The amount of detail of repetition that is appropriate depends on how the project progresses relative to its objectives.
- C. The level of detail and reassessment should reflect the priority of the project.
- D. Each risk reassessment should go into the same depth as the original risk assessment activity.
Answer: B
NEW QUESTION # 17 
The project values are in thousands. What is the average cost of the project?
- A. US$8,619,000
- B. US$8,764,000
- C. US$8,495,000
- D. US$8,614,000
Answer: D
NEW QUESTION # 18
Which of the following are parts of SWOT Analysis? Each correct answer represents a complete solution.
Choose all that apply.
- A. Opportunities
- B. Tools
- C. Threats
- D. Strengths
- E. Weaknesses
- F. Optimism
Answer: A,C,D,E
NEW QUESTION # 19
Joan is the project manager of the BTT project for her company. She has worked with her project to create risk responses for both positive and negative risk events within the project. As a result of this process Joan needs to update the project document updates. She has updated the assumptions log as a result of the findings and risk responses, but what other documentation will need to be updated as an output of risk response planning?
- A. Scope statement
- B. Technical documentation
- C. Risk Breakdown Structure
- D. Lessons learned
Answer: B
NEW QUESTION # 20
When processing freight invoices for a project, the project manager notices the shipping costs exceeded the budget due to increased fuel costs. The risk manager included this risk in the project's contingency allowance.
When reviewing the project budget execution reports, the project manager notices unused budget remaining in other closed tasks of the project that could cover the additional shipping costs.
What should the project manager do?
- A. Ask the project sponsor to cover the additional shipping costs on the company's reserves account.
- B. Process the freight invoices at higher shipping costs against the project's contingency allowance.
- C. Request a formal change order from the customer to increase the project's total budget.
- D. Process the freight invoices for the budgeted amount and hope the shipping company will forgive the difference.
Answer: B
Explanation:
Explanation
The project manager should use the contingency allowance to cover the additional shipping costs, as it was specifically included in the project budget for such risks. This approach avoids requesting unnecessary changes or relying on external sources to cover the cost overrun.
NEW QUESTION # 21
During a risk reassessment workshop with the project team and some external stakeholders, two key external stakeholders are overemphasizing the impact of a few project risks. This has led to a conflict.
How should the risk manager handle this situation?
- A. Run a sensitivity analysis to check which risks have the most impact.
- B. Refer to the team's ground rules on how to resolve conflicts.
- C. Request for a skilled facilitator to help resolve conflicts that have arise.
- D. Use the assumption analysis techniques to validate the assumptions.
Answer: C
Explanation:
Explanation
Involving a skilled facilitator can help resolve conflicts that arise during the risk reassessment workshop. A facilitator can ensure that the workshop remains focused and productive while managing conflicts and differences of opinion. (Reference: PMBOK Guide, 6th Edition, p. 512)
NEW QUESTION # 22
You are the project manager for a construction project. The project involves casting of a column in a very narrow space. Because of lack of space, casting it is highly dangerous. High technical skill will be required for casting that column. You decide to hire a local expert team for casting that column. Which of the following types of risk response are you following?
- A. Acceptance
- B. Mitigation
- C. Transference
- D. Avoidance
Answer: C
NEW QUESTION # 23
A project in the execution phase at the customer's site has an issue concerning new parts that do not fit properly into a machine. The site project manager cannot find this high probability risk in the risk register.
What action should the site project manager take?
- A. Variance analysis
- B. Risk assessment
- C. Workaround
- D. Risk audit
Answer: D
NEW QUESTION # 24
Joan is the project manager of the BTT project for her company. She has worked with her project to create risk responses for both positive and negative risk events within the project. As a result of this process Joan needs to update the project document updates. She has updated the assumptions log as a result of the findings and risk responses, but what other documentation will need to be updated as an output of risk response planning?
- A. Scope statement
- B. Technical documentation
- C. Risk Breakdown Structure
- D. Lessons learned
Answer: B
NEW QUESTION # 25
Your organization has named you the project manager of the JKN Project. This project has a BAC of $1,500,000 and it is expected to last 18 months. Management has agreed that if the schedule baseline has a variance of more than five percent then you will need to crash the project. What happens when the project manager crashes a project?
- A. Project costs will increase.
- B. Project risks will increase.
- C. The amount of hours a resource can be used will diminish.
- D. The project will take longer to complete, but risks will diminish.
Answer: A
NEW QUESTION # 26
Mike is the project manager of the NNP Project for his organization. He is working with his project team to plan the risk responses for the NNP Project. Mike would like the project team to work together on establishing risk thresholds in the project. What is the purpose of a risk threshold?
- A. It is a limit of the funds that can be assigned to risk events.
- B. It is a warning sign that a risk event is going to happen.
- C. It helps to identify those risks for which specific responses are needed.
- D. It is a study of the organization's risk tolerance.
Answer: D
NEW QUESTION # 27
Which of the following statements describe the purpose of an Issue Log? Each correct answer represents a complete solution. Choose all that apply.
- A. It tracks the actions taken to resolve the issue.
- B. It analyzes the impact that the issue is having on the project.
- C. It tracks the outcome of the actions taken.
- D. It addresses the risks that could affect the project.
Answer: A,B,C
NEW QUESTION # 28
Todd is the project manager of the EST project for his company. His organization has established certain rules in the enterprise environmental factors which affect the approach that Todd takes in managing his project. One of the rules requires Todd to consider the risk attitude of the stakeholders participating in risk analysis. Why must risk attitude be considered as a part of risk analysis?
- A. Risk attitude establishes stakeholders as positive or negative stakeholders.
- B. Risk attitude can affect the measurement of probability and impact.
- C. Risk attitude identifies stakeholders that are hygiene seekers or motivation seekers.
- D. Risk attitude can establish a stakeholder's influence over project decisions.
Answer: B
NEW QUESTION # 29
You are the project manager for Genpact Inc. You have established quarterly risk management meetings. Which of the following is not a component of a risk management meeting?
- A. The availability of the individual
- B. Assessing the overall status of risks in the project
- C. Assessment or risk
- D. Review of risk responses
Answer: A
NEW QUESTION # 30
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 risks associated with work packages
- C. Because of risk responses that are now activities
- D. Because of new work generated by the risk responses
Answer: D
NEW QUESTION # 31
The risk manager notices that in their workshops, most of the risks identified are threats. What should the risk manager do to increase the number of opportunities identified?
- A. Conduct a strengths, weaknesses, opportunities, and threats (SWOT) analysis
- B. Use the Delphi technique involving experts who have identified opportunities in the past
- C. Interview more stakeholders who have a positive mindset
- D. Conduct a political, economic, sociological, technological, legal, and environmental (PESTLE) analysis
Answer: A
Explanation:
Explanation
A SWOT analysis is a strategic planning tool that helps identify an organization's strengths, weaknesses, opportunities, and threats. By conducting a SWOT analysis, the risk manager can encourage the project team to think more broadly about potential opportunities, leading to a more balanced view of risks and opportunities.
NEW QUESTION # 32
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PMI-RMP certification is a valuable asset for professionals in the project management field. It demonstrates an individual's expertise in risk management and provides a competitive edge in the job market. PMI Risk Management Professional certification is highly regarded in the industry and can lead to better job opportunities and higher salaries.
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