1Â . Which of the following is driven by the organization's risk tolerance ?
An organization's risk tolerance directly impacts the responses created for risk. A high tolerance means responses may not too stringent while low tolerance requires very well thought out and tight risk responses.
2. A project had a list of identified risks. This list was the risks register. Where can one find the high-level risk ?
Risk register contains all the identified risks but the project charter has a high-level view of the risks. Risk management plan is part of the project management plan and it does not contain a list of risks.
3. You will be overseeing a project to develop a smartphone application. While analyzing your project, you identify that there is a 55 percent probability of making $120,000, a 45 percent probability losing $55,000. What does $41,250 represent in this case ?
TheÂ Expected monetary value (EMV) is calculated by multiplying the probability with the impact.
The EMV for opportunity is 55 percent * $120,000 = $66,000 and for the threat is 45 percent * $55,000 = $24,750
The total EMV in this case is $66,000 - $ 24,750 = $41,250 profit
4. You reviewed the WBS and an activity must be completed that your team may not have the expertise to accomplish. You find another team who is willing to take on the work and do the job. What risk response did you use ?
Transference is a risk response strategy that transfers work or accountability to a third party. This scenario defines a transfer action
5. You just identified a new external risk during the executing phase that may impact your project positively. What is your first step ?
AlwaysÂ Perform Qualitative Risk Analysis when a new risk is identified. Determine the probability, impact, and calculate a Risk Score
6. The team has identified several mitigation and contingency action plans to deal with potential risks within the project. Who is responsible for implementing the actions defined by mitigation and the contingency plan in risk management ?
The risk owner for a particular risk is responsible for implementing the actions defined by mitigation and contingency plan in risk management
7. You have identified several problems along with their causes in your web-based application development project. Which one of the following have you probably used to show the problem and its causes and effects ?
The Ishikawa diagram, also called cause and effect flow chart or fishbone diagram, shows the relationship between the causes and effects of problems.
8. You are in the Monitor Risk process of identifying, analyzing, and planning for newly arising risks, keeping track of identified risks, reanalyzing existing risks, monitoring trigger conditions, monitoring residual risks, and reviewing the execution and effectiveness of risk response. Outputs from theÂ Monitor Risk process include all of the following EXCEPT :
Technical performance analysis are tools and techniques used in the Monitor Risks process
9. Which one of the following will NOT be considered a valid way of reducing risks in your project ?
Workarounds, unplanned responses developed to deal with the occurrence of unanticipated risk events, are not valid ways to reducing risks in a project
10. You are in Plan Risk Responses process of developing options and actions to reduce threats enhance opportunities to your project objectives. The tools & techniques of theÂ Plan Risk Responses are including :
Risk audits, technical performance analysis, and reserve analysis are tools and techniques used in the Monitor Risk process.
Strategies for negative risks or threats such as avoid, transfer, mitigate, and accept are used as tools & techniques of theÂ Plan Risk Responses process