St.

Mary’s University School of Graduate Studies

MA in Project Management

PROJECT RISK MANAGEMENT

MBAPMS-721

Home Take Test

BY
Sitota Kebede
SGS/ 0475 / 2013A / +251-91-215-2365
sitotakebe@gmail.com

Instructor:
Asfaw Yilma, (Ph.D.)

May 2021
Addis Ababa, Ethiopia

DIRECTION: - Choose the Best Answer and Give a short brief for each of
your Answers
1. During the planning risk management process, the project team you are leading discovers
500 risks and 32 major causes of those risks. The project is part of a major program within
the organization and must be completed. Your team is very experienced and has worked
together for several years. You have also worked with the sponsor for several years as well,
and they are very supportive of your efforts. Significant time has been spent to ensure the
project scope and Work Breakdown Structure (WBS) is complete and it has been signed off
by all the key stakeholders. Unfortunately, your team has not been able to determine an
effective way to mitigate or insure against one of those major risks. It is something that must
be done by the internal team and cannot be outsourced. It also cannot be deleted from the
project. What would be the best solution?
A. Determine a way to transfer the risk
B. Determine a way to avoid the risk
C. Continue to investigate ways to mitigate the risk
D. Accept the risk
My solution is to accept all the risk because I do have a very experienced team that has
worked with me for several years, to make the project done working on the identified
problem help to finish the project as well as If I’m not going to accept the risks I’m
going to lose the hole team and it’s very expensive as well as time taken to have a very
experienced team for the project to accomplish.

Project Risk Management 1|Page

2. You take over a project from a previous project manager. As part of the turnover process,
they hand you a risk watch list. What should be done with the risks on the watch list?
A. Add the information to your takeover report.
B. Add to the lessons learned for future projects.
C. Read over the watch list as they are already covered in the properly completed
contingency plans.
D. Read over the watch list then revisit during monitoring and controlling.

The risk watch list it’s important to follow up on the entire project, how it's going
on and how they resolve the problems so far. For the project I’m new I took all the
documents & materials from the previous project managers so to follow up on the
project effectively I have to compare and contrast the list and the work done so far
by monitoring & controlling by visiting.

3. Which of the following is not always an input to the risk management process?
A. Work breakdown structure
B. Lessons learned
C. Project status reports
D. Historical information

When we talk about the input of risk management it's always important to the background
of the project or the history that will help to identify the risk and to understand how we
solve the problem as well. In every stage of a project, it’s always important to follow the
procedures otherwise there might be a problem so regarding risk management it’s
important to know the work breakdown, lessons learned & historical information but the
project status report it’s not always an input for the risk management because the status
it’s useful for the overall project not for the risk.

Project Risk Management 2|Page

4. You are the project manager on a large IT project. You have assembled your team, identified
the major risks on the project, determined what would trigger those risks, rated the risks on a
rating matrix, tested the major risk assumptions, and assessed the quality of the data used.
The team is continuing to move through the risk management process. What have you
forgotten to do?
A. Involve other stakeholders.
B. Use a Monte Carlo simulation.
C. Mitigate the risks.
D. The overall risk ranking for the project.

In the IT project, I already figure out all the alternatives to figure out the major risk
problems by identifying the major problems, determined the trigger issue, I rated the
risk as well as matrix this information help me to resolve the problem or mitigate the
risks one at a time. Once the problem or the risk it’s feasible or knows it’s easy to
mitigate and work on it to accomplish the project.

5. You have worked with different stakeholders to determine the probability and impact of a
project's risks. You have also analyzed the assumptions. Before you move on to the next step
in the risk management process, what do you need to do?
A. Identify and evaluate triggers.
B. Develop your risk rating matrix.
C. Evaluate the trends in risk analysis.
D. Create a contingency plan.

For the project that I have been working on, I already analyzed some of the
assumptions regarding the risk so my next job is to identify the real problem & evaluate
how they are intense to control or mitigate the problem. To identify & evaluate a
problem there might be a lot of investigation to figure out & to know what’s exactly
going onin the project.

Project Risk Management 3|Page