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Q Risk Management 28-07-2018
Q Risk Management 28-07-2018
1. Which of the following statements are true regarding project risk management? B
A – Risk monitoring and control involves tracking identified risks and executing
risk response
B – Qualitative risk analysis involves numerically analysing the impacts of identified
risks
C – Risk management planning involves determining which risks might affect the project
D – Risk identification involves how to plan and execute risk management activities
4. Your project is to construct a new 18 hole championship golf course, featuring 12 sand
bunkers, 4 pools, 1 lake, 15 places each having a minimum of 5 trees and long grass areas
and one 7,500 yard par 72 course. It will also have a hotel and spa onsite with car parking
spaces for 2,650 vehicles, in 2 nearby car parks and 10 overspill car parks further away.
It is intended to also provide an overnight stay and extended car parking for singles and
couples going on holidays of up to 2 weeks. This will provide an additional income
stream as the airport is only 18 miles away. Working to a tight deadline is the norm but
after completing the schedule analysis you realise that the completion date you now
estimate overruns the desired completion date by 2 months. After analysing the network
diagram you have also determined that many of the project activities have discretionary
dependencies.
This could potentially derail your project and you have requested extra resources to crash
the project. But you have now been told that no extra resources are available and Just Do
It/get it done. Knowing this is a low risk project, what is the best course of action? C
A – Don’t bother identifying any more risks
B – Miss out all the smaller activities from your schedule
C – Look at ways that you can compress the schedule
D – Change the scope and quality of the deliverables to a level you know is achievable
5. A fellow PM has come to you for advice. She is managing a new strategically
important project to introduce a new VOIP telephony and digital TV solution across her
business, which has 52 sites in 17 countries and has required setting up a project team on
each site. There are a number of critical dependencies, constraints and even some
assumptions that she feels have not been fully tested.
She has just completed the process Sequence Activities for the fifth time and has
identified she now has 39 critical paths and 15 near critical paths on the network diagram.
What advice do you now give her about this situation? C
A – The project will require greater co-ordination of resources and more of them
B – Project risk is high and will increase
C – Costs are already high and will go higher
D – There is no significant impact from so many critical and near critical paths
6. Which of the following best describes risks that arise as a direct implementation of
implementing a risk response? A
A – Secondary risks
B – Contingency risks
C – Tertiary risks
D – Residual risks
7. A risk impact scale was identified, specified and scale gradation meanings captured in
the Risk Management Plan. The gradations were very low, low, moderate, high and very
high. This scale is considered to be a? A
A – Normal
B – Linear
C – Non Linear
D – Logarithmic
10. You are a PM at Diablo Mobiles, a company developing mobile applications. You are
currently in the Identify Risks process, where you are trying to identify and document all
risk that might impact the project.
You have assembled your experts both from inside and outside the company. You have
asked them to answer a questionnaire to identify the potential risks of the project. The
experts will then mail back the questionnaire directly to you. Once you have received the
feedback, you intend to organize the responses in order to compile a final list of potential
project risks. Which of the following best describes the techniques are you using? C
A – Normal group technique
B – Delphi technique
C – Assumption analysis
D – Brainstorming
12. You are a project manager at Seaforth Inc, a utility company. Due to the recent rise in
the cost of petroleum, the market demand for cheaper alternate forms of energy has
grown exponentially. Seaforth Inc has identified a multi billion dollar market opportunity
for alternate forms of energy.
However it does not have enough resources and expertise to exploit this market
opportunity and has identified it needs to hire a team of scientists. It is now working with
a recruiting firm to identify the qualified candidates. Which of the following best
describes the type of strategy you are using to deal with this market opportunity? C
A – Avoidance
B – Acceptance
C – Share
D – Exploit
13. Which statement is incorrect regarding simulation and Monte Carlo analysis? C
A – For cost risk analysis, a simulation can use the project WBS or cost breakdown
structure as its model
B – For schedule risk analysis, a simulation can use the PDM schedule as its model
C – Simulation is a technique that computes the project cost or schedule over
multiple iterations using random values selected from distributions of possible costs
or duration values and is a tool technique of qualitative risk analysis
D – Modeling and simulation are recommended for use in cost and risk analysis because
they are more powerful and less subject to misuse than EMV analysis
14. Which statement describes a process which has Probability-impact matrix, risk data
quality assessment, risk categorization, and risk urgency assessment as tool/ techniques?
A
A – Quantitative risk analysis
B – Risk response planning
C – Risk identification
D – Qualitative risk analysis
15. Poor allocation of time and resources and inadequate quality of the project plan
should be classified in which of the following risk categories? B
A – Project management risks
B – Technical risks
C – Organizational risks
D – External risks
16. What is one way that you can help to reduce safety risks for your organization's
activities and events? C
a) Properly plan by thoroughly thinking through events and activities
b) Do nothing so that no one will get hurt
c) Have everyone sit down during the event so that no one is likely to get
hurt by sitting
d) Don't host events. Just send emails to let everyone know how passionate
you are about your organization
17. You can completely eliminate ALL risks if you believe you have planned for
everything. A
a) True
b) False
19. Which of the following are risk analysis techniques? (Multiple Answers) A
a) Interviewing
b) Network diagrams
c) Brainstorming
d) SWOT analysis
e) Acceptance
f) Outsourcing
g) RBS - risk breakdown structure
b) End User
c) Information Owner
b) Probability
c) Severity
d) Risk
23. Definition of Risk is B
a) The likelihood that a hazard will result in a mishap or loss
27. Which of the following technique will ensure that impact of risk will be less? A
a) Risk avoidance technique
b) Risk Mitigation technique
c) Risk contingency technique
d) All of the above
30. After deployment of a system, a software is incorrectly performing one of its major
functionality. Who is going to determine how badly it will hamper the organization? B
a) QA personnel
b) Developer
c) Technical people
d) Business analyst