You work as a project manager for BlueWell Inc. Your project is using a new material to construct a large warehouse in your city. This new material is cheaper than traditional building materials, but it takes some time to learn how to use the material properly. You have communicated to the project stakeholders that you will be able to save costs by using the new material, but you will need a few extra weeks to complete training to use the materials. This risk response of learning how to use the new materials can also be known as what term?
A. Team development
B. Benchmarking
C. Cost of conformance to quality
D. Cost-benefits analysis
Which of the following components ensures that risks are examined for all new proposed change requests in the change control system?
A. Risk monitoring and control
B. Scope change control
C. Integrated change control
D. Configuration management
You are the project manager of the NHK Project. Management wants to know how often your risk identification process will occur during the project. Considering that your project is scheduled to last one year and involvs five distinct phases, how often should risk identification take place?
A. Monthly
B. Once per project life cycle phase
C. Quarterly
D. Vary depending on the situations within the project
During the initial risk planning process, the risk manager and project manager discuss ways to handle known risks. Which project reserve should the project manager use to budget for known risks?
A. Budget reserve
B. Contingency reserve
C. Change management reserve
D. Risk reserve
A risk is identified and documented by the risk manager, but it is unclear how this risk can be proactively managed. In this situation, what type of reserve should be allocated for the risk?
A. Contingency
B. Management
C. Budget
D. Residual
Don has hired Jerry, a contractor, to complete a portion of his project work. The contract used was a cost-plus contract. If Don were to perform a risk audit, who would carry the risk in this scenario?
A. Don would because he is the project manager.
B. Jerry would because of the contract type.
C. Don would because of the contract type.
D. Jerry would because he is the hired contractor.
Which of the following represents the best description of the role of project manager for project risk management?
A. Determining the acceptable levels of risk for the project in consultation with stakeholders, approving the risk management, assessing the impact of proposed scope changes
B. Determining the acceptable levels of risk for the project in consultation with stakeholders, approving the project management plan, participating in all aspects of the project risk management process
C. Approving the risk management plan, participating in all aspects of the project risk management process, auditing the risk management processes in the project
D. Determining the acceptable levels of risk for the project in consultation with stakeholders, approving the risk management plan, participating in all aspects of the project risk management process
What items should be included in a complex project's risk management plan?
A. Risk management methodology, scope statement, and thresholds and corresponding definitions.
B. Risk management methodology, risk management organization, and thresholds and corresponding definitions
C. Risk management organization, templates, and milestone plan
D. Risk management organization, risk communication plan, and milestone plan
The risk manager of a medium-sized project is performing risk response planning with the project team. The proposed action for one specific, primary risk introduces a secondary risk
What should the risk manager and the risk owner of the primary risk do about this situation?
A. Take no action, as secondary risks are not important for the successful execution of a project.
B. Inform the project manager about the occurrence of a secondary risk and propose to increase the management reserve.
C. Perform an analysis to calculate the estimated required budget for the secondary risk and propose to increase the management reserve accordingly.
D. Produce an agreed risk description, assess the probability, impacts, and select an appropriate response strategy for the secondary risk.
How can the project manager rank competing stakeholder priorities for all the identified risks?
A. Perform qualitative and quantitative risk analysis.
B. Engage the project sponsor to decide.
C. Refer to stakeholder analysis prioritization tree.
D. Perform a review of organizational process assets.
