Other 20 Project Execution – PMP Question Bank Free For Project Risk Management

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Other 20 Project Execution – PMP Question Bank Free For Project Risk Management

A new project that was initiated, involved new technology and had never been done before. What type of contract would the owner want to issue to reduce or eliminate as much risk as possible?

fixed price
Cost plus fix fee
Cost plus incentive fee
Time and Material

The technique used under the Quantitative Risk Analysis that translates the specified detailed uncertainties of the project into their potential impact on project activities is called

Expected Monetary value Analysis
Modeling and Simulation
Expert Judgment
Sensitivity Analysis

When is the risk and uncertainty in a project's life cycle at the highest?

start
design
closing
implementation

The Risk Management Plan, which is the outcome of the process Plan Risk Management includes all except

Methodology
Roles and Responsibilities
Budgeting
Tracking

The tools and techniques used in the process of Plan Risk Responses includes all except

Contingent Response Strategies
Risk and Impact Matrix
Strategies for positive risks or opportunities
Expert Judgment

Decision trees are best used for:

Determining the interaction of the amount at stake and the expected value
Association of the probabilities with the risk events
Calculating the average outcome when the future includes scenarios that may or may not happen
A flow chart which determines the standard deviation of the risk event

Which of the following fit the category of external risks?

Project delays, budget under-runs, movement of city utilities
Regulatory, currency changes, taxation
Natural disasters, regulatory, design
Inflation, design, social impact
Political unrest, budget overruns, size and complexity of the project

The measure along the level of uncertainty or the level of impact at which a stakeholder may have a specific interest. Below that, the organization will accept the risk, and above this measure the organization will not accept the risk. It is known as

Risk Threshold
Risk Appetite
Risk Tolerance
None of the above

For the following processes of Project Risk Management: 1. Plan Risk Management; 2. Perform Qualitative Risk Analysis; 3. Identify Risks; 4. Perform Quantitative Risk Analysis; 5. Plan Risk Responses; 6. Control Risks. The correct sequence is:

A.1-2-3-4-5-6
B.1-3-2-4-5-6
C.1-3-2-4-5-6
D.3-1-2-4-5-6

Which of the following tools and techniques is not used in the process of Identify Risks

SWOT Analysis
Diagramming Techniques
Checklist Analysis
Risk Categorization

A risk is defined as ____________ event or condition that, if it occurs, has a positive or negative effect on one or more project______________.

indefinite, probabilities
uncertain, objectives
sure, goals
definite, uncertainties

The technique used under the Quantitative Risk Analysis which is a statistical concept that calculates the average outcome when the future includes scenarios that may or may not happen is known as

Sensitivity Analysis
Expected Monetary value Analysis
Modeling and Simulation
Expert Judgment

The total amount of risk that is calculated for a project is found by

Multiplying the sum of each the risk times the amount at stake
Calculating the cumulative sum of the probability for each risk and multiplying this value times the consequence of occurrence of the risk events
Cannot be calculated since all risks are not known
The amount of project reserves available

The process under Process Risk Management that prioritizes risks for further analysis or action by assessing and combining their probability of occurrence and impact is called

Perform Qualitative Risks Analysis
Perform Quantitative Risk Analysis
Plan Risk Management
Plan Risk Responses

The process of implementing risk responses plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project is called?

Plan Risk Responses
Control Risks
Identify Risks
Perform Qualitative Risk Analysis

The strategy used under Strategies for Positive Risks or Opportunities that is used to increase the probability and/or the positive impacts of an opportunity is called.

Share
Accept
Enhance
Exploit

A stakeholder risk profile analysis may be performed to grade and qualify the project stakeholder risk appetite and tolerance. The activity is an example of which technique used in the process of Plan Risk Management

Meetings
Expert Judgment
Analytical Techniques
Both B& C

The inputs used in the process of Perform Qualitative Risk Analysis includes all except

Scope Baseline
Risk Register
Quality Management Plan
Risk Management Plan

The process of Control Risks does not have one of the following as an output. Which one is it?

Work Performance Information
Change Requests
OPA updates
Risk Register

A risk response strategy used under tool of Strategies for negative Risks or Threats through which the project team decides to acknowledge the risk and not take any action unless the risk occurs is called

Mitigate
Transfer
Accept
Avoid

Other 20 Project Execution – PMP Question Bank Free For Project Risk Management