Pm study project risk management test

Question 1

In your project, you are creating a diagram that describes the decision under consideration and

implications of choosing one or another of the available alternatives. This will help to:

Get a qualitative analysis of the risk

Determine which risks may have the most impact on the project

Translate the uncertainties at a detailed level into potential impact on objectives expressed at the level of the total project

Determine which decision yields the greatest expected value

Justification: D Decision Tree Analysis is a diagramming and calculation technique for evaluating the

implications of a chain of multiple options in the presence of uncertainty. Reference: PMBOK® Guide - Fifth Edition, page 536 Solving the decision tree indicates which decision yields the greatest expected value to the decision-maker when all the uncertain implications, costs, rewards, and subsequent decisions are quantified.

Question 2

As a project manager, you are concerned with determining which risks may affect the project.

What is the process by which such risks are determined?

Plan Risk Management

Identify Risks

Perform Qualitative Risk Analysis

Plan Risk Responses

Justification:B Identify Risks is the process of determining which risks may affect the project and

documenting their characteristics. Reference: PMBOK® Guide - Fifth Edition, page 309

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Question 3

In your project, you have identified important risks and planned appropriate responses to the

risks. Some risks, such as the possibility of natural disasters impacting the project, have been

documented and accepted in the risk register. What are the remaining risks called?

Unidentifiable Risks

Residual Risks

Secondary Risks

Accepted Risks

Justification:B Residual risks are those risks that remain after risk responses have been implemented.

Residual risks are expected to remain after planned responses have been taken, as well as those that have been deliberately accepted. Reference: PMBOK® Guide - Fifth Edition, pages 305 and 558

Question 4

Workarounds differ from contingency plans in that:

Contingency plans are planned in advance and workarounds are not planned in advance.

Workarounds are planned in advance and contingency plans are not planned in advance.

Contingency plans include plans for force majeure events, e.g. natural calamities, but workarounds are the residual risks in the project.

Workarounds only include plans for force majeure events, e.g. natural calamities

Justification:A Workaround: A response to a threat that has occurred, for which a prior response had

not been planned or was not effective. Contingency plan or Fallback plan includes an alternate set of actions and tasks available in the event that the primary plan needs to be abandoned because of issues, risks, or other causes. Reference: PMBOK® Guide - Fifth Edition, pages 540 and 567 Workaround is distinguished from contingency plan in that a workaround is not planned in advance of the occurrence of the risk event.

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Question 5

You are the project manager of a project which involves off-shore oil exploration. Since you

cannot plan for all eventualities, you establish a contingency reserve, including amounts of time,

money, or resources to handle the risks. This is an example of:

Risk avoidance

Risk transfer

Active risk acceptance

Improper risk planning since all risks should be identified and accounted

Justification:C The most common active acceptance strategy is to establish a contingency reserve,

including amounts of time, money, or resources to handle the risks. Reference: PMBOK® Guide - Fifth Edition, page 345

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Question 6

Please refer to the Decision Tree diagram given below. It shows the analysis of profit/loss for the

two alternatives (i.e., to build or buy).

What is the opportunity cost if the project manager decides to build instead of buy?

- $1,500

$3,500

$1,500

$5,000

Justification:B Please refer to the diagram below :

Profit of build: $5,000 Profit of buy: $3,500 Opportunity cost of build = Profit you give up if you do not buy = $3,500

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Question 7

As part of the risk management process, you have just created an overall risk ranking of the

project and a list of prioritized identified risks which need additional analysis and determined

trends in risk analysis results. What should you do next?

Analyze the effect of identified risks on overall project objectives

Create a list of identified risks

Maintain a risk register

Make a list of potential responses to the risks

Justification:A Tasks like creating an overall risk ranking of the project, which includes a list of

prioritized risks, identifying which risks need additional analysis and determining trends in risk analysis results are all outputs of Perform Qualitative Risk Analysis (PMBOK® Guide - Fifth Edition, page 333). So, the next step is Perform Quantitative Risk Analysis (i.e. analyze the effect of identified risks on overall project objectives) -PMBOK® Guide - Fifth Edition, page 333. Please note that options 2, 3, and 4 refer to outputs from Identify Risks process which has already been completed - PMBOK® Guide - Fifth Edition, page 327.

Question 8

In your project, probabilities are estimated and the alternatives are expected to be as follows:

25% probability for $ 25,000 profit



What is the expected profit in your project?

$ 40,000

$ 50,000

$ 51,250

$ 53,750

Justification:C Expected Profit = Sum of the products of Probability and Profit for all alternatives i.e.

[Sum of (Probability X Profit)] for all the three alternatives =(0.25 x $ 25,000) + (0.50 x $ 40,000) + (0.25 x $ 100,000) = $ 6250 + $ 20,000 + $ 25,000 = $ 51,250

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Question 9

Project Risk Management includes all the processes concerned with conducting risk management

planning, identification, analysis, response planning, and controlling risk on a project. In this

context, which of the following statements about risk is not accurate?

Risk is an uncertain event or condition.

Risks have to be identified and properly managed.

Risk management should be done throughout the project.

Risk have a negative impact on the project objective.

Justification:D The objectives of Project Risk Management are to increase the likelihood and impact of

positive events, and decrease the likelihood and impact of negative events in the project. Reference: PMBOK® Guide - Fifth Edition, page 309

Question 10

You have completed the process of developing options and actions to enhance opportunities and

to reduce threats to project objectives. What is your NEXT step?

Determine which risks may affect the project and document their characteristics.

Implement risk response plans, track identified risks, monitor residual risks, identify new risks, and evaluate risk process effectiveness throughout the project.

Define how to conduct risk management activities for a project.

Assess the priority of identified risks using their probability of occurrence.

Justification:B Plan Risk Responses is the process of developing options and actions to enhance

opportunities and to reduce threats to project objectives. Control Risks is the process of implementing. risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project. The other options take place prior to the Plan Risk Responses process: Option 1: This refers to the Identify Risks process. Option 3: This refers to the Plan Risk Management process. Option 4: This refers to the Perform Qualitative Risk Analysis process. Reference: PMBOK® Guide - Fifth Edition, page 309 Please note that the Control Risks process should follow the Plan Risk Responses process. So, option 2 is the correct answer.

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Question 11

In your project, the project architect met with an accident and will not be available for the next 3

months. You had not planned for this in risk planning - what should you do NEXT?

Create a Workaround

Create a Fallback Plan

Do additional risk response planning

Create a new risk register for this risk

Justification:A Workaround. A response to a threat that has occurred, for which a prior response has

not been planned or was not effective. Reference: PMBOK® Guide - Fifth Edition, page 567

Question 12

You are in the process of creating a risk management plan for your project. This plan will describe

how risk management will be structured and performed on the project. Your risk management

plan may include:

Avoid, transfer, mitigate, and accept risks

Risk audits, reserve analysis, and technical performance measurement

Risk audits, triggers, and inputs to other processes

Budgeting, timing, and risk categories

Justification:D The risk management plan includes the following: methodology, roles and

responsibilities, budgeting, timing, and risk categories. Reference: PMBOK® Guide - Fifth Edition, pages 316 and 317 Option 1: This is done during the Plan Risk Responses process Option 2: This is done during the Control Risks process Option 3: This is done during the Identify Risks process

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Question 13

Which of the following tools and techniques would you NOT use in your project during the Plan

Risk Responses process?

Strategies for negative risks or threats

Contingent response strategies

Expert judgment

Simulation

Justification:D Simulation is not a tool or technique for the Plan Risk Responses process.

Reference: PMBOK® Guide - Fifth Edition, page 312 (figure 11-1) Modeling and Simulation is used during the Perform Quantitative Risk Analysis process.

Question 14

You have geographically dispersed team members, from whom you would like to anonymously

obtain expert opinion on the project you are managing. Which information gathering technique

should you use?

Brainstorming

Delphi technique

SWOT analysis

Checklists

Justification:B The Delphi technique is a way to reach a consensus of experts. Project risk experts

participate in this technique anonymously. Reference: PMBOK® Guide - Fifth Edition, page 324 Brainstorming and SWOT analysis are not done anonymously. Checklists are an output of the Plan Quality process.

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Question 15

Graphical representations of situations showing causal influences, time ordering of events, and

other relationships among variables and outcomes are also referred to as:

Cause-and-effect diagrams

System flow charts

Influence diagrams

Simulation diagrams

Justification:C Influence diagrams. These are graphical representations of situations showing causal

influences, time ordering of events, and other relationships among variables and outcomes. Reference: PMBOK® Guide - Fifth Edition, page 325

Question 16

You are in the build phase of a Build-Operate-Transfer (BOT) project, which has run into several

unanticipated problems. Several risks have surfaced which you had not anticipated earlier. The

project is over-budget and significantly behind schedule. What should you do?

Create updates to risk response plan

Create a revised project plan

Perform risk audits

Perform updated risk identification and analysis

Justification:D Results from earned value analysis may indicate potential deviation of the project at

completion from cost and schedule targets. When a project deviates significantly from the baseline, updated risk identification and analysis should be performed.

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Question 17

While managing a project, you decide to create a prototype of your product first to ensure that it is

acceptable to stakeholders before creating your product. This is an example of:

Risk mitigation

Risk avoidance

Simulation

Project assumptions testing

Justification: A Mitigation may require prototype development to reduce the risk of scaling up from a

bench-scale model of a process or product.

Question 18

You are the project manager for XYZ company. The Quality Control team recently identified a

large number of defects in the project deliverables which the team had to repair. You have been

working for a few weeks with the Quality Assurance team to adjust some quality procedures and

address some training issues for your project which the team believes is the reason for the

defects. The project is now behind schedule due to the problems encountered. The CPI is

currently 1.12 and the SPI 0.82. While discussing the quality issues in a status meeting, a key

stakeholder comments that she is alarmed at the potential cost impact of one particular risk and is

wondering why it is of little concern to the project team. You are confident that her concern for that

particular cost risk is unwarranted at the moment; in fact, you believe there is another risk that is

of bigger concern. The following table displays the current risks for your project. Considering that

schedule is a concern right now, which risk are you going to tell the stakeholder and other

meeting participants is the greatest and is therefore the biggest concern of the team right now?

Risk Probability Cost Impact Schedule Impact

A 0.4 2 8

B 0.4 6 3

C 0.3 2 3

D 0.2 4 9

A

B

A & B

D

Justification:A For each risk identified, multiply the probability by the cost and schedule impact. Once

you have each P & I score, you can prioritize the risks. Risk A currently is the biggest threat to your schedule and overall objectives.

Risk Probability Cost Impact Schedule Impact PI (Cost) PI (Schedule) Total

A 0.4 2 8 0.8 3.2 4

B 0.4 6 3 2.4 1.2 3.6

C 0.3 2 3 0.6 0.9 1.5

D 0.2 4 9 0.8 1.8 2.6

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Question 19

You are the project manager in an automobile manufacturing company. Machine parts required in

your manufacturing process supplied by a vendor did not reach in time because of heavy rains.

You had anticipated this risk and planned for it in your risk response plan. So, as per your risk

response plan, you started using unutilized machine parts supplied one year ago. However, this

has subjected your project to a new risk - the machine parts which were not used for one year

suffer from higher level of defects.

This new risk can also be called:

Unidentifiable risks

Unmanageable risks

Secondary risks

Residual risks

Justification:C Secondary risk. A risk that arises as a direct result of implementing a risk response.

Question 20

Based on past estimates, there is a 25% probability for a particular event to occur every year. If a

project lasts for three years, what is the probability of the event happening in the third year?

15.625 %

6.25 %

25%

75%

Justification:C The probability of the event happening every year is 25%. So, the probability of the event

happening in the third year is also 25%.

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Question 21

As a project manager, you estimate that, in your project, there is:

50% probability of earning $40,000 profit

50% probability of incurring $25,000 loss

What is the expected value for the project considering profit and loss possibilities?

$32,500

$25,000

$7,500

- $7,500

Justification:C Expected Profit = Sum of (Probability X Profit) (for each alternative)

= (0.50 x $40,000) + (0.50 x - $25,000) = $20,000 - $12,500 = $7,500

Question 22

In your project, you have been sub-contracting your IT development work to four consultancy

firms. Which of the following statements about transferring risk to a contractor is not true?

Risk transference nearly always involves payment of a risk premium.

Fixed price contract always transfers the risk to the seller.

Cost-plus contracts may transfer the cost risks to the buyer.

Contracts may be used for the transference of liability for specified risks to another party.

Justification:B A fixed-price contract may transfer risk to the seller.

Reference: PMBOK® Guide - Fifth Edition, page 344 A fixed-price contract transfers risk to the seller if requirements are well defined and seller has the capacity to handle the risk.

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Question 23

Your project is now in the executing stage. You are continuously monitoring and controlling risks

to minimize negative risks and to take timely action. Risk audits are helpful in this context

because they:

Examine and document the effectiveness of risk responses.

Help in reassessment of risks.

Provide trends in the execution of the project, which can be reviewed using performance data.

Provide inputs required for the project planning stage.

Justification:A Risk audits examine and document the effectiveness of risk responses in dealing with

identified risks and their root causes, as well as the effectiveness of the risk management process. Reference: PMBOK® Guide - Fifth Edition, page 351

Question 24

You had budgeted $200,000 in your project as contingency reserve. Now, when you are 75%

through in project execution, you notice that the funds in your contingency reserves are down to

$20,000. To compare the amount of contingency reserves remaining in your project to the amount

of risk remaining, you should conduct a:

Variance analysis

Trend analysis

Risk assessment

Reserve analysis

Justification:D Reserve analysis compares the amount of the contingency reserves remaining to the

amount of risk remaining at any time in the project in order to determine if the remaining reserve is adequate. Reference: PMBOK® Guide - Fifth Edition, page 352

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Question 25

Since you know the importance of risk management, you always include it as an agenda item in

your weekly status meetings and spend ten minutes discussing the risks. Some of your project

team members complain that since none of the risks are actually happening, discussing risk

management issues in status meetings is a waste of time. What should you do?

Talk to your team members about the importance of risk management and why the project team needs to be aware of all risks at all points of time.

Agree with your team members and mention to them that henceforth, no more time would be spent on discussing risks in the project status meetings unless required in the future.

Call a meeting with your project sponsor and project management team to discuss potential training requirements for your project team members so that they can appreciate the benefits of risk management.

Escalate to your management that some of your team members do not agree with your risk management practices.

Justification:B Project Risk Management should be an agenda item at periodic status meetings. The

amount of time required for that item will vary, depending upon the risks that have been identified, their priority, and difficulty of response. Reference: PMBOK® Guide - Fifth Edition, page 352 There is no need to spend a fixed amount of time in all the status meetings to discuss risk management issues. Option 1: This states that the team should be aware of `all` risks at `all` times. This may not be possible because some risks are not identified or may be prioritized lower (hence, place them in a watchlist). Option 3: This assumes that the team does not know about importance of risk management which is not accurate. Option 4: This talks about escalating a project issue to senior management, which is not advisable in this context.

Question 26

You are in the Identify Risks process of your project where you determine which risks may affect

the project and document their characteristics. Who would you want to be a part of the Identify

Risks process?

The project manager, project team members, subject matter experts, and customers

The risk management team, end users, and risk management experts

All relevant stakeholders

Positively impacted stakeholders

Justification:C Participants in risk identification activities may include the following: project manager,

project team members, risk management team (if assigned), customers, subject matter experts from outside the project team, end users, other project managers, stakeholders, and risk management experts. While these personnel are often key participants for risk identification, all project personnel should be encouraged to identify potential risks. Reference: PMBOK® Guide - Fifth Edition, page 321 14

Question 27

In your project, which of the following facilitates the Control Risks process?

Reserve analysis

Analytical techniques

SWOT analysis

Assumptions analysis

Justification:A Reserve analysis is a tool used during the Control Risks process.

Reference: PMBOK® Guide - Fifth Edition, page 349 (figure 11-20) Option 2: Analytical techniques is used in the Plan Risk Management process Option 3: SWOT analysis is used in the Identify Risks process Option 4: Assumptions analysis is also used in the Identify Risks process.

Question 28

In the Identify Risks phase, you are working with your team to determine which risks may affect

project performance. Which of the following information gathering techniques can you use to

facilitate the process?

Brainstorming, cause and effect diagrams, and P&I Matrix

Delphi technique, SWOT analysis, and risk audits

SWOT analysis, Decision tree, and influence diagrams

Brainstorming, Delphi technique, and root cause analysis

Justification:D Brainstorming, Delphi technique, interviewing, and root cause analysis are the

information gathering techniques used in the Identify Risks process. Reference: PMBOK® Guide - Fifth Edition, pages 324 and 325 Option 1: Cause and effect diagrams are a type of diagramming technique (not information gathering). The P & I Matrix is used in the Perform Qualitative Risk Analysis process. Option 2: SWOT is not an Information Gathering technique. Risk audits are used to control risks. Option 3: Decision Trees are used in the Perform Quantitative Risk Analysis process. Influence diagrams are a type of diagramming technique

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Question 29

You are the project manager of a software company developing a new banking software product.

You would like to obtain information from various experts about the risks associated with your

project. You decide to use the Delphi technique because this keeps any one person from having

undue influence on the outcome of the Identify Risks process. The Delphi technique also has the

added advantage that it:

Finds out a problem, discovers the reasons that led to it, and develops preventive actions.

Helps reduce bias in the data.

Examines the project from each of the SWOT perspectives to increase the breadth of the identified risks.

Provides a qualitative assessment of risk.

Justification: BThe Delphi technique helps reduce bias in the data and keeps any one person from

having undue influence on the outcome. Reference: PMBOK® Guide - Fifth Edition, page 324 Option 1: This is an advantage of "Root cause analysis" technique. Option 3: This is an advantage of "SWOT analysis". Option 4: This is not valid in the Identify Risks process (where the Delphi technique is used). It happens in the Perform Qualitative Risk Analysis process.

Question 30

As part of Perform Quantitative Risk Analysis process, you, as a project manager, have already

done a sensitivity analysis, created decision trees and done a project simulation using Monte

Carlo technique. However, when you show your results to your manager, she is not happy. She

thinks that your analysis is not acceptable because:

Monte Carlo simulations are not a standard methodology used in the company for risk quantification.

The quantitative value of identified risks is too high.

You have not performed risk audits as part of your project.

You have not conducted an interview with the project stakeholders and subject matter experts.

Justification:D Interviewing techniques draw on experience and historical data to quantify the

probability and impact of risks on project objectives. The information needed depends upon the type of probability distributions that will be used... Documenting the rationale of the risk ranges and the assumptions behind them are important components of the risk interview because they can provide insight on the reliability and credibility of the analysis. Reference: PMBOK® Guide - Fifth Edition, page 336 Option 1: This may or may not be true. There is nothing in the question which suggests that Monte Carlo Analysis should not be used and this is a standard tool for the Perform Quantitative Risk Analysis process. Option 2: A high quantitative value of risks does not render the Perform Quantitative Risk Analysis process unacceptable. Option 3: This refers to a tool and technique in the Control Risks (not the Perform Quantitative Risk Analysis) process.

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Option 4: This is the correct answer. Since a risk interview was not conducted, the results of the Perform Quantitative Risk Analysis process will not be dependable.

Question 31

Please refer to the Decision Tree given below which shows the analysis of profit/loss for the two

alternatives (i.e., build or buy).

Which, out of the two alternatives of

build or buy, should the project manager recommend?

Build

Buy

Either build or buy

Sensitivity analysis before making a build/buy decision

Justification:A The project manager should recommend build because the expected value is higher for

this alternative.

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Question 32

In Plan Risk Responses process, you are developing options and actions to reduce threats to

your project`s objectives. When you show the results to your project sponsor, she is not

comfortable with the risks in the project and suggests that the project scope should be decreased.

This is an example of:

Risk acceptance

Risk avoidance

Risk mitigation

Risk transfer

Justification:B Risk avoidance involves changing the project management plan to eliminate the threat

entirely. The project manager may also isolate the project objectives from the risk`s impact or change the objective that is in jeopardy. Examples of this include extending the schedule, changing the strategy, or reducing scope. Reference: PMBOK® Guide - Fifth Edition, page 344

Question 33

Even after carefully performing risk management for the project, you realize that possibility of new

risks occurring in the future still exists. You will be able to handle such risks if you perform:


Identify Risks

Control Risks

Plan Risk Responses

Justification:C Control Risks is the process of implementing risk response plans, tracking identified

risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project. Reference: PMBOK® Guide - Fifth Edition, page 349

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Question 34

In managing risks for your project, you examine the extent to which the uncertainty of each project

element affects the objective being examined when all other uncertain elements are held at

baseline values. This helps to:

Get a qualitative analysis of the risk.

Determine which risks may have impact on the project.

Translate the uncertainties at a detailed level into potential impact on objectives expressed at the level of the total project.

Determine the implication of choosing one alternative over the other.

Justification:B Sensitivity analysis helps to determine which risks have the most potential impact on

the project. It helps to understand how the variations in project`s objectives correlate with variations in different uncertainties. Conversely, it examines the extent to which the uncertainty of each project element affects the objective being studied when all other uncertain elements are held at their baseline values. Reference: PMBOK® Guide - Fifth Edition, page 338

Question 35

Plan Risk Responses is the process of developing options and actions to enhance opportunities

and to reduce threats to project objectives. The output of Plan Risk Responses process may be:

Expert judgment

Project management plan updates

Risk management plan

Risk register

Justification:B Project documents updates and project management plan updates are outputs of Plan Risk

Responses process. Reference: PMBOK® Guide - Fifth Edition, page 342 (figure 11-18) Option 1: This is a technique used in the Identify Risks, Perform Quantitative Risk Analysis, Perform Qualitative Risk Analysis, and Plan Risk Responses processes. Option 3: This is an output of the Plan Risk Management process. Option 4: This is an output of the Identify Risks process.

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Question 36

In your new project the objective is to develop a new drug. After doing financial analysis, your

finance manager provided you with these statistics:

30% probability of success with benefits of $700,000

70% probability of failure with loss of $300,000

Based on this information, you:

Suggest that the project should proceed.

Suggest that the project should be stopped.

Communicate to your senior management that you cannot take a decision whether to proceed with the project or not.

Start working on the project and ask your finance manager for additional information.

Justification:C Expected Value of the project

= Expected Value of success (0.30 x $700,000) + Expected value of Failure [0.70 x (- $300,000)] = $210,000 - $210,000 = 0 Since the Expected Value is "0", you cannot take a decision whether to continue with the project or not.

Question 37

In your project, you have just conducted a risk data quality assessment to evaluate the degree to

which the data about risks is useful for risk management. What is your next step?

Perform a structured review of project plans and assumptions, both at the total project and detailed scope levels.

Develop checklists to identify risks based on historical information and knowledge that has been accumulated from previous similar projects.

Conduct planning meetings to develop the risk management plan.

Conduct interviews to quantify the probability and impact of risks on project activities.

Justification: D Risk data quality assessment is a tool for Perform Qualitative Risk Analysis.

Option 4: This is the correct answer. It refers to "Interviewing" which is a tool and technique for Perform Quantitative Risk Analysis. Perform Quantitative Risk Analysis is conducted after Perform Qualitative Risk Analysis. Option 1: This refers to Documentation Reviews which is a tool for Identify Risks. Identify Risks is conducted before Perform Qualitative Risk Analysis. Option 2: This refers to Checklist Analysis which is a tool for Identify Risks. Identify Risks is conducted before Perform Qualitative Risk Analysis. Option 3: This refers to "Meetings" which is a tool for Plan Risk Management process. Plan Risk Management process is conducted before Perform Qualitative Risk Analysis process.

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Question 38

You are evaluating the probabilities of risks and costs or rewards for each logical path of events

and future decisions. You create a diagram that describes a decision under consideration and the

implications of choosing one or another of the available alternatives. The diagram you have

created can be referred to as:

Simulation diagram

Fishbone diagram

Decision tree

Influence diagram

Justification:C Decision tree analysis. A diagramming and calculation technique for evaluating the

implications of a chain of multiple options in the presence of uncertainty. Reference: PMBOK® Guide - Fifth Edition, page 536

Question 39

In your project, you have created a list of identified risks and potential responses. You should

document this information in the:


Risk database

Project plan

Risk register

Justification:D The risk register is a document in which the results of risk analysis and risk response

planning are recorded. Reference: PMBOK® Guide - Fifth Edition, page 327

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Question 40

In your project, the risk calculations show that there is a risk of overrunning the project scope and

schedule targets to levels that are beyond the threshold limits determined in the project. To bring

the level of risk to a level acceptable to your organization, you should:

Consider using contingency reserves

Decrease the project scope and increase the project schedule

Talk with your sponsor about cancelling the project

Do additional risk response planning

Justification:A Contingency reserves are needed to bring the risk of overrunning stated project

objectives to a level acceptable to the organization. Reference: PMBOK® Guide - Fifth Edition, page 341

Question 41

As a project manager, you are creating a risk management plan to describe how risk

management will be structured and performed on the project. Which of the following would the

risk management plan not include?

Budgeting

Methodology

Trigger condition

Risk categories

Justification:C Trigger condition is an event or situation that indicates that a risk is about to occur.

Reference: PMBOK® Guide - Fifth Edition, page 566 Please note that trigger conditions are not discovered in the Plan Risk Management process and are not included in the risk management plan. All the other options are included in the risk management plan (PMBOK® Guide - Fifth Edition, pages 316 and 317).

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Question 42

Project Risk Management helps in maximizing the likelihood and impact of positive events, and

minimizing the likelihood and impact of negative events in the project. In this context, Plan Risk

Responses process:

Helps in defining how to conduct the risk management activities

Develops procedures and techniques to enhance opportunities and to reduce threats to project objectives

Determines which risks may affect the project and documents their characteristics

Monitors residual risks, identifies new risks, and evaluates risk process effectiveness

Justification:B Plan Risk Responses is the process of developing options and actions to enhance

opportunities and to reduce threats to project objectives. Reference: PMBOK® Guide - Fifth Edition, page 309 Option 1: This defines the Plan Risk Management process. Option 3: This defines the Identify Risks process. Option 4: This defines the Control Risks process.

Question 43

If there is a fire, the risk response plan developed is to use a fire extinguisher. If the fire

extinguisher cannot take care of the fire, you call in a fire engine – calling in the fire engine is an

example of:

Secondary risk

Residual risk

Fallback Plan

Work around

Justification:C Several risk response strategies are available… A fallback plan can be developed for

implementation if the selected strategy turns out not to be fully effective or if an accepted risk occurs. Reference: PMBOK® Guide - Fifth Edition, page 343

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Question 44

You have created an Excel spreadsheet that shows cumulative cost at any particular point of time

in the project duration. Your director wants to review the project costs and you decide to make a

presentation. Cumulative costs plotted against time is shown in the slide as a:

S-curve

Histogram

Control chart

Pareto diagram

Justification:A S-curve is a graphic display of cumulative costs, labor hours, percentage of work, or

other quantities, plotted against time. The name derives from the S-like shape of the curve.

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Question 45

Utility function is a commonly used technique to determine risk tolerance levels. Some project

managers are more averse to risk than others. Which of the following is NOT a commonly used

classification for risk tolerance?

Risk averter

Risk seeker

Risk mitigation

Neutral risk taker

Justification:C The three commonly used classifications for risk tolerance are risk averter or avoider, risk

taker or seeker and the neutral risk taker (risk averse, risk seeking, risk neutral).

Reference: Project Management - A Systems Approach to Planning, Scheduling and Controlling, page 746

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Question 46

The Plan Risk Responses process helps the project manager to develop options and actions to

enhance opportunities and to reduce threats to project objectives. The output from the Plan Risk

Responses is updates to the risk register, which should be:

At the level of detail of work packages in the WBS

At the level of detail whereby actions can be taken

Able to identify and document residual risks and secondary risks

Used for periodic risk reviews to identify risk ratings and prioritization

Justification:B The risk register should be written to a level of detail that corresponds with the priority

ranking and the planned response. Often, the high and moderate risks are addressed in detail. Reference: PMBOK® Guide - Fifth Edition, page 347

Question 47

In your project, you are about to complete the Plan Risk Responses process. Completion of

certain tasks marks the end of the process. Which one of the following is NOT that task?

People have been identified to take responsibility for each agreed-to and funded risk response.

High priority risks are addressed in detail in the risk register.

Low priority risks are included in the risk mitigation plan if they occur.

Negative risks have been considered for avoidance, transference or mitigation.

Justification:C Risks judged to be of low priority are included in a watch list for periodic monitoring.

Reference: PMBOK® Guide - Fifth Edition, page 347

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Question 48

Your company is a pioneer in the construction industry. The government recently floated a tender

for setting up a new airport. Since you do not have all the requisite skills within the company, you

enter into a joint venture with a leading airport construction company to bid jointly for the

government contract. This is an example of:

Risk exploitation

Risk sharing

Risk enhancing

Risk mitigating

Justification:B Strategies for positive risks or opportunities (share): Sharing a positive risk involves

allocating some or all of the ownership of the opportunity to a third party who is best able to capture the opportunity for the benefit of the project. Examples of sharing actions include forming risk-sharing partnerships, teams, special-purpose companies, or joint ventures, which can be established with the express purpose of taking advantage of the opportunity so that all parties gain from their actions. Reference: PMBOK® Guide - Fifth Edition, page 346

Question 49

Probability distributions are popular tools of the Perform Quantitative Risk Analysis process. In

this context, which of the following statements on probability distributions is not accurate?

Beta Distribution is a continuous distribution.

Triangular distribution is a discrete distribution.

Discrete distributions can be used to represent uncertain events such as a possible scenario in a decision tree.

Uniform distributions can be used only if there is no obvious value that is more likely than any other between specified high and low bounds.

Justification:B Beta distribution and Triangular distribution are two examples of widely used continuous

distributions. Reference: PMBOK® Guide - Fifth Edition, page 337, figure 11-14

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Question 50

In your project, you have completed the Identify Risks process to determine which risks may

affect the project, and a risk register has been prepared. What should you do NEXT?

Risk probability and impact assessment

Avoid, transfer or mitigate negative risks

Exploit, share or enhance opportunities

Risk audits

Justification:A After the Identify Risks process, the next step is the Perform Qualitative Risk Analysis

process. Risk probability and impact assessment is one of the tools and techniques for the Perform Qualitative Risk Analysis process. Reference: PMBOK® Guide - Fifth Edition, page 312 (figure 11-1) Option 2 (Avoiding, transferring or mitigating negative risks) is done during the Plan Risk Responses process, which happens after the Perform Qualitative Risk Analysis and the Perform Quantitative Risk Analysis processes. Option 3 (Exploiting, sharing or enhancing opportunities) is done during the Plan Risk Responses process, which happens after the Perform Qualitative Risk Analysis and the Perform Quantitative Risk Analysis processes. Option 4 (Risk audits) is a tool for the Control Risks process, which happens after the Perform Qualitative Risk Analysis, the Perform Quantitative Risk Analysis and the Plan Risk Responses processes.

Question 51

In your project, you identified disaster situations (e.g. floods, earthquakes, etc.) as potential risks.

The project sponsor suggested that, at the project level, no steps could be taken to deal with such

risks and recommended creation of a contingency reserve (with 5% of the project budget) which

could be used in case of disaster situations. This is an example of:

Risk mitigation

Risk acceptance

Risk avoidance

Bad policy decision

Justification:B Accept: Risk acceptance is a risk response strategy whereby the project team decides

to acknowledge the risk and not take any action unless the risk occurs. This strategy is adopted where it is not possible or cost-effective to address a specific risk in any other way. This strategy indicates that the project team has decided not to change the project management plan to deal with a risk, or is unable to identify any other suitable response strategy... The most common active acceptance strategy is to establish a contingency reserve, including amounts of time, money, or resources to handle the risks. Reference: PMBOK® Guide - Fifth Edition, page 345

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Question 52

While doing a cost-benefit analysis, you determine that a new project has 60% probability of

earning a profit of $1,000,000 or 30% probability of incurring a loss of $500,000. What is the

expected monetary value of the decision?

$400,000

$600,000

$450,000

$200,000

Justification:C Expected monetary value (EMV) analysis is a statistical concept that calculates the average

outcome when the future includes scenarios that may or may not happen (i.e. analysis under uncertainty). The EMV of opportunities are generally expressed as positive values, while those of threats are expressed as negative values... EMV for a project is calculated by multiplying the value of each possible outcome by its probability of occurrence and adding the products together. Reference: PMBOK® Guide - Fifth Edition, page 339 Expected Monetary Value (EMV) = Sum of (Probability x Impact) of individual decisions = 0.60 x $1,000,000 – 0.30 x $500,000 = $600,000 - $150,000 = $450,000.

Question 53

You work for a company which executes heavy engineering contracts. While performing risk

response planning for your project, you determine a risk that there is a "Possibility of getting new

orders in the future which are beyond the current capacity of our production facilities." What

should you do?

Classify this as a threat and create workaround plans.

Classify this as strength and create a fallback plan.

Classify this as a weakness and transfer it to another company.

Classify this as an opportunity and exploit the opportunity.

Justification:D Strategies for positive risks or opportunities are... exploit, share, enhance, and accept.

Reference: PMBOK® Guide - Fifth Edition, page 345 “Possibility of getting new orders in the future” refers to a positive event: so, this is a positive risk. This can also be called an opportunity because the projects are not internal to the company but got from other providers. So, option 4 is the best choice which talks about classifying this as an opportunity and exploiting it.

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Question 54

Being a diligent project manager, you understand the importance of identifying all project risks

which can then be prioritized using the Perform Qualitative and Quantitative Risk Analysis. In this

context, which of the following tools and techniques can be used for the Identify Risks process?

Documentation reviews, brainstorming, root cause analysis, and checklist analysis

Assumptions analysis, risk probability and impact assessment, interviewing, and Delphi technique

Expected monetary value, root cause analysis, influence diagrams, and documentation reviews

Contingent response strategies, assumptions analysis, influence diagrams, and Delphi technique

Justification:A Option 1: This is the correct answer as it has all the tools and techniques which are

used for the Identify Risks process. Option 2: Risk probability and impact assessment – this is used for the Perform Qualitative Risk Analysis process. Option 3: Expected monetary value – this is used for the Perform Quantitative Risk Analysis process. Option 4: Contingent response strategies – this is used in the Plan Risk Responses process. Reference: PMBOK® Guide - Fifth Edition, page 312 (figure 11-1)

Question 55

Careful and explicit risk management planning ensures possibility of success of the other risk

management processes. In this context, you use sensitivity analysis to:

Determine which risks may affect the project

Determine which risks have the most potential impact on the project

Define how risk management processes will be performed

Define how to conduct risk management activities for a project

Justification:B Sensitivity analysis helps to determine which risks have the most potential impact on

the project. Reference: PMBOK® Guide - Fifth Edition, page 338 Sensitivity analysis is a tool and technique for the Perform Quantitative Risk Analysis

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Question 56

In the recent status meeting, you discover that your project has a 65 percent chance of making a

USD 100,000 profit and a 35 percent chance of incurring a USD 100,000 loss. What is the

expected monetary value for the project?

USD 100,000 profit

USD 100,000 loss

USD 30,000 profit

USD 30,000 loss

Justification:C Expected monetary value is calculated by the formula EMV = Probability x Impact.

0.65 x 100,000 = 65,000 0.35 x 100,000 = 35,000 EMV = 65,000 – 35,000 = 30,000

Question 57

As a project manager, you would identify risks in which of the following processes?

Identify Risks

Plan Risk Management and Identify Risks

Identify Risks and Control Risks

Perform Qualitative Risk Analysis and Control Risks

Justification:C Identify Risks is the process of determining which risks may affect the project and

documenting their characteristics. Control Risks is the process of implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project. Reference: PMBOK® Guide - Fifth Edition, page 309

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Question 58

You are the project manager for a new software development project. A previously unidentified

risk is discovered when the project is nearing completion. You realize that this risk may adversely

impact the project`s overall ability to deliver. As a project manager, what step do you take FIRST?

Perform Quantitative Risk Analysis

Inform the project sponsor and the stakeholders about the potential impact of the risk on the project


Mitigate the risk to reduce its impact

Justification:C Perform Qualitative Risk Analysis is the process of priortizing risks for further analysis

or action by assessing and combining their probability of occurrence and impact. The key benefit of this process is that it enables project managers to reduce the level of uncertainty and to focus on high-priority risks. Reference: PMBOK® Guide - Fifth Edition, page 328 Since this risk "may" adversely impact the project`s overall ability to deliver, you should perform Project Qualitative Risk Analysis to determine the probability and impact of the risk.

Question 59

You are the project manager for the construction of a shopping mall. As the location is prone to

earthquakes, you plan to construct a building that is resistant to earthquakes. This is an example

of:

Risk mitigation

Risk transfer

Risk avoidance

Risk acceptance

Justification:A Risk mitigation implies a reduction in the probability and/or impact of an adverse risk to be

within acceptable threshold limits. Reference: PMBOK® Guide - Fifth Edition, page 345 Just as prevention is better than cure, early action is more effective than trying to repair the damage after the risk has occurred.

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Question 60

You are a project manager and have just discovered a risk in your project that requires an

immediate corrective action. During which Project Risk Management Process is this action

performed?


Identify Risks


Control Risks

Justification:D Control Risks is the process of implementing risk response plans, tracking identified

risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project. Reference: PMBOK® Guide - Fifth Edition, page 309 This process helps in meeting the unexpected risks which require immediate corrective action.

Question 61

You are the project manager in an IT consultancy firm which does projects for other companies.

Based on your interaction with senior management of other companies, you classify your clients

into categories like Risk Averse, Risk Neutral and Risk Seeking. You are using:

Risk Management Planning

Utility theory

Risk identification

Risk categorization

Justification:B Utility Function (Utility Theory): This is used to measure stakeholder risk tolerance and

defines the level or willingness to accept a risk. The three categories of utility theory are Risk Averse, Risk Neutral, and Risk Seeking.

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Question 62

In the Plan Risk Management process, you define how to conduct risk management activities for

a project because careful and explicit planning enhances the probability of success for the

subsequent risk management processes. In this context, what will you NOT do when you Plan

Risk Management?

Identify Risks

Establish an agreed-upon basis for evaluating risk

Ensure that the degree, type, and visibility of risk management are commensurate with both the risks and the importance of the project

Provide sufficient resources and time for risk management activities

Justification: A The key benefit of the Plan Risk Management process is it ensures that the degree,

type, and visibility of risk management are commensurate with both the risks and the importance of the project to the organization...Planning is also important to provide sufficient resources and time for risk management activities, and to establish an agreed-upon basis for evaluating risks. Reference: PMBOK® Guide - Fifth Edition, pages 313 and 314 Risk identification (the Identify Risk process) is not done during the Plan Risk Management process.

Question 63

When talking to the stakeholders to identify risk, you usually start with general or high level

questions and then get into specific or particular questions. This is also called:

Risk categorization

Nominal group technique

Delphi technique

Funnel analysis

Justification:D Funnel Analysis: A type of interviewing technique by which we start with general or

high level questions and then get into specific or particular questions.

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Question 64

In your project, you want to determine which risks have the most potential impact on the project.

So, you examine the extent to which the uncertainty of each project element affects the objective

being examined when all other uncertain elements are held at their baseline values. This is an

example of:

Risk response planning

Expected monetary value analysis

Sensitivity analysis

Simulation

Justification:C Sensitivity analysis helps to determine which risks have the most potential impact on

the project. It helps to understand how the variations in project`s objectives correlate with variations in different uncertainties. Conversely, it examines the extent to which the uncertainty of each project element affects the objective being studied when all other uncertain elements are held at their baseline values. Reference: PMBOK® Guide - Fifth Edition, page 338

Question 65

You are a retail company which routinely buys goods from foreign countries. Since currency

fluctuation is an important risk, you keep all other factors constant and try to find out how much

your project will be impacted if the currency rate fluctuates by 5%, 10%, 20% or 25%. This helps

you determine appropriate risk response. This can also be effectively shown using:

Beta probability distributions

Expected monetary value analysis

Tornado diagram

Simulation

Justification:C Sensitivity analysis helps to determine which risks have the most potential impact on

the project. It helps to understand how the variations in project`s objectives correlate with variations in different uncertainties. Conversely, it examines the extent to which the uncertainty of each project element affects the objective being studied when all other uncertain elements are held at their baseline values. One typical display of sensitivity analysis is the tornado diagram, which is useful for comparing relative importance and impact of variables that have a high degree of uncertainty to those that are more stable. Reference: PMBOK® Guide - Fifth Edition, page 338 Since all other factors are kept at baseline values and only one element (i.e. currency rate) is changed, we are using Sensitivity Analysis. This can be shown using a Tornado diagram.

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Question 66

You are the project manager at an aircraft manufacturing company, where you use a wind tunnel

to test how changes in different parameters like wind speed, temperature, humidity, etc. will

impact the flight parameters of a prototype aeroplane. So, the project model is computed many

times (iterated), with the input values chosen at random for each iteration from the probability

distributions of these variables. The technique used is:

Monte Carlo simulation

Expected monetary value

Sensitivity analysis

Probability distributions

Justification:A A project simulation uses a model that translates the specified detailed uncertainties of

the project into their potential impact on project objectives. Simulations are typically performed using the Monte Carlo technique. In a simulation, the project model is computed many times (iterated), with the input values (e.g., cost estimates or activity durations) chosen at random for each iteration from the probability distributions of these variables. Reference: PMBOK® Guide - Fifth Edition, page 340

Question 67

In your project, you want to extend the project schedule to reduce the threat that your project may

not get the resources in time to complete the project. This is an example of:

Develop Schedule

Avoid risk

Mitigate risk

Secondary risk

Justification: B Avoid. Risk avoidance involves changing the project management plan to eliminate the

threat entirely. The project manager may also isolate the project objectives from the risk’s impact or change the objective that is in jeopardy. Examples of this include extending the schedule, changing the strategy, or reducing scope. Reference: PMBOK® Guide - Fifth Edition, page 344

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Question 68

When doing risk response planning, you have come to know that the project involves use of new

technology which is not tested properly. The risk is so high that your sponsor decides to terminate

the project. This management decision to terminate the project is an example of:

Terminate risk

Avoid risk

Mitigate risk

Close Project

Justification:B Avoid. Risk avoidance involves changing the project management plan to eliminate the

threat entirely… The most radical avoidance strategy is to shut down the project entirely. Reference: PMBOK® Guide - Fifth Edition, page 344

Question 69

When your company buys computers from Dell, you also pay extra for a three year warranty

which ensures that any manufacturing defects will be taken care of by Dell. The risk response

strategy used is:

Exploit

Avoid

Mitigate

Transfer

Justification: D Transfer. Risk transference is a risk response strategy whereby the project team shifts the

impact of a threat to a third party, together with ownership of the response… Transference tools can be quite diverse and include, but are not limited to, the use of insurance, performance bonds, warranties, guarantees, etc. Reference: PMBOK® Guide - Fifth Edition, page 344

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Question 70

Your project team has decided not to change the project management plan to deal with a risk.

This is an example of:

Contingent response

Avoid

Fallback plan

Accept

Justification: D Accept. Risk acceptance is a risk response strategy whereby the project team decides

to acknowledge the risk and not take any action unless the risk occurs...This strategy indicates that the project team has decided not to change the project management plan to deal with a risk, or is unable to identify any other suitable response strategy. Reference: PMBOK® Guide - Fifth Edition, page 345

Question 71

If you create a contingency reserve to manage risks in your project, this can be referred to as:

Avoidance

Passive acceptance

Active acceptance

Mitigation

Justification:C Passive acceptance requires no action except to document the strategy, leaving the

project team to deal with the risks as they occur, and to periodically review the threat to ensure that it does not change significantly. The most common active acceptance strategy is to establish a contingency reserve, including amounts of time, money, or resources to handle the risks. Reference: PMBOK® Guide - Fifth Edition, page 345

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Question 72

In your project, which of the following strategies would you not use as a response to

opportunities?

Exploit

Mitigate

Share

Accept

Justification:B Strategies for positive risks or opportunities: Three of the four responses are suggested

to deal with risks with potentially positive impacts on project objectives. The fourth strategy, accept, can be used for negative risks or threats as well as positive risks or opportunities. These...are exploit, share, enhance, and accept. Reference: PMBOK® Guide - Fifth Edition, page 345

Question 73

In your project, you implemented a risk response and hired an additional skilled technical

resource that can help in testing your application. However, you are worried that the technical

resource may leave - this new risk can also be called:

Secondary risk

Acceptance risk

Fallback Plan

Workaround

Justification: A Secondary Risk. A risk that arises as a direct result of implementing a risk response.

Reference: PMBOK® Guide - Fifth Edition, page 562 After implementing your risk response (i.e. hiring an additional resource), a new risk arises (i.e. the hired resource may leave). This is an example of Secondary risk.

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Question 74

A risk that remains after risk responses have been implemented is referred to as:

Secondary risk

Residual risk

Fallback Plan

Accepted risk

Justification:B Residual Risk. A risk that remains after risk responses have been implemented.

Reference: PMBOK® Guide - Fifth Edition, page 558

Question 75

In your project, you should handle "known unknown" risks through:

Risk Mitigation

Risk Avoidance

Risk Response Planning

Risk Acceptance

Justification:C Known risks are called "known unknowns" – handled by risk response plans and

unknown risks are called "unknown unknowns" – handled by reserves.

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Question 76

The process of implementing risk response plans, tracking identified risks, monitoring residual

risks, identifying new risks, and evaluating risk process effectiveness throughout the project is

done through:

Identify Risk


Control Risks

Constantly evaluate risk

Justification:C Control Risks is the process of implementing risk response plans, tracking identified

risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project. Reference: PMBOK® Guide - Fifth Edition, page 349

Question 77

In your project, you want to examine and document the effectiveness of risk responses in dealing

with identified risks and their root causes, as well as the effectiveness of the risk management

process. The tool you should use is:

Risk reassessment

Variance Analysis

Technical performance measurement

Risk Audit

Justification:D Risk audits examine and document the effectiveness of risk responses in dealing with

identified risks and their root causes, as well as the effectiveness of the risk management process. The project manager is responsible for ensuring that risk audits are performed at an appropriate frequency, as defined in the project’s risk management plan. Reference: PMBOK® Guide - Fifth Edition, page 351

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Question 78

During Monitoring and Controlling phase of your project, you conduct regular meetings with your

team to identify new risks, reassess current risks and close outdated risks. This is done through:

Risk reassessment

Variance Analysis

Technical performance measurement

Risk Audit

Justification:A Risk Reassessment. Control Risks often results in identification of new risks, reassessment

of current risks, and the closing of risks that are outdated. Project risk reassessments should be regularly scheduled. The amount and detail of repetition that are appropriate depends on how the project progresses relative to its objectives. Reference: PMBOK® Guide - Fifth Edition, page 351

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Question 79

You are the project manager for a construction company involved in designing and building state-of-the-art bridges. Your current project involves designing a new twin-span bridge across a river. In the past 5 years, residents of the area have witnessed two hurricanes which have caused some destruction to the area, including the current bridge. You and the team have been charged with designing a hurricane-resistant bridge that will be able to withstand similar destructive storms. After examining the current bridge, some members of the team expressed that some of the current structure was actually built very well and it may be worthwhile to keep some parts of it, especially since time is a factor in completing a new bridge. The rest of the team thinks it is better to start anew as residents and others may not feel confident in its safety and may therefore not use the bridge due to this. City officials had planned to increase the toll charge for drivers crossing the new bridge, but if the old structure can be partially used, then they might be able to keep the toll the same as it was before. After some in-depth cost reviews, the team has come up with the following data to help with their decision making: Brand new structure: • Investment = $5M • 0.60 probability bridge regularly used; $10M toll income • 0.40 probability bridge not regularly used; $3M toll income for next 20 years Existing structure: • Investment = $3M • 0.50 probability bridge regularly used; $8M toll income • 0.50 probability bridge not regularly used; $2M toll income for next 20 years

Which structure, should the city and team move forward with and what would be the decision EMV?

New, $4.8M

Existing, $2.2M

New, $2.2M

Existing, $3M

Justification: C The best decision would be to go with a brand new structure per the decision tree below. Keep in mind that the initial investment needs to be deducted prior to EMV calculations.

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Question 80

You and your team have just finished prioritizing the risks on your project for further review and

analysis. In this process you calculated Probability and Impact values which you used to do this

prioritization. You will use this prioritized list of risks to determine the need for further analysis.

Your sponsor is concerned about the number of risks identified and wants to ensure that all risk-

related assessments are well documented. Which of the following is an output from this process?

Risk register

Risk probability and impact assessment


Risk Register updates

Justification:D The team is currently in the process of Perform Qualitative Risk Analysis. The output of

this process is Risk register updates. All of the information gathered during this process, such as probability and impact values and risk-related assessment information is documented and added to the existing risk register. Option 1: Risk register is an output of the Identify Risks process. Here the risk register has limited information such as the risk itself and some basic characteristics. Option 2: Risk P & I assessment is a tool of the Perform Qualitative Risk Analysis process; it is not an output. Option 3: Risk management plan is an output of the Plan Risk Management process.

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