- Andrew has joined as the Project Manager of a project. One of the project documents available to Andrew lists down all the risks in a hierarchical fashion. What is this document called?
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Risk Management Plan.
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List of risks.
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Monte Carlo diagram.
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Risk Breakdown Structure.
CORRECT:
d. Hierarchical description of risks is called Risk Breakdown structure.
- Which of the following statements is true about risks?
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When evaluating risks their impact should be considered, however probability of occurrence is not important.
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Risks if they happen always have negative impact and not positive.
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Risk register documents all the risks in detail.
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Risk response plan is another name for Risk Management Plan.
CORRECT:
c. Risk register documents the risks in detail.
- Beta is the Project Manager of a Road construction project. During a project review, Beta realizes that one particular risk has occured. To take appropriate action against risk that has happened, Beta needs to refer to which document?
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Risk response plan
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Risk management plan
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Risk breakdown structure
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Risk register
CORRECT:
a. Beta needs to refer to the Risk response plan that documents responses to identified risks.
- During which stage of Risk planning are risks prioritized based on probability and impact?
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Identify Risks
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Plan Risk responses
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Perform Qualitative risk analysis
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Perform Quantitative risk analysis
CORRECT:
c. Risk probability and impact are defined during Qualitative risk analysis.
- During which stage of Risk planning are modeling techniques used to determine overall effects of risks on project objectives for high probability, high impact risks?
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Identify Risks
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Plan Risk responses
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Perform Qualitative risk analysis
-
Perform Quantitative risk analysis
CORRECT:
d.
- Andrew is a Project Manager for Green Valley project. A risk management plan has been prepared for the project. Which of the following should Andrew do next?
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Perform Qualitative risk analysis
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Perform Quantitative risk analysis
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Identify Risks
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Plan Risk responses
CORRECT:
c. Risk identification is performed after performing the risk management plan.
- Which of the following processes has risk register as the primary output?
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Plan Risk Management
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Identify Risks
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Monitoring and Control Risks
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Perform Qualitative Risk Analysis
CORRECT:
b. Process of Identify Risks has Risk register as the major output.
- Five of the processes in Project Risk Management are from which process group?
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Initiating
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Planning
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Executing
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Monitoring and Control
CORRECT:
b. Five of the six processes in Project Risk Management are part of the Planning process group.
- John Strauss is a Project Manager for a reforestation project. To identify the risks involved, John sends a questionnaire to gather inputs from experts. Which technique is John using?
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Delphi technique
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Interviews
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Brain storming
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Documentation review
CORRECT:
a. John is using the Delphi technique to identify risks.
- Mathew is a Project Manager for software migration at a bank. A major risk that has been identified is attrition of resources. As a strategy to respond to this risk, Mathew, with support from Senior Management, provides good increments to his team members. What type of risk response is Mathew following?
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Accept
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Avoid
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Transfer
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Mitigate
CORRECT:
d. Mathew is mitigating the risk by reducing the probability of risk happening
- Which of these is a valid response to positive risks?
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Exploit
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Mitigate
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Enhance
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Share
CORRECT:
Risk mitigation is a response to negative risks and not positive risks. Positive risks may be responded by - "Exploit", "Enhance", "Share", "Accept".