You have been assigned as the Project Manager for a new project that involves development of a new interface for your existing time management system. You have completed identifying all possible risks along with the stakeholders and team and have calculated the probability and impact of these risks. Which of the following would you need next to help you prioritize the risks?
Answer(s): B
Risk rating rules define how to prioritize risks after the related probability and impact values are calculated. These are generally included in the organizational process assets and are refined for individual projects.Incorrect Answers:A: Affinity Diagram is a method of group creativity technique to collect requirements which allows large numbers of ideas to be sorted into groups for review and analysis. This is generally used in Scope Management and not applicable to this option.C: A Project Network diagram shows the sequencing and linkage between various project tasks and is not applicable to this question D: Risk categories are an output of the Perform Qualitative Risk Analysis process and not a tool to complete the process.
You are the project manager of a large networking project. During the execution phase the customer requests for a change in the existing project plan. What will be your immediate action?
Whenever the customer or key stakeholder asks for a change in the existing plan, you should ask him/her to submit a formal change request. Change requests may modify project policies or procedures, project scope, project cost or budget, project schedule, or project quality.Incorrect Answers:A, C, D: The first action required is to create a formal change request, if a change is requested in the project.
Which of the following is described by the definition given below? "It is the expected guaranteed value of taking a risk."
Answer(s): A
The Certainty equivalent value is the expected guaranteed value of taking a risk. It is derived by the uncertainty of the situation and the potential value of the situation's outcome.Incorrect Answers:B: The risk premium is the difference between the larger expected value of the risk and the smaller certainty equivalent value.C, D: These are not valid answers.
You are the project manager of GHT project. Your hardware vendor left you a voicemail saying that the delivery of the equipment you have ordered would not arrive on time. She wanted to give you a heads-up and asked that you return the call. Which of the following statements is TRUE?
Triggers are warning signs of an upcoming risk event. Here delay in delivery signifies that there may be a risk event like delay in completion of project. Hence it is referred to as a trigger.Incorrect Answers:A: Residual risk is the risk that remains after applying controls. But here in this scenario, risk event has not occurred yet.C: A contingency plan is a plan devised for a specific situation when things go wrong. Contingency plans are often devised by governments or businesses who want to be prepared for anything that could happen. Here there are no such plans.D: Secondary risks are risks that come about as a result of implementing a risk response. But here in this scenario, risk event has not occurred yet.
There are five inputs to the quantitative risk analysis process. Which one of the following is NOT an input to quantitative risk analysis process?
Enterprise environmental factor is not an input to the quantitative risk analysis process. The five inputs to the perform quantitative risk analysis process are: risk register, risk management plan, cost management plan, schedule management plan, and organizational process assets.Incorrect Answers:A, C, D: These are the valid inputs to the perform quantitative risk analysis process.
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