Ben is the project manager of the CMH Project for his organization. He has identified a risk that has a low probability of happening, but the impact of the risk event could save the project and the organization with a significant amount of capital. Ben assigns Laura to the risk event and instructs her to research the time, cost, and method to improve the probability of the positive risk event. Ben then communicates the risk event and response to management. What risk response has been used here?
Answer(s): B
Enhance is a risk response to improve the conditions to ensure the risk event occurs. Risk enhancement raises the probability of an opportunity to take place by focusing on the trigger conditions of the opportunity and optimizing the chances. Identifying and maximizing input drivers of these positive-impact risks may raise the probability of their occurrence.Incorrect Answers:A: Transference is a strategy to mitigate negative risks or threats. In this strategy, consequences and the ownership of a risk is transferred to a third party. This strategy does not eliminate the risk but transfers responsibility of managing the risk to another party. Insurance is an example of transference.C: Exploit response is one of the strategies to negate risks or threats that appear in a project. This strategy may be selected for risks with positive impacts where the organization wishes to ensure that the opportunity is realized. Exploiting a risk event provides opportunities for positive impact on a project. Assigning more talented resources to the project to reduce the time to completion is an example of exploit response.D: Sharing happens through partnerships, joint ventures, and teaming agreements. Sharing response is where two or more entities share a positive risk. Teaming agreements are good example of sharing the reward that comes from the risk of the opportunity.
Which of the following techniques examines the degree to which organizational strengths offset threats and opportunities that may serve to overcome weaknesses?
Answer(s): A
SWOT analysis is a strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieving that objective.Incorrect Answers:B, C: Brainstorming and Delphi techniques are used to identify risks in a project through consensus. Delphi differs in that as the members of the team do not know each other.D: In this technique, risks can be identified directly by experts with relevant experience of similar projects or business areas.
You are the project manager for your company and a new change request has been approved for your project. This change request, however, has introduced several new risks to the project. You have communicated these risk events and the project stakeholders understand the possible effects these risks could have on your project. You elect to create a mitigation response for the identified risk events. Where will you record the mitigation response?
The Identified risks and potential responses are documented in the risk register. A risk register is an inventory of risks and exposure associated with those risks. Risks are commonly found in project management practices, and provide information to identify, analyze, and manage risks. Typically a risk register contains:A description of the riskThe impact should this event actually occur The probability of its occurrenceRisk Score (the multiplication of Probability and Impact)A summary of the planned response should the event occurA summary of the mitigation (the actions taken in advance to reduce the probability and/or impact of the event)Ranking of risks by Risk Score so as to highlight the highest priority risks to all involved.Incorrect Answers:B: This is not a valid choice for this questionC: The project management plan is the parent of the risk management plan, but the best choice is the risk register. D: The risk management plan is an input to the risk response planning, but it is not the best choice for this question
Which of the following actions assures management that the organization's objectives are protected from the occurrence of risk events?
Internal controls are the actions taken by the organization to help to assure management that the organization's objectives are protected from the occurrence of risk events. Internal control objectives are applicable to all manual or automated areas. Internal control objectives include:Internal accounting controls- They control accounting operations, including safeguarding assets and financial records.Operational controls- They focus on day-to-day operations, functions, and activities. They ensure that all the organization's objectives are being accomplished.Administrative controls- They focus on operational efficiency in a functional area and stick to management policies.Incorrect Answers:B: Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources. It is done to minimize, monitor, and control the probability and impact of unfortunate events or to maximize the realization of opportunities.C: Hedging is the process of managing the risk of price changes in physical material by offsetting that risk in the futures market. In other words, it is the avoidance of risk. So, it only avoids risk but can not assure protection against risk.D: Risk assessment is a process of analyzing the identified risk, both quantitatively and qualitatively. Quantitative risk assessment requires calculations of two components of risk, the magnitude of the potential loss, and the probability that the loss will occur. While qualitatively risk assessment checks the severity of risk. The assessment attempts to determine the likelihood of the risk being realized and the impact of the risk on the operation. This provides several conclusions:Probability-establishing the likelihood of occurrence and reoccurrence of specific risks, independently and combined.Interdependencies-the relationship between different types of risk. For instance, one risk may have greater potential of occurring if another risk has occurred. Or probability or impact of a situation may increase with combined risk.
You are working as a project manager in Bluewell Inc.. You are nearing the final stages of project execution and looking towards the final risk monitoring and controlling activities. For your project archives, which one of the following is an output of risk monitoring and control?
Answer(s): D
Of all the choices given, only requested changes is an output of the monitor and control risks process. You might also have risk register updates, recommended corrective and preventive actions, organizational process assets, and updates to the project management plan.Incorrect Answers:A, C: These are the plan risk management processes. B: Risk audit is a risk monitoring and control technique.
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