Beth is a project team member on the JHG Project. Beth has added extra features to the project and this has introduced new risks to the project work. The project manager of the JHG project elects to remove the features Beth has added. The process of removing the extra features to remove the risks is called what?
Answer(s): C
You are the project manager of the GHT project. This project will last for 18 months and has a project budget of $567,000. Robert, one of your stakeholders, has introduced a scope change request that will likely have an impact on the project costs and schedule. Robert assures you that he will pay for the extra time and costs associated with the risk event. You have identified that change request may also affect other areas of the project other than just time and cost. What project management component is responsible for evaluating a change request and its impact on all of the project management knowledge areas?
Answer(s): B
Integrated change control is responsible for evaluating a proposed change and determining its impact on all areas of the project: scope, time, cost, quality, human resources, communication, risk, and procurement.Incorrect Answers:A: Configuration management defines the management, control, and documentation of the features and functions of the project's product.C: Risk analysis is not responsible for reviewing the change aspects for the entire project.D: The project change control system defines the workflow and approval process for proposed changes to the project scope, time, cost, and contracts.
While developing obscure risk scenarios, what are the requirements of the enterprise? Each correct answer represents a part of the solution. Choose two.
Answer(s): B,D
The enterprise must consider risk that has not yet occurred and should develop scenarios around unlikely, obscure or non-historical events.Such scenarios can be developed by considering two things: VisibilityRecognitionFor the fulfillment of this task enterprise must:Be in a position that it can observe anything going wrongHave the capability to recognize an observed event as something wrongIncorrect Answers:A, C: These are not the direct requirements for developing obscure risk scenarios, like curing risk events comes under process of risk management. Hence capability of curing risk event does not lay any impact on the process of development of risk scenarios.
You are the project manager of GHT project. During the data extraction process, you evaluated the total number of transactions per year by multiplying the monthly average by twelve. This process of evaluating total number of transactions is known as?
Answer(s): D
Reasonableness tests make certain assumptions about the information as the basis for more elaborate data validation tests. Incorrect Answers:A: The duplicate test does not identify duplicate transactions; rather it identifies and confirms the validity of duplicates.B: The control total test does not ensure that all transactions have been extracted, but only ensures that the data are complete.C: As compared to simplistic, the reasonableness test is a valid foundation for more elaborate data validation tests.
You are the project manager of the KJH Project and are working with your project team to plan the risk responses. Consider that your project has a budget of $500,000 and is expected to last six months. Within the KJH Project you have identified a risk event that has a probability of .70 and has a cost impact of $350,000.When it comes to creating a risk response for this event what is the risk exposure of the event that must be considered for the cost of the risk response?
The risk exposure for this event is found by multiplying the risk impact by the risk probability.Risk Exposure is a straightforward estimate that gives a numeric value to a risk, enabling different risks to be compared.Risk Exposure of any given risk = Probability of risk occurring x impact of risk event= 0.70 * 350,000= 245,000Incorrect Answers:A: $350,000 is the impact of the risk event. B: $500,000 is the project's budget.C: $850,000 is the project's budget and the risk's impact.
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