You work as a project manager for BlueWell Inc. You are preparing to plan risk responses for your project with your team. How many risk response types are available for a negative risk event in the project?
Answer(s): D
Four risk response options are there to deal with negative risks or threats on the project objectives- avoid, transfer, mitigate, and accept.Risk avoidance Risk mitigation Risk transfer Risk acceptanceIncorrect Answers:A, B ,C: These are incorrect choices as only 4 risk response are available to deal with negative risks.
You are the project manager for your organization. You are preparing for the quantitative risk analysis. Mark, a project team member, wants to know why you need to do quantitative risk analysis when you just completed qualitative risk analysis. Which one of the following statements best defines what quantitative risk analysis is?
Answer(s): C
Quantitative risk analysis is the process of numerically analyzing the effect of identified risks on overall project objectives. It is performed on risk that have been prioritized through the qualitative risk analysis process.Incorrect Answers:A: While somewhat true, this statement does not completely define the quantitative risk analysis process. B: This is actually the definition of qualitative risk analysis.D: This is not a valid statement about the quantitative risk analysis process. Risk response planning is a separate project management process.
You are the project manager of your enterprise. You have identified new threats, and then evaluated the ability of existing controls to mitigate risk associated with new threats. You noticed that the existing control is not efficient in mitigating these new risks. What are the various steps you could take in this case? Each correct answer represents a complete solution. (Choose three.)
Answer(s): B,C,D
Which of the following risks is associated with not receiving the right information to the right people at the right time to allow the right action to be taken?
Answer(s): A
Relevance risk is the risk associated with not receiving the right information to the right people (or process or systems) at the right time to allow the right action to be taken.Incorrect Answers:B: The risk that data cannot be relied on because they are unauthorized, incomplete or inaccurate is termed as integrity risk. C: The risk of loss of service or that data is not available when needed is referred as availability risk.D: The risk that confidential or private information may be disclosed or made available to those without appropriate authority is termed as access or security risk. An aspect of this risk is non-compliance with local, national and international laws related to privacy and protection of personal information.
Kelly is the project manager of the NNQ Project for her company. This project will last for one year and has a budget of $350,000. Kelly is working with her project team and subject matter experts to begin the risk response planning process. What are the two inputs that Kelly would need to begin the plan risk response process?
The only two inputs for the risk response planning are the risk register and the risk management plan.The plan risk response project management process aims to reduce the threats to the project objectives and to increase opportunities. It follows the perform qualitative risk analysis process and perform quantitative risk analysis process. Plan risk response process includes the risk response owner to take the job for each agreed- to and funded risk response. This process addresses the risks by their priorities, schedules the project management plan as required, and inserts resources and activities into the budget. The inputs to the plan risk response process are as follows:Risk registerRisk management planIncorrect Answers:B: Kelly will not need the risk response plan until monitoring and controlling the project.C: The results of risk analysis will help Kelly prioritize the risks, but this information will be recorded in the risk register.D: Kelly needs the risk register and the risk management plan as the input. The power to assign risk responses is not necessarily needed by Kelly.
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