Tom works as a project manager for BlueWell Inc. He is determining which risks can affect the project. Which of the following inputs of the identify risks process is useful in identifying risks, and provides a quantitative assessment of the likely cost to complete the scheduled activities?
Answer(s): D
The activity cost estimates review is valuable in identifying risks as it provides a quantitative assessment of the expected cost to complete the scheduled activities and is expressed as a range, with a width of the range indicating the degrees of risk.Incorrect Answers:A: The activity duration estimates review is valuable in identifying risks associated to the time allowances for the activities or projects as a whole, with a width of the range indicating the degrees of risk.B: This is the output of plan risk management process. A Risk management plan is a document arranged by a project manager to estimate the effectiveness, predict risks, and build response plans to mitigate them. It also consists of the risk assessment matrix.C: The cost management plan sets how the costs on a project are managed during the project's lifecycle. It defines the format and principles by which the project costs are measured, reported, and controlled. The cost management plan identifies the person responsible for managing costs, those who have the authority to approve changes to the project or its budget, and how cost performance is quantitatively calculated and reported upon.
Which of the following baselines identifies the specifications required by the resource that meet the approved requirements?
Answer(s): B
Allocated baseline identifies the specifications that meet the approved requirements. Incorrect Answers:A: Functional baseline identifies the initial specifications before any changes are made.C: Product baseline identifies the minimal specification required by the resource to meet business outcomes.D: Developmental baseline identifies the state of the resources as it is developed to meet or exceed expectations and requirements.
Which of the following nodes of the decision tree analysis represents the start point of decision tree?
Root node is the starting node in the decision tree. Incorrect Answers:A: Decision nodes represents the choice available to the decision maker, usually between a risky choice and its non-risky counterpart.C: Event node represents the possible uncertain outcomes of a risky decision, with at least two nodes to illustrate the positive and negative range of events.B: End node represents the outcomes of risk and decisions.
You are the project manager of the NHH Project. You are working with the project team to create a plan to document the procedures to manage risks throughout the project. This document will define how risks will be identified and quantified. It will also define how contingency plans will be implemented by the project team.What document do you and your team is creating in this scenario?
The risk management plan, part of the comprehensive management plan, defines how risks will be identified, analyzed, monitored and controlled, and even responded to.A Risk management plan is a document arranged by a project manager to estimate the effectiveness, predict risks, and build response plans to mitigate them. It also consists of the risk assessment matrix.Risks are built in with any project, and project managers evaluate risks repeatedly and build plans to address them. The risk management plan consists of analysis of possible risks with both high and low impacts, and the mitigation strategies to facilitate the project and avoid being derailed through which the common problems arise. Risk management plans should be timely reviewed by the project team in order to avoid having the analysis become stale and not reflective of actual potential project risks. Most critically, risk management plans include a risk strategy for project execution.Incorrect Answers:A: The project plan is not an official PMBOK project management plan.B: The resource management plan defines the management of project resources, such as project team members, facilities, equipment, and contractors.C: The project management plan is a comprehensive plan that communicates the intent of the project for all project management knowledge areas.
Where are all risks and risk responses documented as the project progresses?
All risks, their responses, and other characteristics are documented in the risk register. As the project progresses and the conditions of the risk events change, the risk register should be updated to reflect the risk conditions.Incorrect Answers:A: The risk management plan addresses the project management's approach to risk management, risk identification, analysis, response, and control.B: The project management plan is the overarching plan for the project, not the specifics of the risk responses and risk identification.C: The risk response plan only addresses the planned risk responses for the identified risk events in the risk register.
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