A project team member has just identified a new project risk. The risk event is determined to have significant impact but a low probability in the project. Should the risk event happen it'll cause the project to be delayed by three weeks, which will cause new risk in the project. What should the project manager do with the risk event?
Answer(s): C
All identified risks, their characteristics, responses, and their status should be added and monitored as part of 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:A: Control management charts are not the place where risk events are recorded. B: This is a risk event and should be recorded in the risk register.D: Risks that have a low probability and a low impact may go on the low-level risk watch-list.
A teaming agreement is an example of what type of risk response?
Answer(s): D
Teaming agreements are often coming under sharing risk response, as they involves joint ventures to realize an opportunity that an organization would not be able to seize otherwise.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.Incorrect Answers:A: Acceptance is a risk response that is appropriate for positive or negative risk events. It does not pursue the risk, but documents the event and allows the risk to happen. Often acceptance is used for low probability and low impact risk events.B: Risk mitigation attempts to reduce the probability of a risk event and its impacts to an acceptable level. Risk mitigation can utilize various forms of control carefully integrated together.C: Transference is a negative risk response where the project manager hires a third party to own the risk event.
You are the project manager of HJT project. Important confidential files of your project are stored on a computer. Keeping the unauthorized access of this computer in mind, you have placed a hidden CCTV in the room, even on having protection password. Which kind of control CCTV is?
Answer(s): B
CCTV is a physical control.Physical controls protect the physical environment. They include basics such as locks to protect access to secure areas. They also include environmental controls. This section presents the following examples of physical controls:Locked doors, guards, access logs, and closed-circuit television Fire detection and suppressionTemperature and humidity detection Electrical grounding and circuit breakers Water detectionIncorrect Answers:A, C, D CCTV is a physical control.
You are preparing to complete the quantitative risk analysis process with your project team and several subject matter experts. You gather the necessary inputs including the project's cost management plan. Why is it necessary to include the project's cost management plan in the preparation for the quantitative risk analysis process?
Answer(s): A
The cost management plan is an input to the quantitative risk analysis process because of the cost management control it provides.The cost management plan sets how the costs on a project are managed during the project's life cycle. 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.Incorrect Answers:B: The cost management plan defines the estimating, budgeting, and control of the project's cost.C: While the cost management plan does define the cost change control system, this is not the best answer for thisD: This is not a valid statement. The cost management plan is an input to the quantitative risk analysis process.
You are the project manager for BlueWell Inc. Your current project is a high priority and high profile project within your organization. You want to identify the project stakeholders that will have the most power in relation to their interest on your project. This will help you plan for project risks, stakeholder management, and ongoing communication with the key stakeholders in your project. In this process of stakeholder analysis, what type of a grid or model should you create based on these conditions?
The power/interest grid groups stakeholders based on their level of authority (power) and their level of interest in your project. The power/interest grid forms a group of the stakeholders based on their level of authority (power) and their level of interest in the project. Interest accounts to what degree the stakeholders are affected by examining the project or policy change, and to what degree of interest or concern they have about it. Power accounts for the influence the stakeholders have over the project or policy, and to what degree they can help to accomplish, or block, the preferred change.Stakeholders, who have high power and interests associated with the project, are the people or organizations that are fully engaged with the project. When trying to generate strategic change, this community is the target of any operation.Incorrect Answers:B: The stakeholder register is a listing of stakeholder information and communication requirements.C: The influence/impact grid charts is based on the stakeholder's involvement and ability to effect changes to the project's planning and execution.D: The salience model groups the stakeholders based on their power, urgency, and legitimacy in the project.
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