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QUESTION NO: 1
During qualitative risk analysis you want to define the risk urgency assessment. All of the following are indicators of risk priority except for which one?
A. Cost of the project
B. Risk rating
C. Warning signs
D. Symptoms
Answer: A
QUESTION NO: 2
You are the project manager of the NKJ Project for your company. The project's success or failure will have a significant impact on your organization's profitability for the coming year.
Management has asked you to identify the risk events and communicate the event's probability and impact as early as possible in the project. Management wants to avoid risk events and needs to analyze the cost-benefits of each risk event in this project. What term is assigned to the low-level of stakeholder tolerance in this project?
A. Mitigation-ready project management
B. Risk utility function
C. Risk avoidance
D. Risk-reward mentality
Answer: B
QUESTION NO: 3
You work as a project manager for BlueWell Inc. Management has asked you to work with the key project stakeholder to analyze the risk events you have identified in the project. They would like you to analyze the project risks with a goal of improving the project's performance as a whole. What approach can you use to achieve the goal of improving the project's performance through risk analysis with your project stakeholders?
A. Focus on the high-priority risks through qualitative risk analysis
B. Involve the stakeholders for risk identification only in the phases where the project directly affects them
C. Involve subject matter experts in the risk analysis activities
D. Use qualitative risk analysis to quickly assess the probability and impact of risk events
Answer: A
QUESTION NO: 4
Mark is the project manager of the BFL project for his organization. He and the project team are creating a probability and impact matrix using RAG rating. There is some confusion and disagreement among the project team as to how a certain risk is important and priority for attention should be managed. Where can Mark determine the priority of a risk given its probability and impact?
A. Risk management plan
B. Project sponsor
C. Risk response plan
D. Look-up table
Answer: D
QUESTION NO: 5
You work as a project manager for BlueWell Inc. You are currently working with the project stakeholders to identify risks in your project. You understand that the qualitative risk assessment and analysis can reflect the attitude of the project team and other stakeholders to risk. Effective assessment of risk requires management of the risk attitudes of the participants. What should you, the project manager, do with assessment of identified risks in consideration of the attitude and bias of the participants towards the project risk?
A. Evaluate and document the bias towards the risk events
B. Evaluate the bias through SWOT for true analysis of the risk events
C. Document the bias for the risk events and communicate the bias with management
D. Evaluate the bias towards the risk events and correct the assessment accordingly
Answer: D
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Updated: May 27, 2022