Reference no: EM133546966
Question 1.
You are the project manager of a construction project, and your project team has identified a risk of adverse weather conditions that could delay the project completion date. The stakeholders are concerned about the project schedule and have asked for your recommendation on managing this risk. which of the following key concepts of project risk management would you recommend to the stakeholders to manage the risk of adverse weather conditions in your construction project?
Risk probability and impact
Risk mitigation
Risk monitoring and control
Risk tolerance
Question 2
Your project team has identified a risk of an increase in the cost of materials. The stakeholders are concerned about the project budget and have asked for your recommendation on managing this risk. which of the following key concepts of project risk management would you recommend to the stakeholders to manage the risk of an increase in the cost of materials in your project?
Risk monitoring and control
Qualitative risk analysis
Quantitative risk analysis
Risk response planning
Question 3
You are the project manager of a software development project, and your project team has determined that the risk management processes outlined in the PMBOK guide are too complex for the needs of your project. They are concerned about the time and resources required to implement the risk management processes and have asked for your recommendation. What would you recommend?
Tailoring risk management
Reduce oroject scope
Increase stakeholder management
Project quality management
Question 4
Which of the following risk response strategies would you select for a risk that has a low impact on the project schedule and budget but the probability of occurrence is high?
Mitigation
Transference
Acceptance
Avoidance
Question 5
You are the project manager of a software development project and have identified several risks that could impact the project schedule or budget. You are in the process of developing a risk response plan to mitigate the risks identified. What is the first step in developing a risk response plan?
Allocating resources to mitigate the risks.
Assessing the impact of the risks on the project.
Identifying potential risk responses.
Evaluating the probability of the risks occurring.
Question 6
What is the primary purpose of a risk management plan?
a. To identify potential risks to the project and develop a plan to mitigate them.
b. To report potential risks to stakeholders.
c. To allocate resources to mitigate the risks identified.
d. To prioritize risks based on the likelihood of occurrence and the potential impact on the project.
Question 7
Which of the following is NOT a type of risk?
Constraints
Threats
Opportunities
Challenges
Question 8
You are a project manager, and you are conducting a qualitative risk analysis to prioritize the risks identified in your project. What is the primary purpose of conducting a qualitative risk analysis?
To prioritize risks for further analysis or action
To determine the cost impact of a risk
To determine the likelihood of a risk occurring
To determine the schedule impact of a risk
Question 9
You are a project manager and have conducted a qualitative risk analysis for your project. Some risks have been prioritized for further analysis, and you are now ready to conduct a quantitative risk analysis. What is the primary purpose of conducting a quantitative risk analysis?
a. To prioritize risks for further analysis or action
b. To determine the likelihood of a risk occurring
c. To determine the schedule impact of a risk
d. To determine the cost impact of a risk
Question 10
You are a project manager and have received feedback from stakeholders indicating that some of the project documents need to be updated. Additionally, you have identified new risks to the project. Which project document should be updated first in response to stakeholder feedback and new risks?
a. Change management plan
b. Project charter
c. Project management plan
d. Risk management plan