EMT Practice Test

1. Question Content...

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Question1: In the country where a project is being executed, customs procedures are complex and change frequently. During the risk identification process, the project team identifies a risk related to delays in customs on substantial equipment that will likely occur. Equipment delays on this project could lead to the project cancellation.
How should the probability and impact be characterized for this risk?

Question2: Adrian is a project manager for a new project using a technology that has recently been released and there's relatively little information about the technology. Initial testing of the technology makes the use of it look promising, but there's still uncertainty as to the longevity and reliability of the technology. Adrian wants to consider the technology factors a risk for her project. Where should she document the risks associated with this technology so she can track the risk status and responses?

Question3: You work as a project manager for BlueWell Inc. Your project is running late and you must respond to the risk. Which risk response can you choose that will also cause you to update the human resource management plan?

Question4: You work as a project manager for BlueWell Inc. You are working with Nancy, the COO of your company, on several risks within the project. Nancy understands that through qualitative analysis you have identified 80 risks that have a low probability and low impact as the project is currently planned. Nancy's concern, however, is that the impact and probability of these risk events may change as conditions within the project may change. She would like to know where will you document and record these 80 risks that have low probability and low impact for future reference.
What should you tell Nancy?

Question5: During which of the following processes, probability and impact matrix is prepared?

Question6: Gary is the project manager for his project. He and the project team have completed the qualitative risk analysis process and are about to enter the quantitative risk analysis process when Mary, the project sponsor, wants to know what quantitative risk analysis will review. Which of the following statements best defines what quantitative risk analysis will review?

Question7: You are the project manager for your organization and you are working with Thomas, a project team member. You and Thomas have been working on a specific risk response for a probable risk event in the project. Thomas is empowered with a risk response and will control all aspects of the identified risk response in which a particular risk event will happen within the project. What title, in regard to risk, is bestowed on Thomas?

Question8: Which analysis method has a lower standard deviation?

Question9: You work as a project manager for SoftTech Inc. You are working with the project stakeholders to begin the qualitative risk analysis process. You will need all of the following as inputs to the qualitative risk analysis process except for which one?

Question10: After years of experience, a project manager becomes the lead manager for a company. This new lead manager asks all project managers to use a specific technique when they perform qualitative risk analysis on their projects. This technique consists of achieving the relative weighting of the project's objectives in terms of priority to the stakeholders.
What is the name of this technique?

Question11: You are interviewing members of a project team to test their understanding of the assigned risk responses as risk owners. You and the project manager are working together to evaluate the risk responses to determine their effectiveness in the project. What project management technique are you performing with the project manager in this scenario?

Question12: Which of the following processes is described in the statement below? "This is the process of numerically analyzing the effect of identified risks on overall project objectives."

Question13: Which of the following risk responses delineates that the project plan will not be changed to deal with the risk?

Question14: You are the project manager of the NHH project for your company. You have completed the first round of risk management planning and have created four outputs of the risk response planning process. Which one of the following is NOT an output of the risk response planning?

Question15: Frances is the project manager of a project in her organization. This project has a budget of
$567,000 and is schedule to last for three years. Frances wants to examine the risk events to determine which risk events have the most potential impact on the project. Which modeling technique can help Frances to accomplish this goal?

Question16: Many companies self insure against some risk. Problems which can arise from self-insurance include:

Question17: When monitoring the execution quality of risk-related plans and processes, which of the following would be a useful metric to track and record?

Question18: A project risk manager is concerned about the low performance of risk management on a mission-critical project. After assessing the situation, the risk manager finds that the communication style may be the main contributor.
What could the project risk manager do to adjust the approach to influence team members to improve performance?

Question19: While preparing for a project review meeting with leadership, the project team analyzes and checks its scope activities and discovers missing requirements. The project risk manager decides to hire a subcontractor to fulfil these newly discovered requirements.
What risk strategy did the project risk manager use?

Question20: You are the project manager for Genpact Inc. You have established quarterly risk management meetings. Which of the following is not a component of a risk management meeting?

Question21: What are critical success factors for the Plan Risk Responses process?

Question22: You are the project manager of the NHQ project for your company. Management has told you that you must implement an agreed upon contingency response if the Cost Performance Index in your project is less than 0.90. Consider that your project has a budget at completion of $250,000 and is 60 percent complete. You are scheduled to be however, 75 percent complete, and you have spent $165,000 to date. What is the Cost Performance Index for this project to determine if the contingency response should happen?

Question23: At the time the risk register is first prepared, it should contain all the following entries EXCEPT______________

Question24: Rex is the project manager of the BDF Project. This project will last for two years and has a budget of $2,345,000. Management has instructed Rex that the project must not go over budget as funds are very tight in the organization. During the project planning Rex and the project team discover a positive risk event to save $75,000. Rex wants to make certain that this risk event happens so which risk response method is most appropriate?

Question25: During project execution, the project team realizes that the power outlet for imported equipment is not compatible with the current customers electrical infrastructure. This event was not originally identified as a risk. To maintain the project schedule, the project manager decides to purchase a new power adapter.
What type of response best describes this course of action?

Question26: What best describes the job of a risk owner?

Question27: A heavy industrial design firm has over US$3 billion in current contract value. As a result of quantitative risk analysis of a geographically separated project, opportunities have been identified and assessed as high priorities for the project.
What is the most effective method to capture these opportunities?

Question28: You are the project manager of the GGG project. You have completed the risk identification process for the initial phases of your project. As you begin to document the risk events in the risk register what additional information can you associate with the identified risk events?

Question29: Tom is the project manager of the GGG project for his company. He is working with the project team on the Perform Qualitative Risk Analysis process. Tom is having the project team to review the project scope statement as an input to the qualitative risk analysis process. Why?

Question30: You are the project manager of the GGH Project in your company. Your company is structured as a functional organization and you report to the functional manager that you are ready to move onto the quantitative risk analysis process. What things will you need as inputs for the quantitative risk analysis of the project in this scenario?

Question31: There are seven risk responses, a project manager can use to address risk events. Which one of the following is a risk response that is appropriate for positive or negative risk events depending on the scenario in the project?

Question32: You are the project manager for your organization. You are working with your key stakeholders in the qualitative risk analysis process. You understand that there is certain bias towards the risk events in the project that you need to address, manage, and ideally reduce. What solution does the PMBOK recommend to reduce the influence of bias during qualitative risk analysis?

Question33: Don has hired Jerry, a contractor, to complete a portion of his project work. The contract used was a cost- plus contract. If Don were to perform a risk audit, who would carry the risk in this scenario?

Question34: The Project Risk Management knowledge area focuses on which of the following processes?
Each correct answer represents a complete solution. Choose all that apply.

Question35: During the risk Monitor and Control Project Work process, the scope, schedule, and cost begin to increase.
What outputs should be updated and/or created?

Question36: Which of the following events would result in a baseline update?

Question37: Wendy is the project manager of the NNJ project for her company. As part of the variance and trend analysis tool and technique for risk governance she is using earned value management. In this approach, Wendy wants to track and compare the cost and schedule variances. What is the point of this tool and technique in regard to risk?

Question38: You work as a project manager for TechSoft Inc. You, the project team, and the key project stakeholders have completed a round of quantitative risk analysis. You now need to update the risk register with your findings so that you can communicate the risk results to the project stakeholders - including management. You will need to update all of the following information except for which one?

Question39: Ned is the project manager of the HNN project for your company. Ned has asked you to help him complete some probability distributions for his project. What portion of the project will you most likely use for probability distributions?

Question40: Mary is the project manager of PKT project. In Mary's project there are certain enterprise environmental factors that require Mary to use modeling and simulation techniques to predict the likelihood of achieving cost and schedule objectives in the project. Mary is using a technique for which the cost estimates are chosen at random for each iteration of the analysis, such as pessimistic, most likely, and worst-case scenarios. What type of analysis is Mary using in this project?

Question41: The risk manager of a medium-sized project is performing risk response planning with the project team. The proposed action for one specific, primary risk introduces a secondary risk What should the risk manager and the risk owner of the primary risk do about this situation?

Question42: Yolanda is the project manager of a high-profile project for her organization. This project has 124 stakeholders from across the organization and many of the stakeholders have high demands and expectations for the project. Yolanda will need several pieces of project information as she begins to communicate and manage the stakeholder expectations. Which of the following inputs of the manage stakeholder expectations process directly addresses the risks that could affect the project and which must be communicated to the project stakeholders?

Question43: Jeff, a key stakeholder in your project, wants to know how the risk exposure for the risk events is calculated during quantitative risk analysis. He is worried about the risk exposure which is too low for the events surrounding his project requirements. How is the risk exposure calculated?

Question44: Which of the following represents the best description of the role of project manager for project risk management?

Question45: ____ analysis is a statistical concept that calculates the average outcome when the future includes scenarios that may or may not happen.

Question46: Because risk management is relatively new on projects in your company, you decide to examine and document the effectiveness of risk responses in dealing with identified risks and their root causes. You therefore______________

Question47: There are four inputs to the Monitoring and Controlling Project Risks process. Which one of the following will NOT help you, the project manager, to prepare for risk monitoring and controlling?

Question48: A high-profile, high-priority project within your organization is being created. Management wants you to pay special attention to the project risks and do all that you can to ensure that all of the risks are identified early in the project. Management has to ensure that this project succeeds.
Management's risk aversion in this project is associated with what term?

Question49: You work as a project manager for BlueWell Inc. You would like to utilize sensitivity analysis in your project, but the management does not understand how this will be displayed. What type of chart is usually used with sensitivity analysis to show the relative affect of risks on the project?

Question50: Shawn is the project manager of the WHT Project for his company. In this project Shawn's team reports that they have found a way to complete the project work for less cost than what was originally planned. The project team presents a new software that will help to automate the project work. While the software and the associated training costs $25,000 it will save the project nearly $65,000 in total costs. Shawn agrees to the software and changes to the project management plan accordingly. What type of risk response has been used in this instance?

Question51: There are seven risk responses for any project. Which one of the following is a valid risk response for a negative risk event?

Question52: You are the project manager for a construction project. The project involves casting of a column in a very narrow space. Because of lack of space, casting it is highly dangerous. High technical skill will be required for casting that column. You decide to hire a local expert team for casting that column. Which of the following types of risk response are you following?

Question53: You work as a project manager for BlueWell Inc. Your project is using a new material to construct a large warehouse in your city. This new material is cheaper than traditional building materials, but it takes some time to learn how to use the material properly. You have communicated to the project stakeholders that you will be able to save costs by using the new material, but you will need a few extra weeks to complete training to use the materials. This risk response of learning how to use the new materials can also be known as what term?

Question54: Nancy is the project manager of the NHH project. She and the project team have identified a significant risk in the project during the qualitative risk analysis process. Bob is familiar with the technology that the risk is affecting and proposes to Nancy a solution to the risk event. Nancy tells Bob that she has noted his response, but the risk really needs to pass through the quantitative risk analysis process before creating responses. Bob disagrees and ensures Nancy that his response is most appropriate for the identified risk. Who is correct in this scenario?

Question55: A company is executing a high-visibility project to develop mobile phone technology. The project sponsor is concerned that an overall high risk rating may undermine support for the project within the company. The sponsor has instructed the project manager to manipulate the data used for Monte Carlo simulation to artificially reduce the risk rating. What should the project manager do?

Question56: Gary is the project manager of the MMQ project for his company. He is working with his project team to plan the risk responses for his project. Sarah, a project team member, does not understand the process that Gary is using to plan the risk responses. Which approach is the preferred method to address project risks and the risk responses?

Question57: Della works as a project manager for SoftTech Inc. She is working with the project stakeholders to begin the quantitative risk analysis process. Which of the following inputs will be needed for the quantitative risk analysis process in her project? Each correct answer represents a complete solution. Choose all that apply.

Question58: Which of the following characteristics would a risk-tolerant person or group demonstrate?

Question59: You work as a project manager for TechSoft Inc. You are working with the project stakeholders on the qualitative risk analysis process in your project. You have used all the tools to the qualitative risk analysis process in your project. Which of the following techniques is NOT used as a tool in qualitative risk analysis process?

Question60: Sammy is the project manager for her organization. She would like to rate each risk based on its probability and affect on time, cost, and scope. Harry, a project team member, has never done this before and thinks Sammy is wrong to attempt this approach. Harry says that an accumulative risk score should be created, not three separate risk scores. Who is correct in this scenario?

Question61: Harold is the project manager of a large project in his organization. He has been actively communicating and working with the project stakeholders. One of the outputs of the manage stakeholder expectations process can actually create new risk events for Harold's project. Which output of the manage stakeholder expectations process can create risks?

Question62: You are the project manager of the GHY project. In your organization you must follow certain enterprise environmental factors that establish the rules for risk management . One of the policies your project must adhere to requires periodic rapid analysis of risks within the project. These rapid, cost-effective session must be documented and performed monthly. What type of analysis are you required to perform according to your enterprise environmental factors?

Question63: You are the project manager of the HJU project for your company. This project will last for 18 months and has a project budget of $567,000. Robert, one of your stakeholders, has introduced a scope change request that will likely have an impact on the project costs and schedule. Robert assures you that he will pay for the extra time and costs associated with the risk event. You tell Robert that the change request may affect more areas of the project than just time and cost and that you are worried about the additional risks the change request will bring. What project management component is responsible for evaluating a change request and its impact on all of the project management knowledge areas?

Question64: 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?

Question65: Harry is the project manager of the MMQ Construction Project. In this project, Harry has identified a supplier who can create stained glass windows for 1,000 window units in the construction project. The supplier is an artist who works by himself, but creates windows for several companies throughout the United States. Management reviews the proposal to use this supplier and while they agree that the supplier is talented, they do not think the artist can fulfill the 1,000 window units in time for the project's deadline. Management asked Harry to find a supplier who can fulfill the completion of the windows by the needed date in the schedule. What risk response has management asked Harry to implement?

Question66: Linda is the project manager of the NAB Project. One of the risks her project team has identified is too dangerous for the project team to manage internally so she has hired a vendor to complete this portion of the project and to manage the identified risk. What risk response has Linda used in this instance?

Question67: Which is a valid response to negative risks?

Question68: Wendy is the project manager of the FBL project for your company. She has identified several risks within her project and has created a risk contingency reserve of $45,000 total. Her project is nearly complete and many of the risks have not happened in the project. What should Wendy do with the funds in the contingency reserve?

Question69: You are the project manager of the NHK Project. Management wants to know how often your risk identification process will occur during the project. Considering that your project is scheduled to last one year and involvs five distinct phases, how often should risk identification take place?

Question70: Fred is the project manager of the CPS project. He is working with his project team to prioritize the identified risks within the CPS project. He and the team are prioritizing risks for further analysis or action by assessing and combining the risks probability of occurrence and impact.
What process is Fred completing?

Question71: You are the project manager for BlueWell Inc. You are reviewing the risk register for your project.
The risk register provides much information to you, the project manager and to the project team during the risk response planning. All of the following are included in the risk register except for which item?

Question72: Bill is the project manager for a project that will last six months and has a budget of $580,000. In this project a high-risk has been identified with the new materials the project will be using. Bill would like to assign one person, Beth, to be responsible to monitor this risk. Bill assigns Beth the authority to respond to the risk event if it appears in the risk events that is likely to happen. In addition, Bill hires a consultant to work with Beth on this area of the project. In this instance, who is the risk response owner?

Question73: You are project manager for ABD project. You, with your team, are working on the following activities:
* Probabilistic analysis of a project.
* Probability of achieving cost and time objectives.
* Trends in Qualitative Risk Analysis results.
On which of the following processes are you working on?

Question74: A project in the execution phase at the customer's site has an issue concerning new parts that do not fit properly into a machine. The site project manager cannot find this high probability risk in the risk register.
What action should the site project manager take?

Question75: While creating the appropriate risk strategy, the project manager discovers that the project team lacks the necessary expertise to define the risk management plan. What additional resources should be utilized?

Question76: Where can a project manager find risk-rating rules?

Question77: What would be the next step after determining the agreed-upon risk response for a specific risk?

Question78: The team has just completed a risk response planning session and identified responses for all the high and medium priority risks. What should the team do with the remaining low priority risks?

Question79: Tracy is the project manager of the NLT Project for her company. The NLT Project is scheduled to last 14 months and has a budget at completion of $4,555,000. Tracy's organization will receive a bonus of $80,000 per day that the project is completed early up to $800,000. Tracy realizes that there are several opportunities within the project to save on time by crashing the project work.
Crashing the project is what type of risk response?

Question80: You work as the project manager for Bluewell Inc. Your project has several risks that will affect several stakeholder requirements. Which project management plan will define who will be available to share information on the project risks?

Question81: You are the project manager for a new website for the local zoo. You need to perform Qualitative Risk Analysis. When you've completed this process, you'll produce all of the following as part of the risk register update output except which one?

Question82: A well established project begins to experience cost overruns and falls behind schedule. The project risk register identifies many risks and risk response plans in place, yet many risks are transitioning into issues. As the risks occur and become issues, many of the response plans are in progress, but not complete. The data from this graph represents the status of the project risks.

Based on this information, what improvement to the risk management process is required?

Question83: You work as a project manager for BlueWell Inc. You are preparing for the risk identification process. You will need to involve several of the project's key stakeholders to help you identify and communicate the identified risk events. You will also need several documents to help you and the stakeholders identify the risk events. Which one of the following is NOT a document that will help you identify and communicate risks within the project?

Question84: You are the project manager of the NKQ project for your organization. You have completed the quantitative risk analysis process for this portion of the project. What is the only output of the quantitative risk analysis process?

Question85: A project manager must have certain interpersonal skills to communicate with stakeholders and manage their expectations of the project work. Which of the following interpersonal skills has been identified as one of the biggest reasons for project success or failure?

Question86: You and your project team are identifying the risks that may exist within your project. Some of the risks are small risks that won't affect your project much if they happen. What should you do with these identified risk events?

Question87: You are the project manager of a large construction project. Part of the project involves the wiring of the electricity in the building your project is creating. You and the project team determine the electrical work is too dangerous to perform yourself so you hire an electrician to perform the work for the project. This is an example of what type of risk response?

Question88: You are the project manager of the NHJ project for your company. This project has a budget at completion of $1,650,000 and you are 60 percent complete. According to the project plan, however, the project should be 65 percent complete. In this project you have spent $995,000 to reach this point of completion. There is a risk that this project may be late so you have taken some measures to recover the project schedule. Management would like to know, based on current performance, what the estimate at completion for this project will be. What is the estimate at completion?

Question89: You are the project manager of the HQQ Project for your company. You are working with your project stakeholders to discuss the risks in the project that can adversely affect the project objectives. You are discussing the possibilities of causes for an identified risk event in your project. Your stakeholder is confused on the difference between causes and risk events. Which of the following is NOT an example of a cause for a project risk?

Question90: Elizabeth is a project manager for her organization and she finds risk management to be very difficult for her to manage. She asks you, a lead project manager, at what stage in the project will risk management become easier. What answer best resolves the difficulty of risk management practices and the effort required?

Question91: A regional vendor for custom manufactured steel oil derricks, is awarded a contract to design, manufacture, and install 40 offshore oil platforms. Installation of these derricks requires precision placement and stable seas for the transport and installation ships to property install the deep water structure. There are several schedule and cost incentives for early completion, and the project manager asks the project risk coordinator to perform an analysis, which will predict the probability of meeting the incentive dates. While researching methods that could be used for performing this analysis, the risk manager realizes that there are readily available spreadsheets within the organization. The risk manager is considering performing a Method of Moments (PERT) analysis with software already owned, or the other option is to buy a commercial risk analysis software suite that will perform Latin Hypercube Monte Carlo simulations at a cost of US$975.
What would be the best analytical option for this probability assessment?

Question92: Holly is the project manager of the NHQ project for her company. Her project sponsor, Tracy, has requested that Thomas, the department manager, from the Risk Management Department, will work with Holly to determine the effectiveness of the risk responses. Tracy and Thomas are concerned that some of the risks within Holly's project may not be addressed to depth they would like. In this scenario, who is responsible for ensuring that risk audits are performed at an appropriate frequency throughout the project?

Question93: 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?

Question94: Which of the following is an effective channel for risk mitigation assistance, project risk visibility and risk escalation support?

Question95: What project management plan is most likely to direct the quantitative risk analysis process for a project in a matrix environment?

Question96: What items should be included in a complex project's risk management plan?

Question97: You are the project manager of the HJH project for your company. In your project, you have created the probability-impact risk matrix as shown in the following figure:

If Risk D happens in this project, how much will be left in the contingency reserve?

Question98: Examine the figure given below. What will be the expected monetary value of Risk C?

Question99: You are the project manager of the AFD project for your company. You are working with the project team to reassess existing risk events and to identify risk events that have not happened and whose relevancy to the project has passed. What should you do with these events that have not happened and would not happen now in the project?

Question100: A race director is planning a marathon with US$80,000 in upfront costs that will be offset by race fees. The remainder of the funds will be donated to a national charity. State law mandates that all money paid by the participants must be refunded if the race is cancelled for any reason.
Which of the following is the best example of a risk mitigation response?

Question101: Frank is the project manager of the NHL Project for his company and he is starting the risk identification process for the project. Frank needs to ensure that the correct stakeholders are interviewed as part of risk identification. What document will help Frank to communicate and solicit inputs of the project stakeholders during risk identification?

Question102: What are the supporting elements for effective risk management?

Question103: Management has asked you to perform a risk audit and report back on the results. Bonny, a project team member asks you what a risk audit is. What do you tell Bonny?

Question104: When does the Identify Risks process take place in a project?

Question105: Adrian is a project manager for a new project using a technology that has recently been released and there's relatively little information about the technology. Initial testing of the technology makes the use of it look promising, but there's still uncertainty as to the longevity and reliability of the technology. Adrian wants to consider the technology factors a risk for her project. Where should she document the risks associated with this technology so she can track the risk status and responses?

Question106: One way to make it more likely practice project risk management on projects is to______________

Question107: A common understanding of the value of risk management among key stakeholders is an effective foundation to managing risk effectively. The project manager should ensure training is provided to which of the following groups to create this understanding?

Question108: The risk transference is referred to the transfer of risks to a third party, usually for a fee, it creates a contractual-relationship for the third party to manage the risk on behalf of the performing organization. Which one of the following is NOT an example of the transference risk response?

Question109: Which input could be utilized to perform quantitative risk analysis to reduce uncertainty?

Question110: You work as a project manager for BlueWell Inc. You want to create a visual diagram, which can depict the resources that will be used within the project. Which of the following diagrams will you create to accomplish the task?

Question111: What is risk tolerance?

Question112: The risk manager is documenting the results of the Monitor Risks process to add them to the lessons learned database.
A ) Effectiveness of risk response
B ) Unexpected or undocumented risks which occur
C ) Relevant risk data
D ) Management reserve report
Which of the following should be included?

Question113: You and your project team have identified the project risks and now are analyzing the probability and impact of the risks. What type of analysis of the risks provides a quick and high-level review of each identified risk event?

Question114: A risk on the risk register is triggered. This triggered risk costs US$200,000 to mitigate and will overwhelm the project, causing it to fail if not mitigated. The project manager identifies that there is US$200,000 left in the management reserve.
From which of the following sources should the funds be drawn to cover the risk mitigation?

Question115: Ben is the project manager of the CMH Project for his organization. He has identified a risk that has a low probability of happening, but the impact of the risk event could save the project and the organization with a significant amount of capital. Ben assigns Laura to the risk event and instructs her to research the time, cost, and method to improve the probability of the positive risk event.
Ben then communicates the risk event and response to management. What risk response has been used here?

Question116: Joan is the project manager of the BTT project for her company. She has worked with her project to create risk responses for both positive and negative risk events within the project. As a result of this process Joan needs to update the project document updates. She has updated the assumptions log as a result of the findings and risk responses, but what other documentation will need to be updated as an output of risk response planning?

Question117: Which of the following will ultimately determine risk thresholds?

Question118: You are the project manager for your company and a new change request has been approved for your project. This change request, however, has introduced several new risks to the project. You have communicated these risk events and the project stakeholders understand the possible effects these risks could have on your project. You elect to create a mitigation response for the identified risk events. Where will you record the mitigation response?

Question119: Della works as a project manager for Tech Perfect Inc. She is studying the documentation of planning of a project. The documentation states that there are twenty-eight stakeholders with the project. What will be the number of communication channels for the project?

Question120: Ben is the project manager of the YHT Project for his company. Alice, one of his team members, is confused about when project risks will happen in the project. Which one of the following statements is the most accurate about when project risk happens?

Question121: You are the project manager of the GGK project for your company. The GGK project has a budget of $1,265,100 and is currently 40 percent complete. In this project, you elected to add labor to the project to increase the likelihood of completing the project early as the project was only scheduled to be 35 percent complete at this time. This positive risk response, while keeping the project ahead of schedule, has added significant costs to the project. You have already spent
$575,000 to reach this point in the project. Management would like to know what your cost performance index and the schedule performance index is for this project. What are these values?

Question122: You are the project manager of the NNH project. In this project you have created a contingency response that the cost performance index should be less than 0.93. The NHH project has a budget at completion of $945,000 and is 45 percent complete - though the project should be 49 percent complete. The project has spent $455,897 to reach the 45 percent complete milestone.
What is the project's cost performance index?

Question123: During what process should a project manager assign a risk owner?

Question124: Beth is the project manager of the BFG Project for her company. In this project Beth has decided to create a contingency response based on the performance of the project schedule. If the project schedule variance is greater than $10,000 the contingency plan will be implemented. What is the formula for the schedule variance?

Question125: There are seven risks responses that a project manager can choose from. Which risk response is appropriate for both positive and negative risk events?

Question126: The project manager must evaluate two separate contractors for a project with an absolute finish date of 15 December. After performing a Monte Carlo assessment on the submitted schedules, the following information is found:

Which contractor should be chosen, because of having the highest statistical output?

Question127: Mike is the project manager of the NNP Project for his organization. He is working with his project team to plan the risk responses for the NNP Project. Mike would like the project team to work together on establishing risk thresholds in the project. What is the purpose of a risk threshold?

Question128: A newly assigned project manager is reviewing the project documents with stakeholders to identify opportunities that will fast track the project and realize the financial benefits of early completion. What document should be updated at the end of the review?

Question129: What are common examples used to communicate risk probability and impact?

Question130: Which of the following processes involves choosing the alternative strategies, executing a contingency or fallback plan, taking corrective action, and modifying the project management plan?

Question131: Your project uses a piece of equipment that if the temperature of the machine goes above 450 degree Fahrenheit the machine will overheat and have to be shut down for 48 hours. Should this machine overheat even once it will delay the project's end date. You work with your project to create a response that should the temperature of the machine reach 430, the machine will be paused for at least an hour to cool it down. The temperature of 430 is called what?

Question132: Which positive risk response best describes a teaming agreement?

Question133: Which of the following is an example of recommended corrective action in risk management?

Question134: Mark works as a project manager of the NNH project. In this project, he has created a contingency response that the cost performance index should be less than 0.91. The NHH project has a budget at completion of $950,000 and is 43 percent complete - though the project should be 50 percent complete. The project has spent $470,897 to reach the 43 percent complete milestone. What is the project's cost performance index?

Question135: Work performance information in control risks means that______________

Question136: Two companies merge. The executive leadership team for the newly formed company hires a project risk manager to integrate both companies' technology platforms into a single global platform. Since success of this integration project is critical for the new company, the project risk manager determines that risk management is vital.
What factors does risk response planning include?

Question137: Your organization has a project that is expected to last 20 months but the customer would really like the project completed in 18 months. You have worked on similar projects in the past and believe that you could fast track the project and reach the 18 month deadline. What increases when you fast track a project?

Question138: What is the purpose of mitigating negative risks as a part of the risk response process?

Question139:
Very low = 1, Low = 2, Moderate = 3, High = 4, Very High = 5.
A project manager must complete a report for a stakeholder who is concerned about the possibility of a funding shortfall. What is the most effective way to explain the risk to this stakeholder?

Question140: You are the project manager of the KJH Project and are working with your project team to plan the risk responses. Consider that your project has a budget of $500,000 and is expected to last six months. Within the KJH Project you have identified a risk event that has a probability of .70 and has a cost impact of $350,000. When it comes to creating a risk response for this event what is the risk exposure of the event that must be considered for the cost of the risk response?

Question141: You are the project manager of the BlueStar project in your company. Your company is structured as a functional organization and you report to the functional manager that you are ready to move onto the qualitative risk analysis process. What will you need as inputs for the qualitative risk analysis of the project in this scenario?

Question142: As a part of monitoring and controlling the project, the project manager should update the risk register. The project manager should update the risk register with information on risk reassessment, risk audits, and periodic risk reviews. What other information should the project manager update the risk register with?

Question143: You are the project manager of a large construction project. This project will last for 18 months and will cost $750,000 to complete. You are working with your project team, experts, and stakeholders to identify risks within the project before the project work begins. Management wants to know why you have scheduled so many risk identification meetings throughout the project rather than just initially during the project planning. What is the best reason for the duplicate risk identification sessions?

Question144: Joan is a project management consultant and she has been hired by a firm to help them identify risk events within the project. Joan would first like to examine the project documents including the plans, assumptions lists, project files, and contracts. What key thing will help Joan to discover risks within the review of the project documents?

Question145: David is the project manager of HGF project for his company. David, the project team, and several key stakeholders have completed risk identification and are ready to move into qualitative risk analysis. Tracy, a project team member, does not understand why they need to complete qualitative risk analysis. Which one of the following is the best explanation for completing qualitative risk analysis?

Question146: You are the project manager of the GHQ project for your company. You are working with your project team to prepare for the qualitative risk analysis process. Mary, a project team member, does not understand why you need to complete qualitative risks analysis. You explain to Mary that qualitative risks analysis helps you determine which risks needs additional analysis. There are also some other benefits that qualitative risks analysis can do for the project. Which one of the following is NOT an accomplishment of the qualitative risk analysis process?

Question147: You are the project manager for the NHQ Project. This project requires that you install 140 copies of design software onto your department's computers. The vendor offers you a twenty percent discount on the software if your company will purchase 150 or more copies of the software. You communicate this offer with other departments in your firm to see if anyone else would need 10 copies of the software to save your project a significant amount of funds. What is this risk response called?

Question148: Which of the following is the primary project artifact used to capture risks, strategies, ownership patterns, and other vital information about an organization's project risk baseline?

Question149: 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?

Question150: Holly is the project manager of the NSS Project for her company. She is discussing some of the project risks and the issues that have happened in the project. Holly has faxed the status report to her project client for their review. Based on the standard communication model, which component in this scenario is the decoder?

Question151: Bill is the project manager of the JKH Project. He and the project team have identified a risk event in the project with a high probability of occurrence and the risk event has a high cost impact on the project. Bill discusses the risk event with Virginia, the primary project customer, and she decides that the requirements surrounding the risk event should be removed from the project.
The removal of the requirements does affect the project scope, but it can release the project from the high risk exposure. What risk response has been enacted in this project?

Question152: You work as a project manager for BlueWell Inc. You are involved with the project team on the different risk issues in your project. You are using the applications of IRGC model to facilitate the understanding and managing the rising of the overall risks that have impacts on the economy and society. One of your team member wants to know that what is the need to use the IRGC. What will be your reply?

Question153: Rachel is the project manager of the KJH Project for her company. She needs a method to create a quick and simple approach to risk identification to communicate the project risk with the stakeholders. Which one of the following approaches to risk identification should Rachel choose to provide a quick and simple listing of the project risks?

Question154: Adrian is the project manager of the NHP Project. In her project there are several work packages that deal with electrical wiring. Rather than to manage the risk internally she has decided to hire a vendor to complete all work packages that deal with the electrical wiring. By removing the risk internally to a licensed electrician Adrian feels more comfortable with project team being safe.
What type of risk response has Adrian used in this example?

Question155: You are preparing to start the qualitative risk analysis process for your project. You will be relying on some organizational process assets to influence the process. Which one of the following is NOT a probable reason for relying on organizational process assets as an input for qualitative risk analysis?

Question156: A project is in the planning phase, and the risk manager establishes the risk management for the project. Which success factors should be taken into account by the risk manager to establish a successful risk management process for the project?

Question157: The risk manager organizes a stakeholder meeting to obtain agreement on project risk response strategies. At the conclusion of this meeting, the risk response strategies should be which of the following?

Question158: You are the project manager of the HJK project for your organization. You and the project team have created risk responses for many of the risk events in the project. A teaming agreement is an example of what risk response?

Question159: If a risk has a 20 percent chance of happening in a given month, and the project is expected to last five months, what is the probability that this risk event will occur during the fourth month of the project?

Question160: Fred is the project manager of the PKL project. He is working with his project team to complete the quantitative risk analysis process as a part of risk management planning. Fred understands that once the quantitative risk analysis process is complete, the process will need to be completed again in at least two other times in the project. When will the quantitative risk analysis process need to be repeated?

Question161: Joyce is the project manager for her company. Joyce and her project team are working through the quantitative analysis for certain risk events within her project. According to the enterprise environmental factors the project manager is to perform sensitivity analysis on any risk with an impact greater than $5,000 in the project. What is the sensitivity analysis?

Question162: As a result of the Control Risk process, the project manager updates the project risk documents using outcomes from which of the following?

Question163: Eric is the project manager of the MTC project for his company. In this project a vendor has offered Eric a sizeable discount on all hardware if his order total for the project is more than
$125,000. Right now, Eric is likely to spend $118,000 with vendor. If Eric spends $7,000 his cost savings for the project will be $12,500, but he cannot purchase hardware if he cannot implement the hardware immediately due to organizational policies. Eric consults with Amy and Allen, other project managers in the organization, and asks if she needs any hardware for their projects. Both Amy and Allen need hardware and they agree to purchase the hardware through Eric's relationship with the vendor. What positive risk response has happened in this instance?

Question164: You are the project manager of the GHY project for your company. This project has a budget of
$543,000 and is expected to last 18 months. In this project, you have identified several risk events and created risk response plans. In what project management process group will you implement risk response plans?

Question165: What is the primary difference between a risk audit and a risk reassessment?

Question166: To properly ensure risk information is incorporated into the overall project management framework, risk data must be provided to the schedule analysts and cost estimators on a periodic basis. How frequently should this be performed?

Question167: Which of the following techniques examines the degree to which organizational strengths offset threats and opportunities that may serve to overcome weaknesses?

Question168: Mary is the project manager for the BLB project. She has instructed the project team to assemble, to review the risks. She has included the schedule management plan as an input for the quantitative risk analysis process. Why is the schedule management plan needed for quantitative risk analysis?

Question169: You are the project manager of the GYH project for your organization. Management has asked you to begin identifying risks and to use an information gathering technique. Which one of the following risk identification approaches is an information gathering technique?

Question170: The risk register contains which of the following?

Question171: The risk register is developed during the initial phases of a virtualized desktop deployment. The register is reviewed by peers, responses are planned, reviewed again, and risks are prioritized.
After project completion, the risk register is reviewed as part of the formal lessons learned process. During the review, itis realized that the risk register was not updated, and many responses were not executed during the deployment.
Which of the following options should have been performed during the execution of the project?

Question172: During a weekly project review meeting, a stakeholder identifies some new risks. When creating risk responses for these newly identified risks, what should the project team do to discover trends and more efficiently manage the responses?

Question173: At the completion of a small project, the risk manager performs a risk audit and finds that several identified risks had occurred, and the impact was significantly larger than expected. While the project remained on schedule, the project budget increased by 50%. The project met all risk response milestones and no additional, previously unidentified risks, occurred on the project.
Based on this information, what risk management process improvement should the risk manager recommend for future similar projects?

Question174: A risk manager is conducting a risk audit review at project completion. Which of the following represents the order that the steps should be performed to complete the full risk audit review?

Question175: You are the project manager of the GHE Project. You have identified the following risks with the characteristics as shown in the following figure: How much capital should the project set aside for the risk contingency reserve?

Question176: You are working with your project stakeholders to identify risks within the JKP Project. You want to use an approach to engage the stakeholders to increase the breadth of the identified risks by including internally generated risk. Which risk identification approach is most suited for this goal?

Question177: In addition to monitoring and controlling the project risks for their status and information the risk monitoring and controlling process accomplishes four key things for a project. Which one of the following is NOT a determination that is made by the risk monitoring and controlling process?

Question178: Who is the most appropriate person to conduct a risk identification brainstorming session?

Question179: The company board is concerned about potential legal action from a high-risk project. What technique can be used to justify risk response decisions taken on this project?

Question180: You are the program manager for your organization. Management is considering a new program but they are worried about the program risks that may affect the program success. You know that there are three positive risks responses and three negative risk responses that each risk can have. Management asks you which risk response would be most appropriate for a large risk event if they wanted to hire a third-party to own the risk event for the program. What risk event is most appropriate?

Question181: Which of the following is a key element of neuro-linguistic programming?

Question182: Which of the following is NOT an objective of a risk audit?

Question183: You are the project manager for your organization. You have determined that an activity is too dangerous to complete internally so you hire licensed contractor to complete the work. The contractor, however, may not complete the assigned work on time which could cause delays in subsequent work beginning. This is an example of what type of risk event?

Question184: A part of a project deals with the hardware work. As a project manager, you have decided to hire a company to deal with all hardware work on the project. Which type of risk response is this?

Question185: You are the project manager of the NNQ Project for your company and are working with your project team to define contingency plans for the risks within your project. Mary, one of your project team members, asks what a contingency plan is. Which of the following statements best defines what a contingency response is?

Question186: Tom is the project manager for his organization. In his project he has recently finished the risk response planning. He tells his manager that he will now need to update the cost and schedule baselines. Why would the risk response planning cause Tom the need to update the cost and schedule baselines?

Question187: Fill in the blank with an appropriate phrase. The _________ is the risk or danger of an action or an event, a method or a (technical) process that still conceives these dangers even if all theoretically possible safety measures would be applied.

Question188: You work as a project manager for BlueWell Inc. You are performing the quantitative risk analysis for your project. One of the project risks has a 50 percent probability of happening, and it will cost the project $55,000 if the risk happens. What will be the expected monetary value of this risk event?

Question189: Henry is the project manager of the QBG Project for his company. This project has a budget of
$4,576,900 and is expected to last 18 months to complete. The CIO, a stakeholder in the project, has introduced a scope change request for additional deliverables as part of the project work.
What component of the change control system would review the proposed changes' impact on the features and functions of the project's product?