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Question1: A project team in a multinational organization is working on a risk management plan for a multimillion-dollar project. This project involves three global regions with a wide range of critical stakeholders with varying degrees of risk appetite.What should the risk manager advise the project team to do?
Question2: A risk manager has a well-structured risk management process in place for a complex project with a tight schedule. Despite implementing preventive actions, one of the risks identified in the early stages of the project has still occurred and is now an issue.What should the risk manager do next?
Question3: .A project manager is identifying risks on a project and decides to use a risk checklist to gather historical data accumulated from similar projects. With several different historical project files to choose from, which two pieces of information should the project manager include in their risk checklist? (Choose two.)
Question4: it typically takes 5 hours to perform a complete home inspection. If there are unforeseen risk factors, it can take up to 7 hours to finish the inspection. The earliest the project team has ever finished an inspection is in 3 hours.Using the project evaluation and review technique (PERT) to estimate duration how many hours should the project manager plan to schedule the task taking into account all the positive and negative risk factors?
Question5: A home solar panel project has many internal and external stakeholders including households, businesses, community groups, electric utility companies, local government officials, landlords, and investors. What should the project manager do when engaging stakeholders?
Question6: An IT project is 40% complete. During the initial analysis, risks A and B were identified for the project. Risk A has a probability of 0.6 and an impact of US$50.000. Risk B has a probability of 0.7 and an impact of USS60.000. After implementing the planned risk response for risk B. the probability of risk B has been reduced is 0.3.What is the current project risk exposure?
Question7: An organization that spans across different countries undergoes a digital transformation project. The project manager has assigned a risk management team leader who is a risk management certified candidate in their domain.What should the risk management team leader do in the early stages of the project?
Question8: in a complex and critical project, a sponsor asks the risk manager to determine where the project's concentration of risks is greatest by performing a quantitative risk analysis. There are no organizational process assets (OPAs)s about the risk categories.Which tool could the risk manager use to discover the project risk categories?
Question9: A risk manager has been assigned to a project constructing a chemical laboratory. Unfamiliar with chemical laboratories, the risk manager is unsure of where to start objectively identifying risks.What should the risk manager do?
Question10: A budget change request was initiated by a functional manager in an organization due to a shortage in the functional manager's department budget. The functional manager asks the CEO to approve utilization of a contingency budget reserved for one of the projects in its closing phase.What should the risk manager of the related project have done to prevent this situation from happening?
Question11: A risk manager is reviewing documentation for a project following a risk planning workshop with project stakeholders and team members. Several items have been identified on the risk log that would be detrimental to project success, but the associated triggers cannot be managed by the organization and are unlikely to occur.Which response should the risk manager recommend for these risk items?
Question12: A risk management professional is currently facilitating the risk planning process with the project team. To increase the breadth of considered risks, the team wants to include high-level and strategic project risks.What should the risk management professional do next?
Question13: A subcontractor working on a project may cause delays in the construction schedule. The project manager records this risk in the risk register and issues a change request sponsor rejects the change request.What should the project manager have done differently?
Question14: The stakeholders of a building construction project are not comfortable with the project manager's handling of the project as they believe there is a financial risk. The project manager asks the risk manager to assist in demonstrating to the stakeholders that the project risks are under a tolerable threshold.What should the risk manager do first to demonstrate this to the stakeholders?
Question15: The scope of a large mobile network deployment project includes equipment to be furnished by the customer.The risk manager is concerned that the equipment delivery might be delayed, causing additional delays in the project.What should the risk manager do?
Question16: Three months into a program, multiple workstreams are showing issues. At this point, the program manager requires that a risk impact assessment be conducted.What will help calculate the impact?
Question17: A project team has completed the risk identification steps in a project and compiled a list of 25 risks. The team wants to create response plans for all the risks to avoid any future issues, but the resources and constraints limit the options.What should the risk manager do?
Question18: A risk manager has been assigned to replace a risk manager on sick leave. The new risk manager notices that the risk register is missing data that are key to the risk management process.Which data will the risk manager require first?
Question19: Some project risks are applicable for the project's lifecycle while others risks are only applicable to specific project activities. When should project risks be closed?
Question20: A project is In the initiation phase. The project stakeholders are Invited to a meeting to share their thoughts that may impact the project In a positive or negative way.What will be the main output of this meeting?
Question21: A risk manager and project team are managing a software system project, which is expected to be completed within 12 months. The project is currently halfway through, and the team has just delivered the second version of the prototype. During the weekly status meeting, a team member reported that an important stakeholder is facing an issue, which will likely result in a change request that is outside the scope of the current prototype.What should the risk manager advise the team to do first?
Question22: While executing an oil extraction project in an environmentally sensitive area, weather is the main cause of delay in the project work. The risk manager was aware that the delays caused by the weather could not be avoided or mitigated.What should the risk manager do to manage this risk?
Question23: A risk manager for a financial organization is assigned to support a project team in developing a custom software solution to manage loans. Which document should the risk manager request first from the project sponsor to identify major risks?
Question24: A risk management team has completed a quantitative analysis, and the individual score in terms of schedule and cost has been identified. The team is consolidating inputs for contingency planning and notices that the available time and funds are not sufficient for all the risks.What should the risk manager advise the project team?
Question25: The risk manager is facilitating risk planning activities with the team. The team is documenting all the check points along the way that might indicate delays on critical deliverables.What is this an example of?
Question26: A project has consistently been lagging in cost performance index (CPI) and schedule performance index (SPI) over the past few months. The risk manager realizes that some activities are taking longer than expected and more resources are needed.Which project artifact should the risk manager analyze to mitigate the risk of further project overrun?
Question27: A project team identified some risks in a project. Team members became interested in predicting the outcomes of their potential choices following their probability of occurrence.Which technique should the risk manager use?
Question28: A project manager is working on a complex construction project. During the risk identification process, hundreds of risks were identified. The team seems to be confused regarding on which risks to focus. The project manager advises the team to go ahead and start assessing the likelihood and impact of each risk.What process is this part of?
Question29: A risk manager reviews a Monte Carlo schedule risk analysis model before sharing the results with the project manager. The risk manager notices that activity correlations were not included in the model.What is an effect of adding the correlation to the model?
Question30: As per the risk analysis process carried out for a project, two risks are registered. The probability risk A will occur is 40% and its monetary impact to the project is US$100,000. The probability risk B will occur is 60% and its monetary impact to the project is US$20,000.What is the total contingency budget that should be created?
Question31: During the project's lifecycle, project risk managers must monitor any risks and address risk responses. What does this level of monitoring consist of?
Question32: During a meeting with a project team, a project manager asks a risk manager to determine the risk events that could potentially have the most impact on a 2-year project with a budget of US$800 000. Which approach should the risk manager suggest the project manager take?
Question33: The project sponsor asks the project manager about the accuracy of the project data. The project manager realizes that some risks have not been updated recently.What should the project manager do regarding those risks?
Question34: A project is in the execution phase and involves large volumes of supplies. The project is the last phase of a10-year initiative. The project sponsor asks the project manager to provide the performance report for the whole initiative.Which analysis should the risk manager do to provide the project manager with the performance report?
Question35: A risk manager has been assigned to a project in a company that is undergoing a significant cultural and organizational change. The risk manager will start planning risk management. activities with stakeholders but is unsure with whom to engage.What should the risk manager do?
Question36: A project manager is assigned to a new project and is told they need to develop the project's risk register.When should the project manager identify the project risks?
Question37: As a project approached completion, a risk manager conducted a risk response audit and verified the effectiveness of risk responses. What should the risk manager do next?
Question38: What should the risk owner use as an effective information-gathering technique during the planning session?
Question39: A risk manager administered a pre-workshop risk survey in preparation for the upcoming workshop. The workshop invitees participated in the survey and submitted many risks encompassing all project phases and risk areas. The risk manager sorts risks by similarities and categories for the workshop.What should the risk manager do next to visually organize the risks?
Question40: A risk manager recently had to take an unexpected leave of absence. An interim risk manager has been tasked with completing risk planning for a new project. The interim risk manager has been provided with a strength, weaknesses, opportunities, and threats (SWOT) analysis that was completed during a project kickoff meeting several weeks ago.What should the interim risk manager do to derive actionable risk responses from the SWOT analysis?
Question41: A new company initiates a project to incorporate a cybersecurity team. Which three documents should the risk manager analyze first? (Choose 3)
Question42: During a project progress meeting, a project team member is concerned that one of the risks has triggered several other low-level risks. These risks should be responded to quickly or therewill be severe consequences for the project deliverables.What should the risk manager do?
Question43: After starting a new pipeline project, a risk manager schedules an initial meeting with the project sponsor. For the meeting, the project sponsor requests a presentation of the risks that have the most impact on achieving the project objectives.What should the risk manager do to facilitate the sponsor's ask?
Question44: An organization with a portfolio of unique business functions kicks-off a performance improvement project across the entire organization. There are a large number of stakeholders the project team will need to consider during risk identification.What three actions should the risk manager ensure the project team performs during risk identification?(Choose 3)
Question45: A project manager works on a long-term and high visibility project at an organization that has a low risk appetite towards this project due to its impact on the company's business. The project sponsors follow up weekly with the project manager, who was just informed by one of the risk owners that the exposure from two high-impact risks are hitting the risk thresholds.What should the project manager do next?
Question46: The project risk manager on a large firm fixed priced (FFP) contract has an up-to-date risk register with accurate and detailed information. What should the project risk manager do next?
Question47: A project team has completed plan risk response activities and has identified three critical risk response plans to major risk events. The responses have been monitored and implemented, with one of the responses presenting the two secondary risks.What should the risk manager do next?
Question48: A risk manager for a cross-functional project is initiating the risk identification process. The risk manager conducted some meetings for stakeholders to express their concerns, but some stakeholders are complaining that their opinions were not considered.How should the risk manager address these concerns?
Question49: A risk manager for a hospital extension project is leading a project team in developing a risk management plan. One team member is responsible for conducting risk identification. The team member just joined the team and is struggling to ensure the coverage of all risks that might arise in this complex project.How should the risk manager address this concern?
Question50: An organization performs an annual strategies and initiatives workshop during which a strengths, weaknesses, opportunities, and threats (SWOT) analysis is being conducted. As part of this process the functional managers identify the opportunities and threats.What should the risk manager do next?
Question51: An organization faces immense competition in the market and decides to accelerate a key project. What is the first action for the project risk manager to take?
Question52: A financial institution is creating a new product database tor their clients. The project sponsor of this project is concerned about failure of the digital platform that hosts the database. The risk manager states that this risk will only occur if there is a major power outage; however, the financial institution has back-up power generators in place.What type of risk is being referred to here?
Question53: An agriculture government agency faces different challenges with farmers and landlords In implementing its ambitious growth strategy. The agency decided to establish an enterprise risk management unit to identify risks, analyze risks, and provide a handbook showing how to handle the surrounding uncertainty.What should the risk management expert recommend the agency do first to identify risks and develop the handbook?
Question54: A project manager has requested the risk manager's support in deciding whether to purchase a new component to expedite project execution. The component price is US$100,000 and there is a 30% chance that it might not function as expected resulting in an additional US$50,000 cost However, if the component does work well the project will make a profit of USS500.000. If the component is not purchased, there is an 80% chance of failure with an impact of US$250 000.What should the risk manager recommend?
Question55: A newly assigned risk manager realizes that a project has unrealistic funding and low resources. Which document should the risk manager review?
Question56: In a large industrial business, an on-going system development project faces a previously identified risk. The risk is adequately managed by the risk manager, however there is still residual risk.What should the risk manager do?
Question57: A company in the mining industry accommodates a lot of innovation and changing work conditions. Because of this, the company experiences difficulty in predicting long term business plans.How should a professional risk manager manage the risks in such situations?
Question58: During the construction of a housing development, a project team realizes they exceeded their materials budget during the first of three execution stages. The risk manager observed that the team did not notice that the cost of the materials increased due to continuous inflation in the steel market.What could have been done during project planning to avoid overspending?
Question59: A web page for weather reports will be online next quarter. During the retrospective, discrepancies were discovered with the customer's requests and the user experience (UX). There is a disagreement between the product owner and the development team about what may have gone wrong and led to this.What should the Extreme Programming (XP) coach do to keep the project on track and deliver on time?
Question60: A project team's manager is responsible for delivering a specific initiative for the organization. They are preparing for a monthly meeting where the manager will present on the current state of this initiative. The agile project lead sends the manager the following email with the current initiative status (Refer to the email exhibit).How many total story points is the entire initiative?
Question61: What is an example of legal and regulatory requirements and/or constraints when assessing a project environment for threats and opportunities?
Question62: A risk manager has been assigned to an upcoming project. A senior risk manager within the organization recently completed a similar project and has provided a lessons learned document to aid planning efforts for the upcoming project. Upon reviewing the document, the risk manager discovers that the completed project was delivered several months behind schedule and several thousands of dollars over budget. The root cause was determined to be an unforeseen risk trigger that caused several items to be reworked, creating cascading schedule delays and depleting management reserves.What should the risk manager do to mitigate the chance of the same issues reoccurring?
Question63: A software development project team was preparing for a phased release when an unknown and unexpected risk occurred with potential for delaying one of the features for the planned release. The project team decided to go ahead with the release and address this missing feature at a later date. One of the end users learned about this and strongly opposed the planned release.What should the risk manager have done to prevent this situation?
Question64: A list of risks was identified that could occur during the design phase. Now, the team finished the design phase and those risks did not materialize.What should the project manager do next?
Question65: A project manager realizes the team undertaking the project work has fallen behind the planned schedule. The risk manager identifies a new risk resulting from this delay and will need to understand how this will affect the project deadline.Which kind of numerical analysis should be performed to understand the worst-case scenarios?
Question66: A project manager managing a high-risk rating project was just informed that one of the key project resources has decided to leave the organization. The project manager asks the risk manager for their recommendations.The risk manager previously identified this as a risk and had created a transition plan to enable another resource to carry out the same duties. The risk manager was informed that by transitioning the responsibilities to the new resource, new risks to the completion dates of other project-related tasks appear.What should the risk manager advise the project manager?
Question67: A project team does not understand why a very low probability risk occurred during project execution. The team was especially vigilant about planning for this type of risk during the risk planning phase. The project has been delayed by 2 months, and the stakeholders are considering canceling the project. The risk manager needs to demonstrate that the project can be concluded.Which analysis should the risk manager perform to demonstrate this to the stakeholders'?
Question68: The project team is updating the risk register with the minimum acceptable level of exposure and impact for each risk. The team also wants to determine if they have reached the maximum level of exposure before they escalate the risk.What should the team perform in this scenario?
Question69: A risk manager documents the causes in the risk register and needs to ensure the risk is adequately described.What is critical for the risk manager to consider when describing the causes?
Question70: An organization with a large computer network identified a potential cyber security threat. Although certain measures were implemented to avoid the risk, the cyber security threat occurs. The measures were partially successful and a new unforeseen risk emerges.What should the risk owner do?
Question71: The project manager is reviewing the lessons learned from a previous similar project. The previous project was delayed due to the delay in delivery of a gas turbine generator (GTG). Construction of the previous project had to be shut down unexpectedly to wait for the late delivery of the GTG.What should the project manager do first?
Question72: A project is at the final development stage. The test lead informs the risk manager that a key feature may not be testable due to changes in the environment What should the risk manager do?
Question73: An organization is embarking on a multi-million-dollar project with numerous identified risks. What should the project risk team do to navigate the risks on this project?
Question74: A company has implemented a policy requirement for employees to use complex passwords and update them regularly. A few employees are unable to make the changes, which increases the likelihood of cybercriminals compromising their passwords.What should the risk manager do?
Question75: The project risk manager is in the process of identifying risks. The project sponsor has communicated that there is an influential stakeholder who has a senior management position. The other stakeholders do not feel comfortable speaking in front of this stakeholder.What should the project risk manager do next to identify risks?
Question76: A project is evaluating a new software to streamline the current purchase order process. The current process is labor-intensive and involves printing, ink signatures, scanning, and emailing. Several team members gathered cycle time data to gauge the current process and evaluate the new process.What should the risk manager do next with the data set?
Question77: A project has a significant impact on an organization. Multiple stakeholders expressed concerns regarding the overall project risk during construction of the risk management plan, and they agreed that the risk appetite is low.What should the project risk manager monitor closely?
Question78: A risk manager is facilitating a risk identification workshop on a new product with technical experts. There is no consensus among the technical experts on most of the identified risks and their characteristics. The risk manager decides to resolve this difference using another technique.Which technique should the risk manager use in this situation?
Question79: A risk manager has to inform a project sponsor of the expected duration of an entire project. The project has three mam tasks, each with different probabilities of duration.Which analytical tool should the risk manager use?
Question80: A company has a project whose objective is to extract gold reserves from Field 1. However, another field closest to the company. Field 2, which has a higher probability of having twice as much gold reserves than Field 1. The risk manager requests the board of Directors to include Field 2 under the scope of the current project by management of change because the project's profitability will increase by 80%.What type of request is the risk manager describing?
Question81: The project manager and the risk manager of a new project to develop an application to support autonomous driving are meeting with the sponsor and key stakeholders to discuss the project. During the meeting, it is identified that the transport authority is discussing new traffic regulations for the industry that could be in place before the project ends.How should the project manager and the risk manager handle this situation?
Question82: A risk manager is managing risks of a mission critical application. A subject matter expert (SME) asks the risk manager to treat every single risk identified as an extremely high priority.What should the risk manager do?
Question83: Some issues and unexpected results were found after completing the first phase of a project. The project team is planning the next phase and team members want to avoid the previous issues.What should the risk manager do to avoid the previous issues?
Question84: The risk manager notices that in their workshops, most of the risks identified are threats. What should the risk manager do to increase the number of opportunities identified?
Question85: Stakeholder deliverable reviews will start soon and additional work is expected to resolve any issues or required adjustments. Budget overruns during execution have put serious constraints on the remainder of the project's budget.What should the project manager do next?
Question86: A project team has completed the risk response plan for a newly identified major project risk. Some team members argue the plan does not totally eliminate the risk, considering the effort required to implement it, and feel the planned response should be thrown out altogether.What should the risk manager do in this situation?
Question87: A company is preparing a formal response to bid for an infrastructure engineering, procurement, and construction project. When should a risk register be developed to identify risks?
Question88: During a brainstorming session, a stakeholder identifies a risk that, if realized, could greatly impact their team. The stakeholder insists that this particular risk should be mitigated to the greatest extent possible, however, the majority of other stakeholders feel that different risks have higher probabilities of occurring.Which action should the risk manager take to address this risk?
Question89: A key project is delayed and all contingency reserves have been used even though the project team has implemented all planned risk responses. What should the risk manager do next?
Question90: A risk manager monitors risks on a medium-sized project by collecting inputs and data from individual project team members. What output is produced by the risk manager after analyzing the information they receive?
Question91: During a risk reassessment workshop with the project team and some external stakeholders, two key external stakeholders are overemphasizing the impact of a few project risks. This has led to a conflict.How should the risk manager handle this situation?
Question92: During a virtual workshop presenting a product to potential clients, a facilitator emails the product brochure and asks attendees to check their spam folder if the email does not appear in their inbox. What kind of threat strategy is the facilitator applying?
Question93: A risk manager for a large project has completed documenting the risk management plan. The project is moving from planning to execution.Which three actions should the risk manager take to ensure the risk management plan remains effective during the project timeframe? (Choose 3)
Question94: A new risk manager has been assigned to a project experiencing delays, quality issues, low performance, and client complaints. The work is being completed with the client's vendor, which apparently has been causing all of the issues.What should the risk manager do first?
Question95: When selecting strategies as an activity of Plan Risk Response, what is the overall goal?
Question96: A project team has just initiated a large project to move an organization's headquarters to another location.The risk manager has scheduled a risk identification session but notices that the project charter, work breakdown structure (WBS). and scope statement are not available.What should the risk manager consider?
Question97: The project manager for project X was expecting the mobilization of critical equipment from another project, project Y. However, a day before the mobilization was scheduled, another project manager notifies project X's project manager that the equipment would not be available for at least another month due to delayed activities for project Y. This has jeopardized meeting a critical milestone for project X.How should project X's project manager avoid this situation in the future?
Question98: A risk manager is preparing risk reports to be included in the monthly status report for project executives.How should the risk manager present the information?
Question99: There is a debate within the organization on whether projects need to be agile or waterfall. Some agile terms and principles are understood differently by the key stakeholders, and this delays the decision-making process.
Question100: One project in a program needs to be completed in 6 months because there is a large bonus for early completion. Consequently, the program manager transfers all resources to this project and arranges for employees to receive overtime pay.Which risk response strategy is the program manager using in this scenario?
Question101: A project manager has determined that an activity is too complex to complete internally so they hire a licensed contractor to complete the work. What is the project manager performing in this situation?
Question102: In a complex project, individual risks have been identified with the stakeholders. The project sponsor asks the risk manager about the likelihood of project success. Which risk analysis tool(s) should the risk manager use as a basis for their response?
Question103: A risk manager faces resistance as they try to implement the project's risk strategy. Some members of the project team believe it is a waste of time and money, What should the risk manager do?
Question104: After presenting a list of risks to the major project stakeholders and project sponsor, the board requested the risks be sorted differently from the results presented by the project team.This is a major issue and will cause a 2-week delay in the project.How could the risk manager have avoided the board's response?
Question105: In a project to promote public health and mitigate health risks, the national health authorities intend to take actions to limit the risks of harmful insects by using pesticides; however, it is expected that some residents will have negative health effects due to the use of the pesticides but according to the assessment completed by the health authorities, not moving forward with this plan will have much more serious consequences on public health rather than following through with the original plan.How should the project manager address this concern with the health authorities?
Question106: A project manager is developing the risk register and works with the team to analyze risks and determine their probability and impact. There is valuable historical data available that may be used to simulate the overall risk outcome.Which type of analysis should the project manager use in this instance?
Question107: A project manager wants to introduce a new technology to improve a project's performance. However, there are some costs associated that are beyond the current budget, and the proposed technology has not been applied to any previous company projects.What should the project manager do in this situation?
Question108: The project risk manager for an environmental preservation project has started the process of monitoring and controlling risks, The project manager has asked the project team to document the results of this process.How should this documentation be utilized in the future?