PMI Risk Management Professional
You are assigned a new project. You learn that the technology department wants the project objective to be a 15% improvement in throughput. The operations’ department wants no more than 3% of its resources used on the project and senior management is asking the project to reduce tax liability. As PM, the best thing you can do is:
Include operations and technology objectives but not the management objectives until you have further meetings
Alexander is new to the organization and has been assigned a complex, multi-year project to deliver a new technology offering to the field offices. As Alexander begins to evaluate the project for risks what area would be most appropriate to consider first?
The scope of the project
You are the Project Manager of ABC project. The project is being executed in an earthquake-prone area. To take care of this you buy insurance for earthquakes. This is an example of:
Transfer of risk
Jennifer is a publisher. In order to make sure that her writer delivers on time, she inserts a penalty clause for late delivery into her writer’s contract. Jennifer is using which risk response?
The person responsible for ensuring that an appropriate response strategy is selected and implemented and for determining suitable risk actions to implement the chosen strategy.
A cost performance index (CPI) of 0.75 suggests the project is:
Over-budget to date
This risk response creates changes to the project management plan that are meant to either eliminate the risk or to protect the project objectives from the its impact
You are nearing the completion of your project. Upon evaluation of the previously identified risks, you realize that 18 of the 35 risks can be closed. What is the appropriate handling of closed risks?
Indicate that the risk is closed on the risk register
This is a plan developed in anticipation of the occurrence of a risk, to be executed only if specific, predetermined trigger conditions or the risk itself arises.
Which risk management technique would be most useful for providing an early warning threshold for sponsor communication and for tracking the spending and release of contingency on the project?
Your project has a dependency requiring that the design be completed prior to the beginning of manufacturing. This is what type of dependency?
This tool / technique examines and documents the effectiveness of risk responses in dealing with identified risks and their root causes, as well as the effectiveness of the risk management process
Because there was a risk of rain during the outdoor event, the team decided to put a tent over the main banquet area. A risk has now been identified that the tent may become unsecured with high wind. The tent becoming unsecured is an example of:
A secondary risk
Exploitation is to opportunities as ________________ is to threats.
As you developed your project schedule, you identified resource constraints as a potential risk cause. As such you decided to utilize the method of planning that leverages time buffers to monitor and manage schedule performance and account for limited resources. This technique is known as:
Critical chain method
The components of the communication model include:
Message, noise, receiver, medium, and sender
You have accepted a new role in the organization’s project management office. Your first task is to evaluate the performance of the projects within the portfolio. You notice that the Widget project has a negative cost variance and an SPI less than 1.0. This indicates that the project may be:
Over-budget and behind schedule
You are providing guidance to a peer project manager who has recently joined your project organization regarding risk monitoring and controlling. You advise her that the most effective setting for monitoring and controlling project risks is:
Team status meetings
This is the process of numerically analyzing the effect of identified risks on overall project objectives, assigning a numerical rating to those risks individually or evaluating the aggregate effect of all risks affecting the project, and presents an approach to making decisions in the presence of uncertainty.
Perform Quantitative Risk Analysis
You are the Project Manager for the new marketing campaign project. You need to find out which customer complaints occur most frequently on the product that will be replaced with the new marketing campaign. Which tool should you use to illustrate and rank the most frequently occurring complaints?
With your team, you have identified 35 risks. Of the 35 risks, you realize that five of them will have the greatest impact to the project. You would like to illustrate the risks in a format that illustrates this effect. A chart that is useful in prioritizing risk management efforts as it provides the risk causes ranked by their overall influence on the project would be:
A Pareto diagram
You have identified risks with the project team and key stakeholders, analyzed those risks, and implemented the designated risk responses. What is the next thing you should do?
Identify and analyze any residual and secondary risks
Your PMO offers guidelines on project cost estimation and the evaluation of projects using earned value. For the purposes of earned value analysis, you are instructed to use the cost performance baseline. The difference between the cost estimate and the cost performance baseline can be described as:
You have just started work at a new company. The company procedures require the creation of a lessons learned document for all projects. Lessons learned documentation was never developed on your prior projects. What is the best use of lessons learned?
Historical records that can be used for future projects
You are mentoring a project manager that is struggling with his project. The project has been running behind schedule and over budget. You suggest that he conducts an ongoing trend analysis in order to:
Forecast future project performance
The project team has identified some additional functionality that they claim will make the product more appealing to the customer. This functionality was not included in the original requirements documentation and as such is considered scope creep. Creeping scope is a major concern of any project. The person responsible for safe- guarding customer change requests is the:
You and your project management team have identified 73 risks on your project, identified and documented the triggers, plotted the risks on a probability/impact matrix, and evaluated the quality of the data that was used. What did you forget?
To involve the other stakeholders
You are the project manager over the project to upgrade all existing patient systems to comply with electronic record requirements, as determined by the US government. What would be the most appropriate technique to establish a reserve for the schedule duration, budget, estimated cost, or funds for a project based upon the remaining level of project uncertainty:
As project manager, you are trying to complete the process redesign project but cannot seem to get the appropriate amount of attention for your project. You are finding you have little authority to assign resources and the resources are primarily focused on process-related work. What type of an organization are you working in
You have completed the analysis of the risks facing the project. You would like to include a graphical representation of the risks in your status report. What diagram would best represent the risks depicted in order by their overall influence?
This is your first project for your new employer. You are in the process of identifying risks but there are no existing risk register templates available for your use. Given your past project experience, you create a risk register template. What would you not include in the risk register?
A decision-making technique that uses a diagram to compare available alternatives and the implications of those alternatives.
Decision tree analysis
You are the project manager in a matrix organization and you determine that there are additional human resources needed. From whom would you request the additional resources?
The functional manager
A type of sensitivity chart where the variable with the highest impact is placed at the top of the chart followed by other variables in descending impact order
A quantitative risk analysis and modeling technique used to help determine which risks have the most potential impact on the project by examining the extent to which the uncertainty of each project element affects the objective.
The project manager is managing a large, complex project with 50 stakeholders and more than 18 team members. The project manager may use ____________ to ensure that the team clearly knows what work is included in each of their work packages.
The WBS dictionary
These are factors that are considered to be true, real, or certain and affect all aspects of project planning
Workarounds are determined during which risk management process?
Monitor and control risk
Using this technique allows for all participants to provide their opinions through a tallying process. Each group member gives their opinion and duplicate opinions are removed. The remaining list is ranked by the group members.
Nominal group technique
A collection of formal, documented procedures that defines the steps by which the project may be changed is known as:
Change control system
There are 12 project team members on the website development project. A member of the project team is talking to another team member at lunch and complaining that there are a number of different people asking her to do things. If she works in a functional organization, who has the power to give her direction?
The functional manager
Mitigation is to threats as _____________________ is to opportunities.
You are a project manager in a matrix organization. Information dissemination is most likely to be effective when:
Information flows both horizontally and vertically
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