ASEP - Associate Systems Engineering Professional Risk and Opportunity Management Questions and Answers

Question 1

A systems engineering team identifies a potential risk that a key supplier for a custom component might go out of business.
After identifying this risk, what is the most critical next step in the risk management process?

Accepted Answer

Analyze the probability of the supplier failing and the impact on the project's cost and schedule.

Answer

Immediately select an alternate supplier to start fabricating the part.

Answer

Purchase insurance to cover the potential financial loss.

Answer

Accept the risk and add extra time to the project schedule as a buffer.

Question 2

A project team is using a graphical tool to prioritize a list of identified risks. They plot each risk on a grid where one axis represents the likelihood of occurrence and the other axis represents the severity of the consequence. What is this tool called?

Accepted Answer

Risk Matrix

Answer

Fishbone Diagram

Answer

Gantt Chart

Answer

Work Breakdown Structure

Question 3

A project faces a significant risk of schedule delays if they develop a new, complex software module from scratch. The team decides to alter the project plan to instead integrate a commercially available, proven software component that meets the requirements. Which risk response strategy is being employed?

Accepted Answer

Avoidance

Answer

Mitigation

Answer

Transfer

Answer

Acceptance

Question 4

During system integration, an engineer discovers that a new, more efficient data compression algorithm is now available which was not an option during the design phase. Implementing it could significantly improve system performance, which is a key stakeholder desire. According to the principles of opportunity management, what is the most appropriate initial action?

Accepted Answer

Analyze the potential benefits, costs, and any new risks associated with implementing the algorithm.

Answer

Immediately begin rewriting the software to include the new algorithm.

Answer

Dismiss the finding to avoid scope creep and potential schedule delays.

Answer

Document the finding in a 'lessons learned' report for future projects.

Question 5

Which of the following best describes the primary objective of the Risk and Opportunity Management process within systems engineering?

Accepted Answer

To proactively identify, analyze, and treat uncertainties to increase the likelihood of meeting project objectives.

Answer

To create a comprehensive list of all things that could possibly go wrong and assign blame if they do.

Answer

To secure additional budget and schedule margin from management to cover any unforeseen problems.

Answer

To eliminate every potential negative event before the project begins.

Question 6

For a risk to be clearly understood and analyzed by all stakeholders, it should be documented in a well-formed risk statement. Which of the following components are essential for a complete risk statement?

Accepted Answer

The potential, uncertain event or condition and the resulting consequence or impact on objectives.

Answer

The mitigation plan, the person responsible, and the due date.

Answer

The project name, the date identified, and the risk category.

Answer

The budget impact, the schedule impact, and the technical impact.

A systems engineering team identifies a potential risk that a key supplier for a custom component might go out of business.After identifying this risk, what is the most critical next step in the risk management process?

A systems engineering team identifies a potential risk that a key supplier for a custom component might go out of business.
After identifying this risk, what is the most critical next step in the risk management process?