CAPM Risk & Quality Management 4

Question 1

Which quantitative risk analysis tool simulates thousands of possible project outcomes by varying input values within defined ranges?

Accepted Answer

Monte Carlo simulation

Answer

Monte Carlo simulation runs thousands of iterations with random variable inputs to produce a probability distribution of possible project outcomes.

Question 2

A project manager adds extra time to a schedule to account for identified risks. This buffer is called:

Accepted Answer

Contingency reserve

Answer

Contingency reserves are planned time or budget buffers specifically allocated to address identified risks within the project baseline.

Question 3

The Manage Quality process primarily aims to:

Accepted Answer

Audit quality processes for compliance and improvement

Answer

Manage Quality (formerly Quality Assurance) focuses on auditing processes to confirm quality standards are being applied and identifies improvements.

Question 4

Which technique involves comparing project practices against those of other organizations to identify performance improvements?

Accepted Answer

Benchmarking

Answer

Benchmarking compares actual or planned practices against those of comparable projects to identify best practices and improvement opportunities.

Question 5

A risk that is not identified during planning but emerges unexpectedly during execution is called a:

Accepted Answer

Unknown-unknown risk

Answer

Unknown-unknown risks (unk-unks) are those that cannot be anticipated and are addressed through management reserves and workarounds.

CAPM Practice Test