CPE Risk Management & Quality Assurance 2

Question 1

Which risk response strategy involves shifting the negative impact of a risk to a third party, such as through insurance?

Accepted Answer

Transfer

Answer

Risk transfer moves the financial or operational impact of a risk to another party, typically via insurance or contractual agreements.

Question 2

In Monte Carlo simulation for schedule risk analysis, what does the P80 value represent?

Accepted Answer

The date with an 80% probability of being met or exceeded

Answer

P80 means there is an 80% probability that the project will complete on or before that date based on the simulation results.

Question 3

A Fishbone (Ishikawa) diagram is primarily used in quality management to:

Accepted Answer

Identify root causes of quality problems

Answer

A Fishbone diagram helps teams systematically explore all potential root causes of a quality issue by categorizing contributing factors.

Question 4

Which of the following best describes a 'Risk Breakdown Structure' (RBS)?

Accepted Answer

A hierarchical framework categorizing sources of project risk

Answer

An RBS organizes risks into hierarchical categories (technical, external, organizational, etc.) to ensure comprehensive risk identification.

Question 5

What is the primary purpose of a quality audit in a construction planning project?

Accepted Answer

To independently assess whether quality processes are being followed

Answer

Quality audits verify that defined quality management processes and standards are being implemented correctly on the project.

(CPE) Certified Planning Engineer Practice Test