CPE Risk Management & Quality Assurance 4

Question 1

In risk management, what is a 'risk trigger' (also called a risk symptom or warning sign)?

Accepted Answer

An indicator that a risk event is about to occur or has occurred

Answer

A risk trigger is an early warning signal indicating that a risk event is imminent, prompting execution of the pre-planned risk response.

Question 2

Which risk response strategy is most appropriate when a risk has a very low probability and low impact?

Accepted Answer

Accept

Answer

Acceptance (passive) is appropriate for low-priority risks where the cost of other responses exceeds the potential impact of the risk event.

Question 3

A project's Risk Register should be updated throughout the project lifecycle because:

Accepted Answer

New risks emerge and existing risks evolve as the project progresses

Answer

Risks change in probability and impact over the project lifecycle, and new risks are identified as the project environment and scope become clearer.

Question 4

Statistical Process Control (SPC) uses control charts to distinguish between:

Accepted Answer

Common cause variation and special cause variation

Answer

SPC control charts separate normal, inherent process variation (common cause) from unusual, assignable variation (special cause) that requires investigation.

Question 5

In AACE International's Total Cost Management framework, what is the primary purpose of the risk management process during the planning phase?

Accepted Answer

To inform cost and schedule estimates with appropriate contingency

Answer

Risk management during planning informs how much contingency to add to cost and schedule baselines to account for identified uncertainties.

(CPE) Certified Planning Engineer Practice Test

(CPE) Certified Planning Engineer Practice Test

CPE Risk Management & Quality Assurance 4