CPE Risk Management & Quality Assurance 5

Question 1

Which type of risk analysis assigns numerical values to risk probability and impact to calculate a risk score using actual data and statistical methods?

Accepted Answer

Quantitative risk analysis

Answer

Quantitative risk analysis uses numerical data and statistical techniques (e.g., Monte Carlo simulation, decision trees) to model the overall effect of risk on project objectives.

Question 2

A tornado diagram in schedule risk analysis is used to show:

Accepted Answer

Which individual risks have the greatest impact on overall project outcomes

Answer

A tornado diagram ranks risks by their sensitivity or swing on project outcomes, with the most impactful risks displayed as the longest bars at the top.

Question 3

What is 'gold plating' in the context of quality management, and why is it discouraged?

Accepted Answer

Delivering features beyond the agreed scope without authorization, which wastes resources and may introduce new risks

Answer

Gold plating adds unauthorized scope or features beyond what was specified, wasting resources and potentially introducing risks without client approval.

Question 4

In a Schedule Risk Analysis (SRA), which activity characteristic typically contributes most to overall schedule risk?

Accepted Answer

Activities on the critical path with high uncertainty in duration estimates

Answer

Critical path activities with high duration uncertainty directly threaten the project completion date because they have no float to absorb delays.

Question 5

The 'Cost of Quality' concept includes which two main categories of costs?

Accepted Answer

Conformance costs and non-conformance costs

Answer

Cost of Quality includes conformance costs (prevention and appraisal to do things right) and non-conformance costs (internal and external failure due to defects).

(CPE) Certified Planning Engineer Practice Test

(CPE) Certified Planning Engineer Practice Test

CPE Risk Management & Quality Assurance 5