CPL Risk Management & Compliance Flashcards
6 cards from real CPL practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 CPL Risk Management & Compliance flashcards as text
A CPL candidate is reviewing a program risk management plan. Which element MUST be included to align with best practices?
Answer: Risk categories, roles and responsibilities, and risk thresholds
A risk management plan must define risk categories, assign ownership roles and responsibilities, and set organizational risk thresholds to guide all risk activities.
Which quantitative risk analysis technique uses repeated random sampling to model the probability distribution of possible program outcomes?
Answer: Monte Carlo simulation
Monte Carlo simulation runs thousands of random scenarios through a model to produce a probability distribution of potential outcomes such as cost or schedule results.
In a program, risk escalation from a component project to the program level is MOST appropriate when:
Answer: The risk's impact exceeds the project manager's authority or tolerance threshold
Risks are escalated to the program level when their potential impact or required response exceeds the authority, budget, or risk tolerance of the component project manager.
A program manager implements a compliance audit process across all component projects. What is the PRIMARY benefit of this approach?
Answer: It ensures all components adhere to legal, regulatory, and organizational standards
Compliance audits provide systematic verification that all program components conform to applicable laws, regulations, and internal policies, reducing legal and regulatory exposure.
Which risk response strategy for an opportunity involves taking deliberate action to ensure the positive risk event definitely occurs?
Answer: Exploit
The exploit strategy eliminates uncertainty around an opportunity by taking proactive steps to guarantee the beneficial event occurs.
A program manager notes that a key regulatory deadline may be missed due to a vendor delay. The FIRST action should be to:
Answer: Assess the delay's impact and evaluate options before escalating
Before escalating or taking action, the program manager must assess the full impact of the delay and evaluate available options to present informed choices to decision-makers.