CPM CPM Risk Management & Procurement

Question 1

During risk identification for a CPM project, which technique involves structured brainstorming using a hierarchical decomposition of risk categories?

Accepted Answer

Risk Breakdown Structure (RBS)

Answer

Work Breakdown Structure (WBS)

Answer

Probability-Impact Matrix

Answer

Monte Carlo Simulation

Question 2

A CPM project manager performs a qualitative risk analysis. Which output is the PRIMARY result of this process?

Accepted Answer

Risk register updates with prioritized risk list

Answer

Expected monetary value for each risk

Answer

Updated project budget reserves

Answer

Contract negotiation outcomes

Question 3

In CPM procurement planning, a 'Time and Materials' contract is MOST appropriate when:

Accepted Answer

The scope of work cannot be precisely defined upfront

Answer

The buyer wants to transfer maximum risk to the seller

Answer

A fixed price has been negotiated for all deliverables

Answer

The contract duration is less than 30 days

Question 4

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

Accepted Answer

Transfer

Answer

Mitigate

Answer

Accept

Answer

Avoid

Question 5

A CPM project manager calculates the Expected Monetary Value (EMV) of a risk with a 30% probability of occurring and an impact of -$50,000. What is the EMV?

Accepted Answer

-$15,000

Answer

-$50,000

Answer

-$35,000

Answer

$15,000

Question 6

During contract closeout in CPM procurement, which activity ensures the seller has met all contractual obligations?

Accepted Answer

Formal acceptance and procurement audit

Answer

Scope validation of internal deliverables

Answer

Lessons learned documentation only

Answer

Risk reassessment by the project team