CPSM CSPM Quality, Risk & Procurement Management 4

Question 1

A software project's risk probability-impact matrix categorizes a risk as 'High Probability / Low Impact.' What is the most appropriate response?

Accepted Answer

Mitigate by reducing probability or accept with a contingency plan

Answer

Escalate immediately to the project sponsor

Answer

Transfer the risk through insurance

Answer

Avoid the risk by canceling the related deliverable

Question 2

What is the purpose of a make-or-buy analysis in procurement management?

Accepted Answer

To compare the cost of building software in-house versus outsourcing it

Answer

To determine which project risks should be bought down via insurance

Answer

To assess vendor financial stability before contract award

Answer

To create the project's cost baseline

Question 3

Which quality management tool is best suited for identifying the few causes responsible for most defects?

Accepted Answer

Pareto chart

Answer

Control chart

Answer

Scatter diagram

Answer

Check sheet

Question 4

A project team is performing risk monitoring. Which activity is most important to ensure the risk register stays accurate?

Accepted Answer

Periodically reviewing and updating risks as the project progresses

Answer

Freezing the risk register after planning is complete

Answer

Delegating all risk updates to the QA team

Answer

Reporting only high-priority risks to stakeholders

Question 5

In contract management, what does 'contract closure' involve?

Accepted Answer

Verifying all deliverables are complete and formally accepting or settling the contract

Answer

Terminating all vendor relationships permanently

Answer

Moving remaining funds to the next project

Answer

Archiving only the financial records of the contract

Question 6

A risk response plan includes a 'fallback plan.' When is a fallback plan activated?

Accepted Answer

When the primary risk response proves insufficient

Answer

Before the primary risk response is attempted

Answer

During the risk identification phase

Answer

Only if the risk probability exceeds 80%

Question 7

Which procurement document is used to invite vendors to propose solutions when requirements are not fully defined?

Accepted Answer

Request for Proposal (RFP)

Answer

Request for Quotation (RFQ)

Answer

Invitation for Bid (IFB)

Answer

Purchase Order (PO)