PMI-SP Risk Analysis & Contingency Planning 2

Question 1

A project scheduler is using Monte Carlo simulation on a construction project. After 10,000 iterations, the P80 completion date is 3 weeks later than the deterministic schedule. What does this indicate?

Accepted Answer

There is an 80% probability the project finishes on or before that date

Answer

The P80 value in Monte Carlo simulation means there is an 80% probability the project will be completed on or before that date.

Question 2

Which of the following best describes the purpose of a risk register in schedule risk management?

Accepted Answer

To record identified risks, their analysis results, and planned responses

Answer

The risk register is the primary document for recording identified risks along with their probability, impact assessments, and planned response strategies.

Question 3

A PMI-SP practitioner identifies that a key vendor consistently delivers materials two weeks late. This is BEST categorized as:

Accepted Answer

A known-unknown risk that can be planned for in the schedule

Answer

A recurring vendor delay pattern is a known-unknown risk—identified and understood well enough to incorporate contingency or response plans into the schedule.

Question 4

When developing schedule contingency reserves, a project manager uses the expected monetary value (EMV) approach. A risk has a 30% probability of occurring and would cause a 10-day delay. What is the EMV of this schedule risk?

Accepted Answer

3 days

Answer

EMV is calculated by multiplying probability (0.30) by impact (10 days), resulting in 3 days of schedule contingency contribution.

Question 5

A risk response strategy where the project team shifts the negative impact of a schedule risk to a third party is called:

Accepted Answer

Transfer

Answer

Transfer involves shifting the risk responsibility to a third party, such as through contracts, insurance, or performance bonds.

(PMI-SP) PMI Scheduling Professional Practice Test

(PMI-SP) PMI Scheduling Professional Practice Test

PMI-SP Risk Analysis & Contingency Planning 2