PMI-SP Risk Analysis & Contingency Planning 5

Question 1

A project team identifies a risk that has a high probability of occurring but decides to accept it because the cost of mitigation exceeds the cost of the delay. This is an example of:

Accepted Answer

Passive risk acceptance

Answer

Passive acceptance means no proactive response is planned—the team simply acknowledges the risk and deals with consequences if it occurs, often appropriate when mitigation costs exceed impact costs.

Question 2

When integrating schedule risk analysis with cost risk analysis, which metric BEST represents the combined impact on project value?

Accepted Answer

Joint cost-schedule probability distributions from integrated simulation

Answer

Integrated cost-schedule risk simulation produces joint probability distributions that reflect realistic dependencies between schedule delays and cost overruns.

Question 3

A risk owner is assigned to a specific schedule risk. What is the PRIMARY responsibility of the risk owner?

Accepted Answer

Implementing and monitoring the agreed risk response strategy

Answer

The risk owner is accountable for executing the planned risk response and monitoring the risk for changes in status or effectiveness of the response.

Question 4

A scheduler reviewing the project risk register notices that several risk responses have been implemented, but the risks have not been reassessed. What is the MOST significant problem with this situation?

Accepted Answer

Residual risks after response implementation may remain unidentified and unplanned

Answer

Without reassessing risks after response implementation, residual risks—those remaining after the response—may go unidentified, leaving the schedule exposed.

Question 5

Which technique involves adding buffer time at the end of a project or phase to protect the overall project delivery date from the accumulation of individual activity uncertainties?

Accepted Answer

Project buffer in Critical Chain Project Management (CCPM)

Answer

In CCPM, a project buffer is placed at the end of the critical chain to absorb variability that propagates through the schedule, protecting the final delivery date.

(PMI-SP) PMI Scheduling Professional Practice Test

(PMI-SP) PMI Scheduling Professional Practice Test

PMI-SP Risk Analysis & Contingency Planning 5