PMP Risk Management 2

Question 1

A project manager notices that a key supplier is experiencing financial difficulties. Which risk response strategy is MOST appropriate?

Accepted Answer

Transfer the risk by requiring a performance bond

Answer

Accept the risk and monitor the supplier

Answer

Avoid the risk by canceling the contract

Answer

Exploit the risk to gain a competitive advantage

Question 2

During risk quantification, a project manager calculates that a risk has a 30% probability of occurring and would cost $50,000 if it does. What is the Expected Monetary Value (EMV)?

Accepted Answer

$15,000

Answer

$50,000

Answer

$35,000

Answer

$20,000

Question 3

Which document serves as the primary input for the Identify Risks process?

Accepted Answer

Assumption log

Answer

Risk register

Answer

Project charter

Answer

Stakeholder register

Question 4

A risk that has occurred and become an actual problem is called a:

Accepted Answer

Issue

Answer

Trigger

Answer

Residual risk

Answer

Secondary risk

Question 5

A project team implements a workaround. This means they are:

Accepted Answer

Responding to a risk that has no pre-planned response

Answer

Applying a planned contingency response

Answer

Updating the risk register with new risks

Answer

Escalating the risk to the sponsor

Question 6

Which risk analysis technique uses optimistic, pessimistic, and most likely estimates to model schedule or cost uncertainty?

Accepted Answer

Three-point estimating (PERT)

Answer

Monte Carlo simulation

Answer

Decision tree analysis

Answer

Sensitivity analysis

Question 7

A newly identified risk arises late in the project execution phase. What is the FIRST action the project manager should take?

Accepted Answer

Add it to the risk register and perform qualitative analysis

Answer

Immediately escalate to the project sponsor

Answer

Implement a contingency plan

Answer

Update the project management plan