Project Management Risk Response Planning 4

Question 1

Which of the following is an example of the 'Enhance' strategy for opportunities?

Accepted Answer

Eliminating all obstacles to ensure an early delivery occurs

Answer

Enhance increases the probability or positive impact of an opportunity by removing barriers or strengthening causes.

Question 2

A risk response requires the project manager to revise the project schedule. Which document must be updated as a result?

Accepted Answer

Project management plan

Answer

When risk responses affect schedule, cost, or scope, the relevant subsidiary plans within the project management plan must be updated.

Question 3

A project manager is deciding between two risk responses. Response A costs $10,000 and reduces expected loss from $80,000 to $20,000. Response B costs $5,000 and reduces expected loss from $80,000 to $50,000. Which response provides better value?

Accepted Answer

Response A, because net savings ($60,000) exceed Response B net savings ($25,000)

Answer

Response A yields $60,000 net savings (80k-20k-10k) vs. Response B's $25,000 net savings (80k-50k-5k), making A the better value.

Question 4

In risk response planning, a 'workaround' differs from a contingency plan because a workaround is:

Accepted Answer

An unplanned response developed for risks that were not anticipated

Answer

A workaround is an unplanned response to an unanticipated risk (unknown risk) or a risk whose contingency plan was not pre-defined.

Question 5

Which of the following characteristics makes a risk response strategy MOST effective?

Accepted Answer

It is timely, realistic, agreed upon by all parties, and owned by a responsible person

Answer

Effective responses must be timely, realistic, cost-effective, agreed upon, and owned by a single accountable person.

Project Management Practice Test

Project Management Practice Test

Project Management Risk Response Planning 4