Module 8- Risk Response Planning Flashcards
- Which of the following is not an input to the plan risk responses process?
A. Schedule management plan
B. Risk register
C. Risk management plan
- A
PMBOK Guide - The inputs to the plan risk responses process include:
- Risk management plan
- Risk register
- Which of the following is not an input to the plan risk responses process?
A. Risk management plan
B. Cost management plan
C. Risk register
D. All of the above are inputs to the plan risk responses process
- B
PMBOK Guide - The inputs to the plan risk responses process include:
- Risk management plan
- Risk register
- Which of the following is a tool or technique used in the plan risk response process?
A. Risk response analysis
B. Risk response planning
C. Contingent response strategies
D. Strategic risk response planning
- C
PMBOK Guide - The tools and techniques used in the plan risk response process include:
- Strategies for negative risks or threats
- Strategies for positive risks or opportunities
- Contingent response strategies
- Expert judgment
- Which of the following is not a tool or technique used in the plan risk response process?
A. Strategies for negative risks or threats
B. Strategies for positive risks or opportunities
C. Expert judgment
D. Contingency reserve analysis
- D
PMBOK Guide - The tools and techniques used in the plan risk response process include:
- Strategies for negative risks or threats
- Strategies for positive risks or opportunities
- Contingent response strategies
- Expert judgment
- Which of the following is an output to the plan risk response process?
A. Project management plan updates
B. Gantt chart updates
C. Risk register updates
D. Risk-related contract decisions
- A
PMBOK Guide - The outputs to the plan risk response process include:
- Project management plan updates
- Project document updates
- Which of the following risk strategies is represented by insurance?
A. Avoidance
B. Acceptance
C. Transfer
D. Mitigation
- C
Insurance is the most common type of risk transfer. It is making the risk someone else’s problem.
- You have just determined that you need to transfer a risk. In which of the following risk management processes are you?
A. Identify risks
B. Plan risk responses
C. Monitor and control risks
D. Perform quantitative risk analysis
- B
Be careful here. The question states you have just determined that you NEED to transfer a risk. This is done in the plan risk response process.
- You are acting as the project manager for a large project (U.S. $1,500,000) within your organization. You have just finished the risk response plan for your project. Which of the following should you probably do next?
A. Begin a project risk reassessment
B. Begin to analyze the risks that appear in major project documents
C. Complete the work breakdown structure
D. Determine the overall risk rating for the project
- C
Finishing the risk response plan is done in the planning process group. The only one of the options that is also in the planning process group is the completion of the work breakdown structure.
- During the plan risk management process the project team you are leading discovers 387 risks and 32 major causes of those risks. The project is part of a major program within the organization and must be completed. Your team is very experienced and has worked together for several years. You have also worked with the sponsor for several years as well, and they are very supportive of your efforts. Significant time has been spent to ensure the project scope and WBS is complete and it has been signed off by all the key stakeholders. Unfortunately, your team has not been able to determine an effective way to mitigate or insure against one of those major risks. It is something that must be done by the internal team and cannot be outsourced. It also cannot be deleted from the project. What would be the best solution?
A. Determine a way to transfer the risk
B. Determine a way to avoid the risk
C. Continue to investigate ways to mitigate the risk
D. Accept the risk
- D
There are two important aspects to this question. Firstly, did you notice that everything but the last four sentences is unnecessary? Secondly, this question really reflects the real world. The question excludes everything but acceptance. Sometimes in the real world all you can do is accept a risk.
- You are working as a project manager on a large new product development project. While preparing your risk responses your team identifies additional risks. What should you do?
A. Get management to allocate another 5% to the project budget to cover the risks
B. Determine the risk events and the associated cost, then add the cost to the project budget as a reserve
C. Document the risks, and calculate the expected monetary value based on the PI score that results from the risk occurrence
D. Add reserves to the project to accommodate the new risks and notify management
- C
Before you can determine the appropriate response you have to determine the value or cost of the risk as well as the impacts. Only then can you determine if you or management needs to add reserves, or another response is needed.
- You are the project manager on a multiyear facilities development project. Significant spring rains caused major flooding that caused power outages and the loss of all project records not stored on your laptop. What should have been done to prevent this problem?
A. Approve a larger contingency reserve
B. Plan for a larger management reserve
C. Maintain the records outside a flood plain
D. Monitor the weather and have a contingency plan
- D
With the information provided you do not know what the best solution would have been. The only thing you can say for sure is that you should have had a contingency plan, oh and watching the weather probably wasn’t a bad idea either
- You are leading a high technology product development project that was originally scheduled to take 18 months. The project has faced significant problems and has had to use all its reserves. You currently have an SPI of 0.68 and a CPI of 0.73. There are only six deliverables left and three of them are on the critical path. The project sponsor has just told you that you only have four weeks to finish the project or risk losing all funding and support. This is three weeks faster than your current ETC. In response, you send out a RFP to four vendors for some of the work that the internal team was going to perform, hoping an external organization could get the work done faster. This can best be described as an effort on the part of the project manager to work with:
A. Contingencies
B. Threats
C. Opportunities
D. Reserves
- C
This is a bad situation, but that does not impact the answer. Only the last three sentences matter. You are trying to gain an opportunity to do the project more quickly.
- Which of the following best describes a heuristic?
A. An advanced statistical calculation used to model risks
B. A simulation used to model risks
C. A rule of thumb
D. A calculation used to produce a weighted measure of risk
- C
A heuristic is simply a rule of thumb. There is no calculating involved.
- You are working with your team to complete the risk response plan. However, every time the team develops a risk response, another risk is identified as being caused by the suggested response. Which of the following is the best thing for the project manager to do?
A. Return to the identify risks process as something is amiss
B. Document the new risks and continue the plan risk responses process
C. Return to the define scope process to determine what is missing
D. Get more stakeholders involved in the identify risks process as so many were
- B
Don’t get misled by the fact that the process generated so many new risks. The key is that you follow your process. In this case, it is working as it should. You should expect the identify risk responses process to generate new risks.
- You are leading an engineering project and are completing the identify risk process. You and your team have made a list of all the risks identified by various stakeholders using several methods. You then made sure all the risks were understood and triggers were identified. You just completed working with your stakeholders to determine ways to mitigate each of the risks. What have you done wrong?
A. You should have waited until the perform qualitative risk analysis process to get the stakeholders involved
B. More people should be involved in the plan risk responses
C. You should have created workarounds
D. Triggers are not identified until the identify risks process
- B
Stakeholders are involved in the identify risks process. Workarounds are created later in the risk process. Plan risk responses must include the involvement of all risk response owners. This makes involving more people the best answer.
