Peter is using the Critical Path Method to estimate the duration of a particular activity without taking risk into consideration if the optimistic time is 6 days, the most likely time is 9 days and the pessimistic time is 18 days. How long will the task take?

1. 10 days
2. 9 days
3. 11 days
4. 33 days

Which of the following statements is correct regarding the Perform Qualitative Risk Analysis activity?

1. It is performed when the priority of a project warrants it.
2. It provides a numerical analysis of cost and schedule probabilities.
3. It addresses individual risks.
4. It provides an objective analysis of overall risks.

You are looking at a graph that shows a number of specific events and the frequency in which they occurred. This chart shows how the number of events peaked on the low-cost side of the mean. What type of graph are you most likely looking at?

1. Discrete Distribution
2. Beta Distribution
3. Normal Distribution
4. Uniform Distribution

You are not confident that you have solid probability and cost impact data for each risk. Based on this assessment, which technique should not be used?

1. Risk Data Quality Assessment
2. Expected Monetary value analysis
3. Qualitative risk analysis
4. Risk categorization

A Risk Data Quality Assessment is a tool and technique used in which risk management activity?

1. Monitor and Control Risks
2. Perform qualitative risk analysis
3. Plan risk management
4. Perform quantitative risk analysis

Emmanuel is evaluating the risk appetite of the stakeholders of their project. Why is Emmanuel doing this?

1. To determine the project's overall risk
2. To determine the project risk impact.
3. To rank the project risks
4. To determine the size of the contingency budget required.

The overall project risk score for the ADC project is higher than the amount acceptable by stakeholders. What risk metric is excessive?

1. Risk impact
2. Risk rating
3. Risk probability
4. Risk exposure/severity

The risk rating for the project is determined during which process?

1. Perform qualitative risk analysis
2. Plan risk responses
3. Identify risks
4. Plan risk management

What should be done with risks on the watchlist?

1. Document and inform stakeholders.
2. Document them and revisit them during risk monitoring.
3. Document them for historical use on other projects.
4. Document them and set them aside because they are already covered in your contingency plans.

A project manager discovered that certain probability and impact risk ratings were biased. What action should be taken initially by the project manager?

1. Make a bias to reflect the initial results by weighting higher priority risks.
2. Repost the issues to the sponsor and request assistance to ensure the situation does not occur again.
3. Take action to correct the biased risk ratings to better reflect the true analysis of the risks.
4. Update the risk management plan to ensure risk thresholds are clearly defined.

Which of the following is NOT the correct statement?

1. Contingency plans are planned responses.
2. The expected monetary value method is a technique used by qualitative risk analysis.
3. Risk audits are performed to identify additional risks.
4. Risk owners could help determine risk resources.

How many times can project processes be repeated in a project phase?

1. Several times
2. 5
3. 1
4. 3

Which of these is not correct about the project management plan?

1. It is used to authorize the project.
2. It establishes the corresponding baseline schedule to adhere to.
3. It establishes the corresponding baseline budget to stay within.
4. It establishes the level of project risk to contend with.

How do you determine slack for the activities to be done on a project?

1. Make a forward pass followed by a backward pass through the project network.
2. Make a backward pass through the project network.
3. Make a backward pass followed by a forward pass through the project network,
4. Make a forward pass through the project network.

What is the general term used to refer to the products, services, or results produced by a project?

1. Scope
2. Deliverables
3. The WBS
4. Baseline

When should risk management be conducted?

1. At the planning stage of the project.
2. When the project charter has been developed.
3. Whilst the project is being executed.
4. Throughout the lifetime of the project.

Who is responsible for project risk management?

1. Everyone in the organization
2. Management
3. Risk manager
4. Project manager

Which of the following provides a holistic view of managing risks for ensuring project success and organizational/business competitiveness?

1. Organizational success criteria
2. Risk management plan
3. Portfolio risk management
4. Organizational process asset

Which statement regarding risk is true?

1. Quantitative risk analysis is mandatory for all projects.
2. Most risks are identified during the project executing phase
3. Risk probability has a tendency to increase as the project progresses
4. The risk of not completing a project successfully is highest at the beginning

What two dimensions should you use when evaluating project risks?

1. Cost and schedule
2. Source and responsibility
3. Probability and impact
4. Negative and positive

In his spare time, John is scared to join his friends in going rock climbing, skydiving, or bungee jumping. What is John's attitude towards risk?

1. Risk avoiding
2. Risk-averse
3. Risk accepting
4. Risk-taking

Risk management is defined as the art and science of ____ risk factors throughout the cycle of a project.

1. Identifying, analyzing, and responding to
2. Identifying, reviewing, and avoiding
3. Researching, reviewing, and acting on.
4. Reviewing, monitoring, and managing.

A chosen state of mind with regard to those uncertainties could have a positive or negative effect on objectives. What does this refer to?

1. Risk threshold
2. Risk appetite
3. Risk attitude
4. Risk tolerance

Which of the following is NOT a correct statement?

1. The project manager should attempt to have a complete scope of work before beginning risk management.
2. Risk can be identified during the project statement.
3. Quantitative analysis of risks is the most important part of risk management
4. Risks should be part of project go/no-go decisions.

By using Project risk management techniques project managers can develop strategies that:

1. Identifying risks, their impacts, and appropriate responses.
2. Significantly reduce project risks.
3. Provide a rational basis for better decision-making.
4. All of the above.

Which of the following could be considered as risk attitudes

1. Risk threshold and risk tolerance.
2. Risk appetite and risk-neutral
3. Risk seeking and risk aversion
4. Risk seeking and risk trigger

Project assumptions are a major source of potential risk. Which document defines key assumptions impacting a project?

1. Assumption log
2. Scope statement assumptions
3. Communications management plan
4. Risk breakdown structure assumptions

Joe and his team are in the least risky phase of a project. What project phase of the project are they working in?

1. Closing
2. Planning
3. Starting
4. Execution

Which of the following set of risks are associated with the resource management knowledge area?

1. Poor conflict management: poor project organization and definition of responsibilities; absence of leadership.
2. Poor attitude to quality; substandard design, materials, and workmanship; inadequate quality assurance program.
3. Poor scheduling: poor integration management: lack schedule model.
4. Carelessness is planning or communicating a lack of consultation with key stakeholders.

When tailoring a risk management approach for a new project. What aspects should be considered?

1. Project size and complexity
2. Sponsor's attitude and financial risk
3. Project objective and scope
4. Total number of individual risks

When can risks be closed?

1. They can never be closed
2. When the time in which the identified risk can logically occur passes
3. When the team needs to focus on new risks
4. When the risk team lowers the impact value

Project risk may be defined as _____ that will positively or negatively affect one or more project objectives.

1. Events
2. An uncertain event
3. Complex schedules
4. Complex activities

Which of these is accurate regarding risk management?

1. Organizations are not likely to perceive risk as a threat to project success.
2. The attitudes of individuals and organizations are not factors affecting risk management.
3. It is a passive activity in project management.
4. It has its origins in the uncertainty present in all projects.

Each of the following statements is true regarding the risk management plan except for which one?

1. The risk management plan is an input to all the remaining risk planning processes.
2. The risk management plan includes thresholds, methodology, roles & responsibilities, and funds.
3. The risk management plan is an output of the Plan risk management process.
4. The risk management plan includes a description of risks, risk responses, and triggers.

Elizabeth and her team have just developed risk rating rules for her projects. What are Elizabeth and her team doing?

1. Risk identification
2. Risk response planning
3. Risk management planning
4. Quantitative risk assessment

Which of these is not a part of the risk management plan?

1. Methodology
2. Roles and responsibilities
3. Risk responses
4. Approach and tools to be used.

Which of the following is not a common result of risk management?

1. The project charter is changed
2. The project management plan is changed
3. Contract terms and conditions are created
4. The communications management plan is changed

Hellen is beginning the plan risk management activity, what is the first thing that she should do?

1. Identify risks
2. Determine available organizational process assets
3. Define probability and impact rating systems
4. List categories of risks.

What is the best reason to categorize risks?

1. Satisfies risk meta language requirements
2. Adds structure to the risk register
3. Removes ambiguity and improves clarity
4. Provides a better focus by allowing for the development of better responses.

The risk appetite of key stakeholders is recorded during which process?

1. Plan risk responses
2. Perform quantitative risk analysis
3. Plan risk management
4. Identify risks

Deciding how to approach risk management is a key focus of which part of the risk management process?

1. Plan risk responses
2. Perform quantitative risk analysis
3. Plan risk management
4. Perform qualitative risk analysis

Management reserves are created specifically for ____

1. Risk events that do occur with a cumulative cost greater than the amount set aside in contingency reserves.
2. Risk events that do occur with a cumulative cost greater than the amount set aside for known unknowns.
3. Risk events you know can occur on the project.
4. Risk events you can not logically forecast for the project.

The cost baseline and schedule baseline are key inputs required to effectively complete:

1. Plan risk management and perform qualitative risk analysis.
2. Identify risk, perform quantitative risk analysis.
3. Plan risk management, perform quantitative risk analysis.
4. Plan risk management, perform qualitative risk analysis.

Deciding how to approach risk management is a key focus of which part of the risk management process?

1. Plan risk responses
2. Perform quantitative risk analysis
3. Plan risk management
4. Perform qualitative risk analysis

John is developing the probability impact matrix for analyzing risks. What is John doing?

1. Qualitative risk analysis
2. Monitoring risk
3. Quantitative risk analysis
4. Risk planning

An organization may know that there is a risk that rain may affect business operations, but the lack of knowledge about how much rain there will make it hard to make concrete plans. These types of risks are called:

1. Uncertain risk
2. Organization risk
3. Known unknown
4. Unknown unknown

Risks that the organization is aware of but is unaware of the size and effect of the risk. These types of risks are called:

1. Organizational risk
2. Uncertain risk
3. Known unknown
4. Unknown unknown

John is using the 3 point estimate technique to estimate the duration of a particular activity with the triangular distribution of risks. If the optimistic time is 3 days, the most likely time is 5 days and the pessimistic time is 19 days, how long will the task take?

1. 9 days
2. 5 days
3. 7 days
4. 27 days

Which tool and technique provides a high-level list of generic categories to be considered for risk identification?

1. Root cause identification
2. FMEA
3. Pre-Mortem
4. Prompt list

Which of the following processes is the risk report updated?

1. Plan risk management, perform a qualitative risk analysis
2. Perform qualitative risk analysis, perform a quantitative risk analysis
3. Identify risks, perform a qualitative risk analysis
4. Identify risks, perform quantitative risk analysis.

Which of the following BEST describes the focus of the Delphi technique?

1. Gaining expert opinion anonymously
2. Looking at records from past projects to identify risks
3. Reorganization of the identified risks into categories
4. Gaining a group's opinion

After a number of brainstorming sessions with his teams and Delphi sessions with experts John and his team are completing the identify risk process and documenting the results in a risk register. At this point, their risk register consists of ____

1. Identified risks, triggers, the management reserve, and the risk scores.
2. Identified risks, risk responses, risk categories, risk management plan
3. Identified risks, probabilities, impacts, and ranks
4. Identified risks, potential responses, root causes, and risk categories

Brainstorming and Delphi are techniques used for:

1. Risk monitoring
2. Risk handling
3. Risk assessment
4. Risk identification

Esther is seeking input to help perform a risk identification activity for a critical IT project. Which information gathering techniques should she consider?

1. Sensitivity analysis, brainstorming and interviewing
2. Sensitivity analysis, Delphi method, and interviewing
3. Sensitivity analysis, Delphi method, and Brainstorming
4. Delphi, brainstorming and interviewing

A number of new risks were discovered during the execution of a major project deliverable. What should you do first to address these new risks?

1. Perform a risk audit to determine the potential impact of each risk.
2. Develop a response plan and brief all key stakeholders as soon as possible.
3. Add the new risks to the risk register.
4. Evaluate and qualify the risk immediately to determine to follow up action.

A number of new risks were discovered during the execution of a major project deliverable. What should you do first to address these new risks?

1. Perform a risk audit to determine the potential impact of each risk.
2. Develop a response plan and brief all key stakeholders as soon as possible.
3. Add the new risks to the risk register.
4. Evaluate and qualify the risk immediately to determine follow-up actions.

You need critical input from experts to plan a controversial IT project. You are consulting anonymous experts and will consolidate all inputs and provide a final report to all who contribute. Which tool and technique are you using?

1. Delphi technique
2. Sensitivity analysis
3. Nominal group technique
4. Interviews

John needs to solicit ideas anonymously from experts located in multiple geographic areas. He plans to use a questionnaire to collect feedback. Which information gathering technique will he use?

1. Nominal group technique
2. Delphi technique
3. Root cause analysis
4. Sensitivity analysis

You are using a checklist to identify potential risks. Which fact is true regarding checklist?

1. Checklists are generally developed based on lessons learned
2. The technique is not used to provide an initial high-level analysis
3. Provides an in-depth analysis of project risks
4. The analysis is time-consuming but well worth the time investment.

You have been tasked to finish a risk management plan as soon as possible to support your project. Which tool and technique will best serve your needs?

1. Project scope statement
2. Risk register analysis
3. Stakeholder analysis and meetings
4. Delphi technique

In what of the following processes is the risk register is updated?

1. Perform qualitative risk analysis
2. Perform quantitative risk analysis
3. Plan risk management
4. Identify risks

A risk owner is best defined as:

1. The person who is responsible for monitoring and selecting appropriate response strategy to the risk.
2. The person who assesses the quality of risks
3. The project manager
4. The person responsible for a work package