Q. 1 A project manager is in the planning stages of a project and has learned that one of their top choices for team members has been approved and they have been given all 8 of the needed resources. Management has approved $200,000 for the project instead of the $324,000 requested and the project must be completed within 8 months. Given the challenges faced by the company, no further funds will be forthcoming. Which of the following should the project manager do as a result of this situation?

A. Include a plan for the cost risk during risk response planning

B. Hire less staff to complete project work C. Reduce the scope of work

D. Mitigate the risk by assigning a Risk Control Board E. Include the risk of not enough budget as an identified risk

Q. 2 When completing your project, 20 risk events have occurred and 18 contingency plans implemented. Two stakeholders have identified four new risks and qualitative risk analysis and risk response planning have been completed for these risks. One employee was hired by the company, subsequently identified as a stakeholder for the project and participated in an Expert Interview to identify their risks. Which of the following would be the BEST thing to do next?

A. Calculate a contingency budget

B. Identify probabilities for all the risks

C. Conduct a Quantitative Risk Analysis D. Hold a risk review meeting

E. Identify risk triggers