Question 12 (5 points)

Which of the following are not valid considerations regardingthe use of correlationsin Monte Carlo analyses? (Select all that apply)

	Only strong correlations and anti-correlations (coefficients 80-100%) should be taken into account
	Strong correlations and anti-correlations have no effect and should not be taken into account
	There is no need to spend time discussing weak correlationsthey do not make much difference
	Use correlations to suppress unrealistic scenarios in Monte Carlo models
	Never use correlationsin Monte Carlo analyses

Question 13 (5 points)

When can an uncertainty be closed? (Select all that apply)

	When addressing actions are unsuccessful and the uncertainty is still capable of having a high severity impact on project objectives.
	When the time window of an uncertainty relevance is past (e.g., permits received; no permitting risks left).
	When it is avoided and no longer relevant to the project (e.g., new reference case, change of design, etc.).
	When it is fully mitigated or reduced to the green level and neglected after all planned addressing actions are completed.
	When it is fully transferred (e.g., good insurance policy purchased with no or very low deductible).

Question 14 (5 points)

A particular uncertainty may be managed at more than one level. Which of the followingstatements arerecommended regarding the promoting and demoting of uncertainties? (Select all that apply)

	The promoting of critical uncertainties is necessary only if you think the project manager or business unit managers are capable of dealing with them.
	Low-level/small/green uncertainties shouldbe promoted from thediscipline logs/registers to the business-unit register.
	Game changers and show-stoppers should be listed in the business-unit (or even corporate) register.
	Medium-level/material/yellow uncertainties should be placed in either discipline or project registers.
	High-level/critical/red uncertainties should be shown in both project and business-unit registers.

Question 15 (5 points)

Which of the following represent soft project objectives? Select all that apply.

	Schedule
	Environment
	Health and Safety
	Cost
	Reputation
	Scope

Question 16 (5 points)

Assuming three-point input distributions, which of the following are required inputsto probabilistic Monte Carlo analysis for an uncertain event? (Select all that apply)

	Mapping of uncertian events to impacted normal activities(only for schedule analysis)
	Most likely duration/costimpact of the uncertain event
	Main correlations among distributions
	Probability range (min and max)
	Duration/cost impact range (min and max)

Question 17 (5 points)

Techniquesfor managing merge bias include: (Select all that apply)

	Use uncertainty addressing actions that reduce impact of general uncertainties and uncertain events associated with the paths of the merging activities
	Reserve enough float right after the node thatwill besufficient to meet the required confidence level
	Split the node if too many activities are converging on the node
	Do not consider earlier start dates for the merging activities

Question 18 (5 points)

Select all that apply regarding the planning and content of a probabilistic analysis method statement.

	The method statement is a key document that outlines the scope, schedule, resources, interfaces, and deliverables of the probabilistic risk analysis.
	Probabilistic risk analysisshould neverbe considered and managed as a mini-project.
	The previous experience of a project team in providing quality inputs to the analysis should be taken into account when planning the analysis.
	There is no need to have a probabilistic analysis method statement for conducting probabilistic analysis if project cost objectiveshave significant general uncertainties and the capital expenditures are expected to be over $500M.
	The method statement should reflect the interests of decision makers in particular what-if scenarios.