Review the project scenario and answer the 2 questions that follow. Each question is worth 3 points (6 points in total). Project Scenario The project got off to a strong start. All the necessary people and resources were assigned, and the PM created the Project Charter and facilitated a formal kick-off meeting. The PM loaded all the standard risk templates into the project SharePoint. All risks identified during the kick-off meeting were included in the Project Charter and put into the risk register as risk statements. Weekly status meetings were implemented, and the agenda included 15 minutes to discuss risk management. About three weeks into the project, a very high risk occurred and required significant time and effort to evaluate. This caused project deliverables to start falling behind. The project manager removed the risk review from the weekly meeting agenda to save time for the project members. A new project coordinator was assigned to manage the risk register specifically. The coordinator used the standard risk management plan to analyze the risks and put their name as responsible for each risk. Due to the project's high visibility, the coordinator decided to help by trying to mitigate all the risks. Include your reasoning for each response. Question 1: If you were the new project coordinator, would you use the standard risk management plan to analyze risks for the project? mitigate all the risks? Question 2: If you were the new project coordinator, would you help by attempting to mitigate all the risk?

I need detailed answer with proper formatting and please follow all the instructions.

AFTER THAT GIVE ME ALL MCQ ANSWER AND IF THERE IS CALCULATION PLEASE DO THAT AS WELL AS STEP BY STEP

Question 5 (1 point) A group of potential causes of risks. Risk causes may be grouped into categories such as technical, external, organizational, environmental, or project management.

Risk Category Decision Tree Contingency Plan Contingency Plan

Question 6 (1 point) A large global hotel chain initiated a project to build a new and exclusive resort in Costa Rica. The location is remote and deep within the Rain Forest. Consider this scenario and determine the correct category the negative risk falls within. There is a rainy season in Costa Rica and heavy rainfalls is inevitable. Flooding could significantly damage the resort during construction so an insurance policy is purchased. This risk is being...

Accepted Mitigated Transferred Avoided

Which of the following is not a risk response technique?

Confront Share Escalate Exploit

Question 9 (1 point) Aubrey is the project manager of a large software project. When it's time to identify risks on the project, Aubrey contacts a team of experts and asks them each to create a list of risks and send it in anonymously. What technique is Aubrey using?

Delphi Technique SWOT Analysis Anonymous brainstorming Servant Leadership

Question 10 (1 point) Project risk exposure is associated with:

Project contingencies Quantification of risks Accumulation of individual risks Qualification of risks

Question 11 (1 point) Who, besides the project manager, has a high-level interest in overall project risk? Select the best answer.

External consultants and auditors Project sponsors and senior leadership Stakeholders and team members The Project Management Office (PMO)

Which of the following tools is considered objective in risk identification? Select the best answer.

Expert judgment Stakeholder analysis Checklists Brainstorming

Question 13 (1 point) What are contingency reserves? Select the best response.

Time or money allocated for known risks with active response strategies Reserves for managing technical risks Contingency funds set aside for unforeseen risks Additional resources allocated to the project's contingency plan

Question 14 (1 point) Which type of reserve is used in risk management for unknown risks? Select the best answer.

Risk Reserves Contingency Reserves Management Reserves Cost Control Reserves

Question 15 (1 point) What does the larger bar in a tornado diagram indicate? Select the best answer.

Lower sensitivity to changes in a factor Higher sensitivity to changes for a factor Higher probability of success for a factor

Lower impact on project outcomes for a factor

Question 16 (1 point) What is the role of tornado diagrams in risk management? Select the best answer.

To determine project milestones and corrective actions To calculate expected values and project outcomes To assess stakeholder interests and satisfaction To aid in sensitivity analysis and identify critical factors

Question 17 (1 point) After your team has successfully identified potential risks that could affect the project, what is the next step?

Decide how to respond to all risks Mitigate risks Assess identified risks Create contingency plans

Question 19 (1 point) Calculate the total EMV cost for these 2 risks. EMV for risk 1 is $-3,636 and for risk 2 is $1,036.

Remember to add the minus (-) for answers with negative values. Do not include $ sign or decimals in your answers. Do not use a comma (,) to separate thousands. Round up or down as necessary to eliminate the decimal place (when applicable). Your Answer:

Question 23 (1 point) Organization............. refers to a system of shared norms, beliefs, values, and assumptions which bind people together, thereby creating shared meanings.

personality

governance culture

values

Question 24 (1 point) Positive EMV dollar values indicate:

High impact risks with a potential loss

Risk threats with a potential loss Risk opportunities with a potential increase in profits Low priority risks with a potential increase in profits

Question 25 (1 point) Saved What is the purpose of an impact table in risk analysis? Select the best answer.

To determine risk categories To estimate the cost and time of a risk To reflect project priorities and risk attitudes To aid in risk analysis consistency

Question 9 (1 point) Calculate the EMV cost for this risk Opportunity. The value is $8,888 and the risk has a probability of 91%.

Do not include $ sign or decimals in your answers. Do not use a comma, to separate thousands. Round up or down as necessary to eliminate the decimal place (when applicable). Remember to include a negative - sign when applicable.

Your Answer:

Question 10 (1 point) Which characteristic of organizational culture focuses on whether teams work independently or collaboratively? Select the best answer.

Member Identity Management Focus Team Emphasis Unit Integration

Question 11 (1 point) What components should be included in a contingency plan agreement? Select the best answer.

Stakeholder roles and responsibilities Risk evaluation and prioritization Project schedule and milestones Trigger conditions, cost, and source of funds

Question 12 (1 point) What is the purpose of built-in contingency in project planning? Select the best answer.

To ensure the project stays within schedule and scope To allocate additional budget for unexpected risks To account for common risks and uncertainties To reduce the need for a separate contingency plan

Question 13 (1 point) What are the steps involved in creating a tornado diagram? Select the best answer.

Review project background, review risks, perform calculations Collect and sort information, plot the graph, evaluate results Calculate expected values, analyze sensitivities, assess risks Determine decision options, estimate probabilities, calculate ROI

Question 14 (1 point) How is the expected value (EV) calculated in a decision tree? Select the best answer.

The estimated value minus the probability Probability divided by the estimated value Probability multiplied by the estimated value Estimated value plus the probability

Question 15 (1 point) After your team has successfully identified potential risks that could affect the project, what is the next step?

Create contingency plans Mitigate risks Assess identified risks Decide how to respond to all risks

Question 16 (1 point) Expected Monetary Value (EMV) is calculated as:

Impact multipled by Probability multipled by Value Risk Score multipled by Cost or Duration Impact divided by Probability Probability multiplied by Value

Question 17 (1 point) Positive EMV dollar values indicate:

Risk threats with a potential loss High impact risks with a potential loss Risk opportunities with a potential increase in profits Low priority risks with a potential increase in profits

Question 1 (1 point) A risk threat response focused on actions to ensure threat cannot occur or not have an impact on the project.

Mitigate Reject Avoid Accept

Question 2 (1 point) Provides a formal assessment of compliance to the risk management approach.

Risk Identification Expected Monetary Value Risk Audits Earned Value

Question 3 (1 point) The document containing the results of the qualitative risk analysis, quantitative risk analysis, and risk response planning. It details all identified risks including description, category, cause, probability of occurring, impacts) on objectives, proposed responses, owners, and current status.

Project Management Plan Risk Register Risk Breakdown Structure (RBS) Contingency Plan

Question 4 (1 point) The course text book describes six steps in project risk management. The first of these is called, Establishing he Risk Context. The main purpose of establishing the Risk Context is:

Establish a project risk register Create a project risk management plan Understand the project risk exposure Understand the business strategy and how it affects the project risk