A project team identified some risks in a project. Team members became interested in predicting the outcomes of their potential choices following their probability of occurrence.

Which technique should the risk manager use?

During a virtual workshop presenting a product to potential clients, a facilitator emails the product brochure and asks attendees to check their spam folder if the email does not appear in their inbox. What kind of threat strategy is the facilitator applying?

A risk manager wants to determine what risk has the biggest impact on project cost. The risk manager identified three risks, which could occur in different phases of the project.

What should the risk manager do first to understand the impact on project cost?

A stakeholder is asking a project team to hire an external vendor with more expertise and capacity to accelerate a delivery plan. The team has some concerns about this request. What should the risk manager do first?

A software development project team was preparing for a phased release when an unknown and unexpected risk occurred with potential for delaying one of the features for the planned release. The project team decided to go ahead with the release and address this missing feature at a later date. One of the end users learned about this and strongly opposed the planned release.

What should the risk manager have done to prevent this situation?

An agriculture government agency faces different challenges with farmers and landlords In implementing its ambitious growth strategy. The agency decided to establish an enterprise risk management unit to identify risks, analyze risks, and provide a handbook showing how to handle the surrounding uncertainty.

What should the risk management expert recommend the agency do first to identify risks and develop the handbook?

An organization is executing two projects — Project A and Project B — simultaneously. A previously identified risk will impact the schedule for Project A. While executing the mitigation plan, a number of residual risks are identified that could provide cost savings for Project B.

Which action should the risk manager for Project A take?

A new project is about to start, and the risk manager wants to review some documents that could be relevant for risk identification. Which document will help the risk manager in this process?

After a number of risk workshops, risks have been identified. Which is the first element the risk owner should look for in the response plan to help mitigate the risks?

The risk manager of a major project needs to ensure the organizational process assets (OPAsj are updated as a result of risk management activities. How will the risk manager accomplish this?

Multiple new risks have come up on a project that were not included on the risk register. The project manager met with the team to explain that risk management is critical for the success of the project, and risk identification is key.

What should the project manager do next?

A highly complex project is about to start Considering that many changes and new information will arise as the work moves forward, key stakeholders are anxious about not addressing risks on time

What should the risk manager do in this situation?

A new risk manager is assigned to an ongoing project, what should the new risk manager do first to assess the project environment?

During a project meeting, the project sponsor asks to close a project risk. The team does not recommend closing the risk because it is expected to be present in the next phase of the project work.

How should the risk manager address this concern?

During a risk identification session, the risk manager notices that subject matter experts (SMEs) are reluctant to participate because some risks could expose the poor maturity of processes in other business units. Which risk analysis technique should the risk manager use?

As per the risk analysis process carried out for a project, two risks are registered. The probability risk A will occur is 40% and its monetary impact to the project is US$100,000. The probability risk B will occur is 60% and its monetary impact to the project is US$20,000.

What is the total contingency budget that should be created?

The risk manager for a large-scale software development project with a tight deadline and multiple stakeholders highlights concerns about potential delays, communication gaps, and vendor reliability. During the early stages of the project, the project sponsor requests that the risk manager identify and address any potential risks that could disrupt project delivery.

What should the risk manager do?

A company has implemented a policy requirement for employees to use complex passwords and update them regularly. A few employees are unable to make the changes, which increases the likelihood of cybercriminals compromising their passwords.

What should the risk manager do?

The risk manager loaded the risk register, built the risks into the simul-ation software, and ran the Monte Carlo analysis. The P80 and P90 end dates are the same as the deterministic date.

What should be the risk manager ' s next step?

A project has consistently been lagging in cost performance index (CPI) and schedule performance index (SPI) over the past few months. The risk manager realizes that some activities are taking longer than expected and more resources are needed.

Which project artifact should the risk manager analyze to mitigate the risk of further project overrun?

While performing risk identification exercises, the risk manager often encounters biases from the project team. How can the risk manager accurately identify what will trigger a risk?

During the risk management planning, key stakeholders recommend adding more factors other than probability and the impact to refine the score of prioritized threats in subsequent iterations of the qualitative risk analysis. The stakeholders ask the risk manager to prepare a list to discuss this further.

Which three valid factors should the risk manager prepare on the list for discussion? (Choose 3)

The stakeholders of a building construction project are not comfortable with the project manager ' s handling of the project as they believe there is a financial risk. The project manager asks the risk manager to assist in demonstrating to the stakeholders that the project risks are under a tolerable threshold.

What should the risk manager do first to demonstrate this to the stakeholders?

The major investor in a road construction project is constantly asking project team members for information about the project ' s execution. This has resulted in the project team working 20% of their day preparing project reports for the stakeholders.

What should the risk manager do to enhance the project team ' s approach to risk reports?

A project manager has determined that an activity is too complex to complete internally so they hire a licensed contractor to complete the work. What is the project manager performing in this situation?

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A project manager is identifying risks on a project and decides to use a risk checklist to gather historical data accumulated from similar projects. With several different historical project files to choose from, which two pieces of information should the project manager include in their risk checklist? (Choose two.)

The project manager asks the risk manager to determine the initial risk assessment for a six month initiative that is about to kick-off. Which two artifacts will help the risk manager conduct the related analysis? (Choose two.)

During a brainstorming session, a stakeholder identifies a risk that, if realized, could greatly impact their team. The stakeholder insists that this particular risk should be

mitigated to the greatest extent possible, however, the majority of other stakeholders feel that different risks have higher probabilities of occurring.

Which action should the risk manager take to address this risk?

A complex infrastructure construction project consisting of various stakeholders with diverse attitudes and opinions is in the execution phase. The project sponsor instructed the risk manager to evaluate the project environment and identify potential risks because many conflicts have arisen.

What should the risk manager do first?

When conducting a risk identification exercise, what two actions should the risk manager take? (Choose two.)

The sponsor of a construction project is upset about the results of the risk management team. The sponsor believes the team did not properly identify the risks that could affect the project. The team did manage the risks; however, some of the risk response strategies created secondary risks.

What should the risk management team have done to manage this situation?

After presenting a list of risks to the major project stakeholders and project sponsor, the board requested the risks be sorted differently from the results presented by the project team. This is a major issue and will cause a 2-week delay in the project.

How could the risk manager have avoided the board ' s response?

A project manager is working on a high priority and high profile project. The project team had identified three opportunities, and after analysis, risk responses were recorded. Although risk responses were adequate for the identified opportunities, two of those opportunities were not acted upon. During the risk audit, the project manager found out that several of the planned risk responses were not implemented.

What should the project manager have done to avoid this?

Some project risks are applicable for the project ' s lifecycle while others risks are only applicable to specific project activities. When should project risks be closed?

The project risk manager is in the process of identifying risks. The project sponsor has communicated that there is an influential stakeholder who has a senior management position. The other stakeholders do not feel comfortable speaking in front of this stakeholder.

What should the project risk manager do next to identify risks?

During the monthly executive review meeting, the project sponsor would like to understand how the project team has planned to manage risks that were identified in the last meeting. What should the project manager do?

A project manager is leading a complex, high-risk construction project in the city center. To address risk based on lessons learned from similar past building projects, the risk manager assigns a team member to assess and confirm risk thresholds for the project.

What should the risk manager do?

A project is in the execution phase and involves large volumes of supplies. The project is the last phase of a 10-year initiative. The project sponsor asks the project manager to provide the performance report for the whole initiative.

Which analysis should the risk manager do to provide the project manager with the performance report?

The trigger for a highly categorized threat has occurred. The risk has a set response plan.

Who is responsible for developing responses to risk and monitoring the implementation status of the risk response?

A risk manager has a well-structured risk management process in place for a complex project with a tight schedule. Despite implementing preventive actions, one of the risks identified in the early stages of the project has still occurred and is now an issue.

What should the risk manager do next?

A project team has completed the risk response plan for a newly identified major project risk. Some team members argue the plan does not totally eliminate the risk, considering the effort required to implement it, and feel the planned response should be thrown out altogether.

What should the risk manager do in this situation?

A project manager realizes the team undertaking the project work has fallen behind the planned schedule. The risk manager identifies a new risk resulting from this delay and will need to understand how this will affect the project deadline.

Which kind of numerical analysis should be performed to understand the worst-case scenarios?

An organization with a portfolio of unique business functions kicks-off a performance improvement project across the entire organization. There are a large number of stakeholders the project team will need to consider during risk identification.

What three actions should the risk manager ensure the project team performs during risk identification? (Choose 3)

During a project progress meeting, a project team member is concerned that one of the risks has triggered several other low-level risks. These risks should be responded to quickly or there will be severe consequences for the project deliverables.

What should the risk manager do?

In a large industrial business, an on-going system development project faces a previously identified risk. The risk is adequately managed by the risk manager, however there is still residual risk.

What should the risk manager do?

A risk manager of a complex project has identified a risk and believes a deeper understanding of the source and likelihood is necessary. How should the risk manager proceed?

When processing freight invoices for a project, the project manager notices the shipping costs exceeded the budget due to increased fuel costs. The risk manager included this risk in the project ' s contingency allowance. When reviewing the project budget execution reports, the project manager notices unused budget remaining in other closed tasks of the project that could cover the additional shipping costs.

What should the project manager do?

A risk manager manages risks in a construction project. A stakeholder mentions that if there is less than a 50% chance of rain, construction should continue. Another stakeholder says that if there is less than a 60% chance of rain, construction should continue.

What should the risk manager do next to find out the correct limit?

At an oil and gas company, a major unified management information system is to be implemented. The project manager noted that risks gathered from the organization ' s business functions are not properly identified and categorized, making it difficult to develop an effective risk response.

How should the project manager handle this situation?

A risk manager is preparing for the first meeting with their project sponsor on a potential project for a large client. The risk manager reviews their newly developed project risk register to identify any risks that should be analyzed further and begins by prioritizing the probability column based on the following criteria:

1 = Very Low

2 = Low

3 = Medium

4 = High

5 = Very High

What type of risk analysis is the risk manager performing?

As a project approached completion, a risk manager conducted a risk response audit and verified the effectiveness of risk responses. What should the risk manager do next?

As part of standard procedure to monitor and control a project, a risk manager should constantly update the risk register. The risk register updates should include information on risk reassessment, risk audits, and periodic risk reviews.

What additional information should the risk manager prioritize in the risk register updates?

While executing an oil extraction project in an environmentally sensitive area, weather is the main cause of delay in the project work. The risk manager was aware that the delays caused by the weather could not be avoided or mitigated.

What should the risk manager do to manage this risk?

A home solar panel project has many internal and external stakeholders including households, businesses, community groups, electric utility companies, local government officials, landlords, and investors. What should the project manager do when engaging stakeholders?

After the initial assessment of a new project, a project manager found that in order to complete the expected results, detailed and exhaustive planning will be required to ensure the product ' s characteristics and quality. What should the risk manager propose to the project manager what to do?

A project manager for a predictive project just received a scope change request where additional development is required. What should the risk manager do to support the project manager with this scope change request?

What should the risk owner use as an effective information-gathering technique during the planning session?

A project manager has determined that they cannot outsource work nor eliminate the scope. They also discover that they cannot buy insurance or mitigate the risk.

What should the project manager do?

A budget change request was initiated by a functional manager in an organization due to a shortage in the functional manager ' s department budget. The functional manager asks the CEO to approve utilization of a contingency budget reserved for one of the projects in its closing phase.

What should the risk manager of the related project have done to prevent this situation from happening?

it typically takes 5 hours to perform a complete home inspection. If there are unforeseen risk factors, it can take up to 7 hours to finish the inspection. The earliest the project team has ever finished an inspection is in 3 hours.

Using the project evaluation and review technique (PERT) to estimate duration how many hours should the project manager plan to schedule the task taking into account all the positive and negative risk factors?

A core project team is working on unrelated tasks in advance to reduce the risk of delay due to an external team not completing its tasks on time. The core project team has completed all possible unrelated tasks but cannot move forward, because the external team ' s tasks have yet to be completed.

What should the risk manager do next?

A subcontractor working on a project may cause delays in the construction schedule. The project manager records this risk in the risk register and issues a change request sponsor rejects the change request.

What should the project manager have done differently?

A new project to develop a custom software solution for a high-profile client is being initiated. The project sponsor emphasizes the importance of delivering the solution on time and within budget, as this project could lead to significant future opportunities. The risk manager recognizes that the team lacks a standardized approach to managing risks and that some team members are unfamiliar with risk management practices.

What should the risk manager do?

While planning for project execution phase stakeholders are making decisions on how to respond to known and new risks. What artifact should the stakeholders prepare?

An organization that spans across different countries undergoes a digital transformation project. The project manager has assigned a risk management team leader who is a risk management certified candidate in their domain.

What should the risk management team leader do in the early stages of the project?

A risk manager schedules workshops for identifying risks about an initiative involving multiple business units, recruitments for different roles, procurements, technological uplift, training, and changes in the ways of working. Who should participate in the risk management activity?

During project development, a risk manager notices that a major update in the country ' s regulations might be happening in the upcoming months. These changes will affect the materials used in building some of the components of the final product. The project team is unsure if this risk will affect the project negatively or positively.

Which tool should the project team use to determine this?

A project team has just initiated a large project to move an organization ' s headquarters to another location. The risk manager has scheduled a risk identification session but notices that the project charter, work breakdown structure (WBS). and scope statement are not available.

What should the risk manager consider?

A risk manager for a cross-functional project is initiating the risk identification process. The risk manager conducted some meetings for stakeholders to express their concerns, but some stakeholders are complaining that their opinions were not considered.

How should the risk manager address these concerns?

The project manager performed ' a variance analysis on the project during the execution phase. The variances were shown as increasing

What does this result imply?

An organization performs an annual strategies and initiatives workshop during which a strengths, weaknesses, opportunities, and threats (SWOT) analysis is being conducted. As part of this process the functional managers identify the opportunities and threats.

What should the risk manager do next?

A risk management professional is currently facilitating the risk planning process with the project team. To increase the breadth of considered risks, the team wants to include high-level and strategic project risks.

What should the risk management professional do next?

During a project ' s initial planning session, the project team identifies a possible risk. The team is under the impression that a critical vendor might delay delivery. This could impact both the project schedule and budget. The team shares insights on the risk ' s likelihood and impact with the risk manager.

What should the risk manager do?

A financial institution is creating a new product database tor their clients. The project sponsor of this project is concerned about failure of the digital platform that hosts the database. The risk manager states that this risk will only occur if there is a major power outage; however, the financial institution has back-up power generators in place.

What type of risk is being referred to here?

The project risk manager on a large firm fixed priced (FFP) contract has an up-to-date risk register with accurate and detailed information. What should the project risk manager do next?

A risk manager has been assigned to replace a risk manager on sick leave. The new risk manager notices that the risk register is missing data that are key to the risk management process.

Which data will the risk manager require first?

A newly assigned risk manager realizes that a project has unrealistic funding and low resources. Which document should the risk manager review?

A project has a S0S4 chance of a US$100 000 profit and a 40% chance of a US$100,000 loss. What is the expected monetary value for this project?

A risk manager has identified multiple risks in an innovation project and needs to prioritize the use of resources to respond to the risks. Which analysis will help the risk manager in this situation?

A risk manager for a large project has completed documenting the risk management plan. The project is moving from planning to execution.

Which three actions should the risk manager take to ensure the risk management plan remains effective during the project timeframe? (Choose 3)

A software company has recently completed a project that delivered a new web application. Throughout the project, several issues were realized that resulted in cost and schedule overruns. The project ' s executive sponsor has requested a deep-dive into what went wrong since the company will be developing additional web applications in the future.

What should the risk manager do?

In a project to promote public health and mitigate health risks, the national health authorities intend to take actions to limit the risks of harmful insects by using pesticides; however, it is expected that some residents will have negative health effects due to the use of the pesticides but according to the assessment completed by the health authorities, not moving forward with this plan will have much more serious consequences on public health rather than following through with the original plan.

How should the project manager address this concern with the health authorities?