Question 1

A risk manager monitors risks on a medium-sized project by collecting inputs and data from individual project team members. What output is produced by the risk manager after analyzing the information they receive?

Options :

A : Updated probability and impact matrix

B : Updated risk register

C : Updated mitigation plans

D : Updated project schedule

Answer: B

Question 2

A project's design has been completed and approved on time. The construction subcontractor should be mobilizing to start construction but does not have the necessary materials in place, causing a delaying in the project. The risk register only contains risks for the design phase of the project. What should the project manager have done differently?

Options :

A : Executed the Monte Carlo sensitivity analysis prior to mobilization

B : Added generic construction risks to the risk register before construction began

C : Reviewed the assumptions/exclusions register in the project charter

D : Performed risk identification exercises for the full lifecycle of the project

Answer: D

Question 3

A project team identifies that there is a probability of missing a key milestone in a project. The team wants to move forward with the risk response planning. What should the risk manager complete first?

Options :

A : The risk categorization

B : The risk simul-ation

C : The full risk description

D : The risk response plan

Answer: C

Question 4

An organization is embarking on a multi-million-dollar project with numerous identified risks. What should the project risk team do to navigate the risks on this project?

Options :

A : Go for a low-risk threshold of ±5% around a cost objective.

B : Confirm stakeholders risk thresholds based on risk appetites.

C : Conduct risk identification to populate the risk register.

D : Go for a high-risk threshold of ±10% around a cost objective.

Answer: C

Question 5

During project planning, a risk is identified for which the risk manager has defined a mitigation strategy. Later during project execution, this risk still leaves substantial residual risk. What should the risk manager do to handle this situation?

Options :

A : Revisit this risk in the risk register and redefine the mitigation strategy.

B : Activate the contingency plan to handle this risk during execution.

C : Mark this new risk as an extremely high priority and inform all stakeholders.

D : Ask the project sponsor for more budget to deal with this risk.

Answer: C