Ouchie’s theory can best be described as being concerned with:

You have conducted a communication channels analysis on your large, international project. You have identified 496 communication channels. You know this means that, other than you, there are ____ team members and stakeholders.

According to this theorist, there is a risk that the workforce would suffer a loss of motivation if the annual bonuses were eliminated from the compensation plan.

Consider the following dataset: [18, 20, 20, 24, 27, 29, 29, 29, 30, 35, 40]. What is the mean of the dataset?

Successful project risk management is dependent upon organizational agreement on the key aspects of and approach to risk management. Consistently applied definitions and structure lend to a credible and repeatable approach that can be used to continually improve project risk management for the organization. Which of the following statements is most accurate regarding a consistent approach to and vernacular for project risk management?

One of your team members, Ashley, had a very bad experience with one of your key stakeholders, Bob, on a previous project. At a team meeting, you notice that Ashley is not open to feedback, suggestions, or requests from Bob and that the team’s communication is suffering consistent misunderstandings as a result. What is the most likely cause of the misunderstandings?

You have recently noticed a team member’s work slipping, and he has been repeatedly late turning in his assigned work. He has also not been joining team-building events, despite the fact that he was previously very active. Upon further investigation, you learn that his home is under foreclosure due to his wife’s medical expenses. What statement is most accurate regarding this situation?

Which of the following data sets has a median value of 8?

Which statement is most accurate regarding the difference between inferential and descriptive statistics?

The project sponsor suspects that if your product development project is delivered in the first quarter of next year, there is a possibility that your company will capture a large amount of the market share. Delivering in the first quarter will most likely lead to launching your product ahead of your competitor’s launch of a similar product. This situation would be considered:

Typically, projects have a greater likelihood of coming in over the budget estimate than under it. The potential spread of costs is also greater over budget than under budget. This would be represented in:

A measure used to quantify the amount of variation or dispersion in a set of data values is known as:

The consulting firm that you work for is experiencing rapid growth with high-value clients. Project managers who are assigned to these clients are receiving higher bonuses than the other project managers. To get assigned to these clients, project managers must demonstrate competency in a number of areas, including risk management, scheduling, budgeting, and team development. As such, some of the project managers are working longer hours, often off the clock, and are more aggressively allocating extra time to complete training and get experience in those areas. This is an example of:

For the first test population, the standard deviation was 3.98. For the second test population, the standard deviation was 2.1. Which statement is most accurate?

The four phases typically involved in negotiation are:

This process evaluates the highest-priority risks in terms of the cost and/or schedule impact.

All of the following are characteristics of the project management process groups except:

The Project Management Institute:

The risk management process involves:

The project management process groups are:

The difference between the PMBOK® Guide and ISO 31000 can best be described as:

The objective of this process is to prioritize the project risks.

The process groups interact based on:

Also known as establishing the context, this process defines the scope and objectives of the project risk management approach.

The project management framework is best described as:

Which statement is most accurate regarding the Identify Risks process?

Which statement is most accurate?

Which statement is least accurate regarding the Plan Risk Responses process?

The following statements are true about the PMBOK® Guide, except:

During which process are the risk responses and risk management approach audited?

The last few times you traveled on business, the counter agents at the airport were very rude. You just learned that your friend accepted a job at that same airline. While you want to be supportive of her opportunity, you do not understand why she would go to work for such an unpleasant company. What heuristic have you applied?

In conducting a stakeholder analysis, a number of tools can be used to rank and rate your stakeholders. The salience model of stakeholder classification groups stakeholders based on:

Which of the following statements is least accurate?

Which of the following examples would best represent the availability heuristic?

All of the following may be drivers of corporate risk culture except:

A key stakeholder is:

This technique enhances brainstorming with a voting process to rank the ideas.

The PMO has informed you that Brandie Beane will be joining your project in a part-time capacity. Brandie will oversee the risk management process, assist with developing the risk management plan, and facilitating the risk workshops. What role is Brandie playing on the team?

This type of bias is often seen in risk-seeking individuals.

While collecting requirements, you want to solicit feedback from a group of experts in a format in which they are most able to give their individual and honest feedback. What group creativity technique would be best in this situation?

Also known as the corollary syndrome, this occurs when a person is facing an uncertain situation and subconsciously brings a preexisting judgment to the task of assessing the level of risk.

With your team, you have generated a large number of potential requirements. You would like to arrange the ideas into groups for further analysis. What technique should you consider using with your team?

You are mentoring a junior project manager, and you have noticed that he is reluctant to engage with some of the more challenging stakeholders. Whenever he knows they will be at a meeting, he seems to have a scheduling conflict. This ostrich effect is known to occur with individuals with the following type of bias.

The four primary risk attitudes are:

You and your spouse are considering putting your house on the market. When you ask your spouse for an estimate on what the necessary updates will cost, your spouse states with a shrug, “$30,000, but we may want to do the yard, which could add costs. I would say it would probably be about $35,000.” This is an example of:

You have assumed the responsibility for a high-risk project that is instrumental to your company’s growth. As you begin to evaluate the project, you take into consideration the availability of skilled resources that will be needed for the project. You are considering:

Risk tolerances are determined in order to help:

You are new to the project organization within your company. You have been asked to develop a project management plan, and you have sent an inquiry to the PMO asking for any templates or sample plans that may exist. The templates and sample plans:

Risk management planning:

The level of risk management is dependent upon:

One of your team members believes that the risk of the CEO stepping down should be evaluated and included. However, your other team members feel very strongly that the CEO would never step down, at least not during the lifespan of your project, and evaluation is therefore unnecessary. The risk of the CEO stepping down is known as a:

Templates that are preloaded with information common to most projects:

Which of the following statements is most accurate regarding the risk management plan?

The risk methodology:

An outside team-building event is being held at an off-site location. The project team members are traveling in from various regional offices to participate in the one-day activity. This will be the first time many of them meet one another. Select the most accurate risk statement.

The following are components of the risk management plan except:

An emergent risk:

Which of the following statements is not true about positive risks?

As a subsidiary plan, the risk management plan:

All of the following should be included in the project risk management plan except:

The scope baseline includes all of the following except:

The PERT estimate is nine hours. The best-case estimate is four hours, and the worst-case estimate is 18 hours. What is the most likely duration estimate?

Your team lead has suggested that you evaluate various estimating techniques in order to provide the most comprehensive estimate possible. You decide to use parametric estimating. Parametric cost estimating involves:

The previous project manager of your newly assigned project leveraged analogous estimating to determine the project costs. The following statement is true about analogous estimating.

For a particular component, the work package owner leveraged a triangular three-point estimate to come to a calculation of $111,667. If the optimistic estimate was $98,000 and the most likely estimate was $112,000, what was the pessimistic estimate?

Which of the following is a true statement about risks?

Which statement is most accurate regarding risk identification?

Why is it important that scope risks be identified early in the project?

Scope gap is different than scope creep in that:

This is a hierarchical structure of potential risk sources.

Which of the following is not a function of an RBS?

Which statement is the most accurate regarding the difference in overall project risk compared to individual risk?

You are conducting an FMEA, and your team has provided the following ratings: severity = 5, occurrence = 9, and detection = 4. What is the criticality of this risk?

As project manager, you are brainstorming with your team to determine implementation risks. The team is struggling to identify any risks, however, because they have not developed this type of product before. What technique may be the most helpful in this kind of situation?

It is often helpful to consider the Five Whys when doing this type of analysis.

A probability impact matrix can be used for:

In order to be most efficient in targeting risks with the biggest impact, which tool should be used?

The following evaluates identified risks and determines which risks need to be addressed in the short term.

In a meeting with your sponsor, you have identified that some of the project constraints are more critical than others. What is the best technique to assess the differences in the importance of the constraints?

The risk management plan has been completed and approved by the key stakeholders. You are working with your team to identify risks to the project and are performing a qualitative risk analysis. The objective of the qualitative risk analysis is to:

As the project manager, you need to find out which issue has the maximum impact on a project. Which tool should you use?

What should be done with risks on the watchlist?

This can help reduce the influence of bias in a qualitative risk analysis.

Which of the following is the most accurate statement regarding conducting a qualitative risk analysis?

A qualitative risk score is:

A probability and impact matrix:

Each of the following may be included in the risk register based on the qualitative risk analysis except:

You have been assigned a bridge demolition and rebuilding project. A risk analysis has already been completed on the project and the resulting risk was 7.9. This project can be considered:

The following is biggest weakness of using a retrospective analysis to evaluate project risk.

You are performing an AHP analysis of various risks. The budget objective has a weighting of .29. For budget implications, risk A has an average score of .56, risk B has an average score of .32, and Risk C has an average score of .12. What is risk B’s overall score against the budget objective?

The last project you managed for this client included 875 planned activities and used an allocated contingency of 10%. The current project is expected to have three times the number of activities, so you suggest a contingency allocation of 30%. This would be predicted using __________ metrics.

Your team lead is concerned about the time and computer speed for running a Monte Carlo simulation. What technique should you suggest to be used in place of the Monte Carlo simulation?

The organization is very sensitive to any risk impacting the project budget or schedule. You are working with your team and subject matter experts to conduct a quantitative risk analysis on the identified risks. Which statement is least accurate?

Upon discussion with the work package owner, you learn that based on the vendor that is chosen, there are four potential durations for the work. There is a 20% chance of using a local vendor, which would result in a duration of 12 days; a 30% chance of using a domestic vendor, which would result in a duration of 18 days; and a 10% chance of using an international vendor, which would result in a duration of 27 days. The remaining possibility is to do the work in-house, which would result in a duration of 15 days. What is the best estimate to use?

A project that has a negative cost variance and an SPI less than 1.0 is:

As you evaluate a vendor bid of $350,000, you take into consideration the risk associated with potential delays. There is a 65% probability that the vendor will come in behind schedule at a cost of $125,000 and a 35% probability that the vendor will come in early for a savings of $50,000. Based on that information, what is the total value of the bid?

Which statement below is false regarding quantitative risk analysis?

Which statement is most accurate regarding Gaussian and beta distributions?

If a project has a 60% chance of a $100,000 profit and a 40% chance of a $100,000 loss, the expected monetary value of the project is:

Option A is estimated to take 24 days to complete, option B is estimated to take 16 days to complete, option C is estimated to take 10 days to complete, and option D is estimated to take 14 days to complete. The probability of each option is, respectively, 30%, 12%, 17%, and 41%. What is the best estimate for expected duration?

A Monte Carlo simulation uses a project model and runs multiple iterations with varying input values. The output of a Monte Carlo simulation is a:

In a probability distribution:

Upon evaluation of the project requirements, your product development team lead provides you with the following duration information:
If the product can be developed in-house with existing staff, the estimated duration is 14 days. If the product must be developed by a vendor, the estimated duration is 21 days. If a portion is developed in-house and a portion by the vendor, the estimated duration is 19 days. Based on the information you received, there is a 30% probability that the product can be developed fully in-house and a 50% probability that a portion can be developed in-house.
Considering the risk, what is the best duration estimate?

The difference between the cost baseline and the total project budget can be best described as:

Your client requires a major scope change due to a change in the market conditions. The scope change will add costs to the project. You currently have funding in your budget contingency reserve. What should you do?

There was a software risk associated with the infrastructure project. To mitigate the risk, you leveraged a software provider that has been known to be compatible with your organization’s systems. However, upon install, you realize that the new software is causing a major problem. What is the next thing you do?

You are the project manager of ABC project. The project is being executed in an earthquake-prone area. To take care of this you buy insurance for earthquakes. This is an example of:

One of the risks that have been identified for your current project is the attrition of team members. Midway through the project, you notice that the morale and motivation of the team members is going down. You think that this is a precursor to people leaving the organization. For this risk, low motivation is an example of:

You are managing the project of planning a party for your company employees. There is a risk that the employees will not come to the party. You decide to not take any action against this, as the likelihood of this is low. Which risk response strategy are you following?

There is a meeting in Europe for the organization’s senior leadership team. To reduce the risk associated with having the executives all on one plane, you send no more than two executives on the same flight. What risk strategy are you using?

There is a potential opportunity if your product is first to market. You decide to team up with another business in order to increase the chances that you will make it to market first. What risk strategy are you using?

Upon evaluation of a complex construction project, your sponsor has asked that you transfer some of the risk. Which of the following should you consider?

There is a risk that pedestrians could walk on the new sidewalks before the concrete has cured. As such, your team places caution signs near the sidewalks. This is an example of what risk response strategy?

There is an opportunity to provide a service for one of the largest companies in the region. To improve your chances of getting the job, you decide to partner with another firm to demonstrate that you have the manpower required to complete the job. This is an example of what risk response strategy?

The implementation of selected risk response strategies may create:

An output of risk response planning is:

You were in the middle of a three-year project to deploy new technology to 15 field offices across the country. A tornado caused power outages just when the upgrade was nearing completion. When the power was restored, all of the project reports and historical data were lost with no way of retrieving them. What should have been done to mitigate this risk?

Because there was a risk of rain during an outdoor event, the team decided to put a tent over the main banquet area. A risk has now been identified that the tent may become unsecured with high wind. The possibility of the tent becoming unsecured is an example of:

The difference between work performance data and work performance information can best be described as:

As you enter the last phase of your project, you identify a number of risks that are now obsolete. What should you do next?

A control chart has all of the following characteristics except:

Which of the following is true about risk audits?

Risk monitoring and controlling can best be accomplished through:

Used in controlling risks, the technical performance measurement:

Which statement is most accurate regarding the monitoring and controlling of project risks?

This technique focuses on resource allocations within the schedule and can be used to monitor the amount of risk reserve time available, which may trigger actions to be taken.

All of the following are techniques used to monitor and control project risks except:

This technique examines and documents the effectiveness of risk responses in dealing with identified risks and their root causes.

These are unplanned responses developed to deal with the occurrence of unanticipated risk events.

As a result of monitoring and controlling risk, the risk register updates will include all of the following except:

Why are effective status reports important to risk monitoring and controlling?

All of the following should be included in the project status report except:

During project executing, a major problem occurs that was not included in the risk register. What should you do first?

Your sponsor advises you that there is enough money in the budget to complete the IT project. However, the project is 40% complete, and the cost performance index (CPI) is 0.65. Upon reviewing the original cost estimates, you learn that the project was analogously estimated. The analogous estimate was then used to determine the activity estimates. What should have been done to reach a more accurate estimate?

You are determining the appropriate amount of time to dedicate to risk management activities for your new project. The frequency and depth of reviews and updates to the project risk information will depend upon:

As you developed your project schedule, you identified resource constraints as a potential risk cause. Because of this, you decided to utilize the method of planning that leverages time buffers to monitor and manage schedule performance and account for limited resources. This technique is known as:

You have completed all of your risk planning processes, and now the project is underway. You are continuing to monitor and control the risk environment of the project. During risk response control, when is additional response development needed?

You have taken over the management of a strategy-critical project that is exceptionally time-sensitive. The team members represent the different divisions that will be most impacted by the implementation of the project and have been known to have very strong opinions about the project requirements and the development of the project deliverables. The previous project manager had difficulty managing conflict within the team, which caused the project to be delayed. You decide to train the team on conflict resolution strategies. This is an example of:

Your project is high-risk and has significant implications for the growth of the company. In order to monitor and control the project risks, you are adding formal risk items to the status meeting agenda. Which would you be least likely to include on the agenda?

Your project involves the implementation of sophisticated infrastructure technology. Upon evaluation of the project requirements, you realize that one of the components will require expertise that you do not currently have in-house. Leveraging a vendor that specializes in producing that component will allow you to deliver the project requirements. You enter into a contractual agreement with a vendor with the expertise you require. This is an example of:

You are assuming the management of a project that is already in progress. Upon conducting a stakeholder analysis, you identify a stakeholder that you classify as risk-neutral. What is the best approach for risk communication with that stakeholder?

Your project is dependent upon purchasing a piece of equipment from a vendor. The project is operating with an extremely limited budget. To exploit the probability of delivering under budget, you:

You are providing guidance to a peer project manager who has recently joined your project organization regarding risk monitoring and controlling. You advise her that the most effective setting for monitoring and controlling project risks is:

For your park development project, you have hired a vendor to install all of the concrete walkways. In the past, your organization has had some quality issues with this particular vendor. You need to mitigate the risks associated with poor quality. What would be the most appropriate response?

This is the process of numerically analyzing the effect of identified risks on overall project objectives, assigning a numerical rating to those risks individually, and evaluating the aggregate effect of all risks affecting the project schedule and budget, and it presents an approach to making decisions in the presence of uncertainty.

You are working with your sponsor on a stakeholder analysis for your new project. You have identified a stakeholder who appears to be risk-seeking. What is the best approach for risk communication with this stakeholder?

The engineering department is developing multiple components for the new manufacturing facility. One particular component is very complex, and the development of that component is new to the department. You decide to prototype that particular component. Prototyping a risky piece of equipment:

On your corporate infrastructure project, risk management is a key priority, given the company’s sensitivity to market fluctuations. In addition, this is the first project for which formal project and risk management practices are being implemented. You have scheduled quarterly risk audits per the risk management plan. Which statement is least accurate regarding risk audits?

Your team members have escalated issues with the QA analyst to you and despite your feedback and requests for improvement, the issues are continuing to be a problem for the project team and are disrupting the work that needs to be done. To avoid the risk associated with the QA analyst, you:

You are the project manager for the new marketing campaign. You need to find out which customer complaints occur most frequently about the product that will be replaced with the new marketing campaign. Which tool should you use to illustrate and rank the most frequently occurring complaints?