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Question 1 of 30
1. Question
Which among the following does not come under the update of risk register as an output of quantitative risk analysis?
Correct
Project documents are updated with information resulting from quantitative risk analysis. For example, risk register updates could include:
• Probabilistic analysis of the project
• Probability of achieving cost and time objectives
• Prioritized list of quantified risks
• Trends in quantitative risk analysis resultsIncorrect
Project documents are updated with information resulting from quantitative risk analysis. For example, risk register updates could include:
• Probabilistic analysis of the project
• Probability of achieving cost and time objectives
• Prioritized list of quantified risks
• Trends in quantitative risk analysis results -
Question 2 of 30
2. Question
You work in the human resource department in an MNC and are well aware of the various inputs and outputs of quantitative risk analysis. Which among the following describes prioritized list of quantified risks?
Correct
Prioritized list of quantified risks.
This list includes those risks that pose the greatest threat or present the greatest opportunity to the project. These include the risks that may have the greatest effect on cost contingency and those that are most likely to influence the critical path. These risks may be evaluated, in some cases, through a tornado diagram generated as a result of the simulation analysis.Incorrect
Prioritized list of quantified risks.
This list includes those risks that pose the greatest threat or present the greatest opportunity to the project. These include the risks that may have the greatest effect on cost contingency and those that are most likely to influence the critical path. These risks may be evaluated, in some cases, through a tornado diagram generated as a result of the simulation analysis. -
Question 3 of 30
3. Question
Which among the following is not true for prioritized list of quantified risks?
Correct
Prioritized list of quantified risks.
This list includes those risks that pose the greatest threat or present the greatest opportunity to the project. These include the risks that may have the greatest effect on cost contingency and those that are most likely to influence the critical path. These risks may be evaluated, in some cases, through a tornado diagram generated as a result of the simulation analysis.Incorrect
Prioritized list of quantified risks.
This list includes those risks that pose the greatest threat or present the greatest opportunity to the project. These include the risks that may have the greatest effect on cost contingency and those that are most likely to influence the critical path. These risks may be evaluated, in some cases, through a tornado diagram generated as a result of the simulation analysis. -
Question 4 of 30
4. Question
You work in the quality control department in a firm and have been asked to assist a certain project manager in planning risk response. Which among the following defines plan risk response?
Correct
Plan Risk Responses is the process of developing options and actions to enhance opportunities and to reduce threats to project objectives. The key benefit of this process is that it addresses the risks by their priority, inserting resources and activities into the budget, schedule and project management plan as needed.
Incorrect
Plan Risk Responses is the process of developing options and actions to enhance opportunities and to reduce threats to project objectives. The key benefit of this process is that it addresses the risks by their priority, inserting resources and activities into the budget, schedule and project management plan as needed.
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Question 5 of 30
5. Question
You are a project manager in a firm and are currently on the process of planning risk response. Which among the following is not true for plan risk response process?
Correct
Plan Risk Responses is the process of developing options and actions to enhance opportunities and to reduce threats to project objectives. The key benefit of this process is that it addresses the risks by their priority, inserting resources and activities into the budget, schedule and project management plan as needed. The Plan Risk Responses process follows the Perform Quantitative Risk Analysis process (if used). Each risk response requires an understanding of the mechanism by which it will address the risk.
Incorrect
Plan Risk Responses is the process of developing options and actions to enhance opportunities and to reduce threats to project objectives. The key benefit of this process is that it addresses the risks by their priority, inserting resources and activities into the budget, schedule and project management plan as needed. The Plan Risk Responses process follows the Perform Quantitative Risk Analysis process (if used). Each risk response requires an understanding of the mechanism by which it will address the risk.
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Question 6 of 30
6. Question
You work in the human resource department in an MNC and are well aware of the various tools and techniques used in planning risk response? Which of the following is not among the tools and techniques used in plan risk response process?
Correct
Plan Risk Responses: Tools and Techniques
1. Strategies for Negative Risks or Threats
2. Strategies for Positive Risks or Opportunities
3. Contingent Response Strategies
4. Expert JudgmentIncorrect
Plan Risk Responses: Tools and Techniques
1. Strategies for Negative Risks or Threats
2. Strategies for Positive Risks or Opportunities
3. Contingent Response Strategies
4. Expert Judgment -
Question 7 of 30
7. Question
Which among the following is not a technique for dealing with negative risks?
Correct
The four strategies for dealing with negative risks or threats are:
• Risk avoidance
• Risk transference
• Risk mitigation
• Risk acceptanceIncorrect
The four strategies for dealing with negative risks or threats are:
• Risk avoidance
• Risk transference
• Risk mitigation
• Risk acceptance -
Question 8 of 30
8. Question
Which of the following defines risk avoidance?
Correct
Risk avoidance is a risk response strategy whereby the project team acts to eliminate the threat or protect the project from its impact. It usually involves changing the project management plan to eliminate the threat entirely. The project manager may also isolate the project objectives from the risk’s impact or change the objective that is in jeopardy.
Incorrect
Risk avoidance is a risk response strategy whereby the project team acts to eliminate the threat or protect the project from its impact. It usually involves changing the project management plan to eliminate the threat entirely. The project manager may also isolate the project objectives from the risk’s impact or change the objective that is in jeopardy.
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Question 9 of 30
9. Question
You work in the risk analysis department in a firm and are well aware of the strategies for handling various types of risks. Which of the following is not true for risk avoidance?
Correct
Risk avoidance is a risk response strategy whereby the project team acts to eliminate the threat or protect the project from its impact. It usually involves changing the project management plan to eliminate the threat entirely. The project manager may also isolate the project objectives from the risk’s impact or change the objective that is in jeopardy. The most radical avoidance strategy is to shut down the project entirely. Some risks that arise early in the project can be avoided by clarifying requirements, obtaining information, improving communication, or acquiring expertise.
Incorrect
Risk avoidance is a risk response strategy whereby the project team acts to eliminate the threat or protect the project from its impact. It usually involves changing the project management plan to eliminate the threat entirely. The project manager may also isolate the project objectives from the risk’s impact or change the objective that is in jeopardy. The most radical avoidance strategy is to shut down the project entirely. Some risks that arise early in the project can be avoided by clarifying requirements, obtaining information, improving communication, or acquiring expertise.
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Question 10 of 30
10. Question
Which of the following defines risk transference?
Correct
Risk transference is a risk response strategy whereby the project team shifts the impact of a threat to a third party, together with ownership of the response. Transferring the risk simply gives another party responsibility for its management—it does not eliminate it. Transferring does not mean disowning the risk by transferring it to a later project or another person without his or her knowledge or agreement.
Incorrect
Risk transference is a risk response strategy whereby the project team shifts the impact of a threat to a third party, together with ownership of the response. Transferring the risk simply gives another party responsibility for its management—it does not eliminate it. Transferring does not mean disowning the risk by transferring it to a later project or another person without his or her knowledge or agreement.
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Question 11 of 30
11. Question
You work in the risk analysis department in a firm and are well aware of the strategies for handling various types of risks. Which of the following is not true for risk transference?
Correct
Risk transference is a risk response strategy whereby the project team shifts the impact of a threat to a third party, together with ownership of the response. Transferring the risk simply gives another party responsibility for its management—it does not eliminate it. Transferring does not mean disowning the risk by transferring it to a later project or another person without his or her knowledge or agreement. Risk transference nearly always involves payment of a risk premium to the party taking on the risk. Transferring liability for risk is most effective in dealing with financial risk exposure.
Incorrect
Risk transference is a risk response strategy whereby the project team shifts the impact of a threat to a third party, together with ownership of the response. Transferring the risk simply gives another party responsibility for its management—it does not eliminate it. Transferring does not mean disowning the risk by transferring it to a later project or another person without his or her knowledge or agreement. Risk transference nearly always involves payment of a risk premium to the party taking on the risk. Transferring liability for risk is most effective in dealing with financial risk exposure.
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Question 12 of 30
12. Question
Which among the following defines risk mitigation?
Correct
Risk mitigation is a risk response strategy whereby the project team acts to reduce the probability of occurrence or impact of a risk. It implies a reduction in the probability and/or impact of an adverse risk to be within acceptable threshold limits.
Incorrect
Risk mitigation is a risk response strategy whereby the project team acts to reduce the probability of occurrence or impact of a risk. It implies a reduction in the probability and/or impact of an adverse risk to be within acceptable threshold limits.
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Question 13 of 30
13. Question
You work in the risk analysis department in a firm and have been asked to a certain project manager in risk mitigation. Which of the following is not true for risk mitigation?
Correct
Risk mitigation is a risk response strategy whereby the project team acts to reduce the probability of occurrence or impact of a risk. It implies a reduction in the probability and/or impact of an adverse risk to be within acceptable threshold limits. Adopting less complex processes, conducting more tests, or choosing a more stable supplier are examples of mitigation actions. Mitigation may require prototype development to reduce the risk of scaling up from a bench-scale model of a process or product. Where it is not possible to reduce probability, a mitigation response might address the risk impact by targeting linkages that determine the severity.
Incorrect
Risk mitigation is a risk response strategy whereby the project team acts to reduce the probability of occurrence or impact of a risk. It implies a reduction in the probability and/or impact of an adverse risk to be within acceptable threshold limits. Adopting less complex processes, conducting more tests, or choosing a more stable supplier are examples of mitigation actions. Mitigation may require prototype development to reduce the risk of scaling up from a bench-scale model of a process or product. Where it is not possible to reduce probability, a mitigation response might address the risk impact by targeting linkages that determine the severity.
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Question 14 of 30
14. Question
Which of the following defines risk acceptance?
Correct
Risk acceptance is a risk response strategy whereby the project team decides to acknowledge the risk and not take any action unless the risk occurs. This strategy is adopted where it is not possible or cost-effective to address a specific risk in any other way.
Incorrect
Risk acceptance is a risk response strategy whereby the project team decides to acknowledge the risk and not take any action unless the risk occurs. This strategy is adopted where it is not possible or cost-effective to address a specific risk in any other way.
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Question 15 of 30
15. Question
You work in the risk analysis department in a firm and are well aware of the strategies for handling various types of risks. Which of the following is not true for risk acceptance?
Correct
Risk acceptance is a risk response strategy whereby the project team decides to acknowledge the risk and not take any action unless the risk occurs. This strategy is adopted where it is not possible or cost-effective to address a specific risk in any other way. This strategy indicates that the project team has decided not to change the project management plan to deal with a risk, or is unable to identify any other suitable response strategy. This strategy can be either passive or active.
Incorrect
Risk acceptance is a risk response strategy whereby the project team decides to acknowledge the risk and not take any action unless the risk occurs. This strategy is adopted where it is not possible or cost-effective to address a specific risk in any other way. This strategy indicates that the project team has decided not to change the project management plan to deal with a risk, or is unable to identify any other suitable response strategy. This strategy can be either passive or active.
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Question 16 of 30
16. Question
Which among the following is not a technique used for positive risks or opportunities?
Correct
Strategies for Positive Risks or Opportunities
• Exploit
• Enhance
• Share
• AcceptIncorrect
Strategies for Positive Risks or Opportunities
• Exploit
• Enhance
• Share
• Accept -
Question 17 of 30
17. Question
Which among the following describes the exploit strategy for positive risks of the project?
Correct
The exploit strategy may be selected for risks with positive impacts where the organization wishes to ensure that the opportunity is realized. This strategy seeks to eliminate the uncertainty associated with a particular upside risk by ensuring the opportunity definitely happens.
Incorrect
The exploit strategy may be selected for risks with positive impacts where the organization wishes to ensure that the opportunity is realized. This strategy seeks to eliminate the uncertainty associated with a particular upside risk by ensuring the opportunity definitely happens.
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Question 18 of 30
18. Question
You work in the quality control department in a firm and have been asked to assist a certain project manager in handling positive risks of the project. Which among the following is not true for exploit strategy?
Correct
The exploit strategy may be selected for risks with positive impacts where the organization wishes to ensure that the opportunity is realized. This strategy seeks to eliminate the uncertainty associated with a particular upside risk by ensuring the opportunity definitely happens. Examples of directly exploiting responses include assigning an organization’s most talented resources to the project to reduce the time to completion or using new technologies or technology upgrades to reduce cost and duration required to realize project objectives.
Incorrect
The exploit strategy may be selected for risks with positive impacts where the organization wishes to ensure that the opportunity is realized. This strategy seeks to eliminate the uncertainty associated with a particular upside risk by ensuring the opportunity definitely happens. Examples of directly exploiting responses include assigning an organization’s most talented resources to the project to reduce the time to completion or using new technologies or technology upgrades to reduce cost and duration required to realize project objectives.
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Question 19 of 30
19. Question
Which among the following describes the enhance strategy for positive risks of the project?
Correct
The enhance strategy is used to increase the probability and/or the positive impacts of an opportunity. Identifying and maximizing key drivers of these positive-impact risks may increase the probability of their occurrence. Examples of enhancing opportunities include adding more resources to an activity to finish early.
Incorrect
The enhance strategy is used to increase the probability and/or the positive impacts of an opportunity. Identifying and maximizing key drivers of these positive-impact risks may increase the probability of their occurrence. Examples of enhancing opportunities include adding more resources to an activity to finish early.
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Question 20 of 30
20. Question
You work in the quality control department in a firm and have been asked to assist a certain project manager in handling positive risks of the project. Which among the following is not true for enhance strategy?
Correct
The enhance strategy is used to increase the probability and/or the positive impacts of an opportunity. Identifying and maximizing key drivers of these positive-impact risks may increase the probability of their occurrence. Examples of enhancing opportunities include adding more resources to an activity to finish early.
Incorrect
The enhance strategy is used to increase the probability and/or the positive impacts of an opportunity. Identifying and maximizing key drivers of these positive-impact risks may increase the probability of their occurrence. Examples of enhancing opportunities include adding more resources to an activity to finish early.
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Question 21 of 30
21. Question
You work in the risk analysis department in a firm and have been asked to a certain project manager in for handling positive risks. Which of the following describes sharing strategy?
Correct
Sharing a positive risk involves allocating some or all of the ownership of the opportunity to a third party who is best able to capture the opportunity for the benefit of the project. Examples of sharing actions include forming risk-sharing partnerships, teams, special-purpose companies, or joint ventures, which can be established with the express purpose of taking advantage of the opportunity so that all parties gain from their actions.
Incorrect
Sharing a positive risk involves allocating some or all of the ownership of the opportunity to a third party who is best able to capture the opportunity for the benefit of the project. Examples of sharing actions include forming risk-sharing partnerships, teams, special-purpose companies, or joint ventures, which can be established with the express purpose of taking advantage of the opportunity so that all parties gain from their actions.
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Question 22 of 30
22. Question
You work in the quality control department in a firm and have been asked to assist a certain project manager in controlling risk process. Which among the following defines control risk process?
Correct
Control Risks is the process of implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project. The key benefit of this process is that it improves efficiency of the risk approach throughout the project life cycle to continuously optimize risk responses.
Incorrect
Control Risks is the process of implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project. The key benefit of this process is that it improves efficiency of the risk approach throughout the project life cycle to continuously optimize risk responses.
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Question 23 of 30
23. Question
You work in the risk mitigation department in a firm and have been asked to assist a certain project manager in controlling project risk. Which among the following is not true for control risk process?
Correct
Control Risks is the process of implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project. The key benefit of this process is that it improves efficiency of the risk approach throughout the project life cycle to continuously optimize risk responses. Control Risks can involve choosing alternative strategies, executing a contingency or fallback plan, taking corrective action, and modifying the project management plan. The risk response owner reports periodically to the project manager on the effectiveness of the plan, any unanticipated effects, and any correction needed to handle the risk appropriately. Control Risks also includes updating the organizational process assets, including project lessons learned databases and risk management templates, for the benefit of future projects.
Incorrect
Control Risks is the process of implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project. The key benefit of this process is that it improves efficiency of the risk approach throughout the project life cycle to continuously optimize risk responses. Control Risks can involve choosing alternative strategies, executing a contingency or fallback plan, taking corrective action, and modifying the project management plan. The risk response owner reports periodically to the project manager on the effectiveness of the plan, any unanticipated effects, and any correction needed to handle the risk appropriately. Control Risks also includes updating the organizational process assets, including project lessons learned databases and risk management templates, for the benefit of future projects.
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Question 24 of 30
24. Question
Which among the following is not a purpose of control risks process?
Correct
The Control Risks process applies techniques, such as variance and trend analysis, which require the use of performance information generated during project execution. Other purposes of the Control Risks process are to determine if:
• Project assumptions are still valid,
• Analysis shows an assessed risk has changed or can be retired,
• Risk management policies and procedures are being followed, and
• Contingency reserves for cost or schedule should be modified in alignment with the current risk assessment.Incorrect
The Control Risks process applies techniques, such as variance and trend analysis, which require the use of performance information generated during project execution. Other purposes of the Control Risks process are to determine if:
• Project assumptions are still valid,
• Analysis shows an assessed risk has changed or can be retired,
• Risk management policies and procedures are being followed, and
• Contingency reserves for cost or schedule should be modified in alignment with the current risk assessment. -
Question 25 of 30
25. Question
You work in the human resource department in an MNC and are well aware of the various inputs and outputs of controlling risks. Which among the following is not an input to control risk process?
Correct
Control Risks: Inputs
1. Project Management Plan
2. Risk Register
3. Work Performance Data
4. Work Performance ReportsIncorrect
Control Risks: Inputs
1. Project Management Plan
2. Risk Register
3. Work Performance Data
4. Work Performance Reports -
Question 26 of 30
26. Question
Which among the following defines risk audits?
Correct
Risk audits examine and document the effectiveness of risk responses in dealing with identified risks and their root causes, as well as the effectiveness of the risk management process. The project manager is responsible for ensuring that risk audits are performed at an appropriate frequency, as defined in the project’s risk management plan.
Incorrect
Risk audits examine and document the effectiveness of risk responses in dealing with identified risks and their root causes, as well as the effectiveness of the risk management process. The project manager is responsible for ensuring that risk audits are performed at an appropriate frequency, as defined in the project’s risk management plan.
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Question 27 of 30
27. Question
You work in the human resource department and have been asked to help a certain project manager in conducting risk audits. Which among the following is not true for risk audits?
Correct
Risk audits examine and document the effectiveness of risk responses in dealing with identified risks and their root causes, as well as the effectiveness of the risk management process. The project manager is responsible for ensuring that risk audits are performed at an appropriate frequency, as defined in the project’s risk management plan. Risk audits may be included during routine project review meetings, or the team may choose to hold separate risk audit meetings. The format for the audit and its objectives should be clearly defined before the audit is conducted.
Incorrect
Risk audits examine and document the effectiveness of risk responses in dealing with identified risks and their root causes, as well as the effectiveness of the risk management process. The project manager is responsible for ensuring that risk audits are performed at an appropriate frequency, as defined in the project’s risk management plan. Risk audits may be included during routine project review meetings, or the team may choose to hold separate risk audit meetings. The format for the audit and its objectives should be clearly defined before the audit is conducted.
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Question 28 of 30
28. Question
Which among the following defines technical performance measurement?
Correct
Technical performance measurement compares technical accomplishments during project execution to the schedule of technical achievement. It requires the definition of objective, quantifiable measures of technical performance, which can be used to compare actual results against targets.
Incorrect
Technical performance measurement compares technical accomplishments during project execution to the schedule of technical achievement. It requires the definition of objective, quantifiable measures of technical performance, which can be used to compare actual results against targets.
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Question 29 of 30
29. Question
Which among the following describe reserve analysis?
Correct
Reserve Analysis Throughout execution of the project, some risks may occur with positive or negative impacts on budget or schedule contingency reserves. Reserve analysis compares the amount of the contingency reserves remaining to the amount of risk remaining at any time in the project in order to determine if the remaining reserve is adequate.
Incorrect
Reserve Analysis Throughout execution of the project, some risks may occur with positive or negative impacts on budget or schedule contingency reserves. Reserve analysis compares the amount of the contingency reserves remaining to the amount of risk remaining at any time in the project in order to determine if the remaining reserve is adequate.
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Question 30 of 30
30. Question
You work in the human resource department in an MNC and are well aware of the various inputs and outputs of controlling risks. Which among the following is not an output of control risk process?
Correct
Control Risks: Outputs
1. Work Performance Information
2. Change Requests
3. Project Management Plan Updates
4. Project Documents Updates
5. Organizational Process Assets UpdatesIncorrect
Control Risks: Outputs
1. Work Performance Information
2. Change Requests
3. Project Management Plan Updates
4. Project Documents Updates
5. Organizational Process Assets Updates