Guide - Section 2.8 (Deck#2) - Uncertainty Performance Domain

Question 1

What can occur when there are ongoing fluctuations in available skill sets or materials?

Answer 1

Volatility

Question 2

What two options can be used to address volatility?

Answer 2

1. Alternatives analysis
2. Reserve - cost or schedule

Question 3

What involves looking at different ways to meet an objective, such as using a different mix of skills, resequencing work, or outsourcing work?

Answer 3

Alternatives analysis

Question 4

What can involve identifying the variables to be considered in evaluating options, and the relative importance or weight of each variable?

Answer 4

Alternatives analysis

Question 5

What can be used to cover budget overruns due to price volatility?

Answer 5

Cost reserve

Question 6

What can be used to address delays due to volatility associated with resource availability?

Answer 6

Schedule reserve

Question 7

What is it called when the project team acts to eliminate the threat or protect the project from its impact?

Answer 7

threat avoidance

Question 8

What is appropriate when the project team or the project sponsor agrees that a threat is outside the scope of the project or that the proposed response would exceed the project manager’s authority?

Answer 8

escalation

Question 9

What involves shifting ownership of a threat to a third party to manage the risk and to bear the impact if the threat occurs?

Answer 9

transfer

Question 10

What has happened when action is taken to reduce the probability of occurrence and/or impact of a threat?

Answer 10

threat mitigation

Early mitigation action is often more effective than trying to repair the
damage after the threat has occurred.

Question 11

What threat response acknowledges the existence of a threat, but no proactive
action is planned?

Answer 11

threat acceptance

Actively accepting a risk can include developing a contingency plan that would be triggered if the event occurred; or it can include passive acceptance, which means doing nothing.

Question 12

What is the goal of implementing threat responses?

Answer 12

reduce the amount of negative risk

Question 13

What is an event or condition that, if it occurs, has a positive impact on one or more project objectives?

Answer 13

opportunity

example - a time and materials-based subcontractor
who finishes work early, resulting in lower costs and schedule savings.

Question 14

What are 5 strategies for dealing with opportunities?

Answer 14

1. Exploit
2. Escalate
3. Share
4. Enhance
5. Accept

Question 15

A response strategy whereby the project team acts to ensure that an opportunity
occurs.

Answer 15

Exploit

Question 16

What opportunity response strategy involves allocating ownership of an opportunity to a third party who is best able to capture the benefit of that opportunity?

Answer 16

Opportunity sharing

Question 17

What opportunity response strategy has happened when the project team acts to increase the probability of occurrence or impact of an opportunity?

Answer 17

Opportunity enhancement

Question 18

What type of reserve is set aside to address identified risks should they occur?

Answer 18

Contingency reserve

Question 19

What is a budget category used for unknown events such as unplanned, in-scope work?

Answer 19

Management reserve

Question 20

What tactics can be used to surface threats and opportunities?

Answer 20

1. Frequent demonstrations of increments of the product or service
2. interim designs, or
3. proof of concepts

Question 21

What can be an early indicator of threats related to dissatisfaction from stakeholders if not corrected?

Answer 21

Negative feedback from demonstrations or design reviews

Question 22

What helps inform the project team regarding the areas of development highly valued by the business representatives?

Answer 22

Positive feedback

Question 23

What can be helpful for navigating project risk and being proactive with risk responses?

Answer 23

Establishing a frequent rhythm or cadence of review and feedback sessions from a broad selection of stakeholders.

Daily standups
Weekly status meetings
Retrospectives
Lessons learned