Module 3 -Projects Risks and Professional Ethics Flashcards
Strategies that are typically used to deal
with risks or threats that may have negative
impacts on project objectives if they occur
include all of the following EXCEPT:
A.Interpret
B.Avoid
C.Transfer
D.Mitigate
find answer
Risk transference nearly always involves:
A. Policies, procedures and risk avoidance
techniques
B. Accepting a lower profit if some activities
overrun their budget
C. Eliminating risk through risk mitigation
plan
D. Payment of a risk premium to the party
taking on the risk
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The Delphi technique has all of the following
characteristics EXCEPT:
A. It is a way to reach a consensus of experts on a
subject such as project risk
B. It is a technique in which project risk experts
participate anonymously
C. It helps reduce bias in the data and keeps any one
person from having undue influence on the
outcome
D. It is an innovative solution to conducting risk
management analysis on a project.
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Which of the following is NOT a tool or technique for gaining expert opinion as it relates to risk? A. Brainstorming B. Delphi technique C.Monte Carlo analysis D.Expert interviews
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Your company is starting a new building project and
has assigned you the role of project manager. During
the first few meetings with stakeholders you become
aware of several risks that are of concern to the
project sponsor. The topic of risk management has
not been addressed yet. What is the first thing you
should do to address the project risks?
A. Develop a risk management plan
B. Identify project risks
C. Plan responses to project risks
D. Determine how risks will be controlled.
find answer
The BEST definition of risk management is:
A. The process of identifying, analyzing,
and responding to risk.
B. The process of reducing risk to the
minimum level possible for the project.
C. The process of proactively ensuring that
all project risk is documented and
controlled.
D. Creation of the risk response plan.
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During which stage of risk planning are risks prioritized based on probability and impact? A. Perform Qualitative Risk Analysis B. Identify Risks C. Plan Risk Responses D. Perform Quantitative Risk Analysis
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Which of the following is MOST likely to
interfere with attaining a project’s schedule
objective?
A. Delays in obtaining required approvals
B. Substantial increases in the cost of
purchased materials
C. Contract disputes that generate claims
for increased payments
D. Slippage of the planned postimplementation review meeting.
find answer
A project manager is quantifying risk for his
project. Several of his experts are offsite,
but wish to be included. How can this be
done?
A. Use Monte Carlo analysis using the
Internet as a tool
B. Apply the Critical Path Method
C. Determine options for recommended
corrective action
D. Apply the Delphi Technique.
find answer
Monte Carlo analysis is used to: A. Get an indication of the risk involved in the project B. Estimate an activity’s length C.Simulate the order in which activities occur D.Prove to management that extra staff is needed
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While preparing risk responses, you identify additional
risks. What should you do?
A. Add reserves to the project to accommodate the
new risks and notify management.
B. Document the risk items and calculate the
expected monetary value based on probability and
impact that result from the occurrences.
C. Determine the risk events and the associated cost
then add the cost to the project budget as a
reserve.
D. Add a 10 percent contingency to the project budge
and notify the customer.
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. Pareto charts help the project Manager: A. Focus on the most critical issues to improve quality B. Focus on stimulating thinking C. Explore a desired future outcome D. Determine if a process is out of control
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A Control Chart help the project Manager: A. Focus on the most critical issues to improve quality B. Focus on stimulating thinking C. Explore a desired future outcome D. Determine if a process is functioning within set limits
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What is a Run Chart? A. Same as a Pareto Chart and shows the aggregation of defects B. A pie chart that shows the distribution of various defects during the execution phase C. A bar graph that shows the occurrence of defects during the execution phase D. A line graph that shows trends in process over time, variation over time or declines/improvements in a process over time.
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As the project manager, you have created a bar graph of problems and their frequencies. What is this kind of chart called? A. Deming chart B. Pareto chart C. Ishikawa chart D. Run chart
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Quality audits are an important part
of quality management because:
A. They allow for quantification of the risk
B. They randomly audit product results to
see if they are meeting quality standards
C. They check to see if the quality process is
being followed
D. They are conducted without prior notice
and do not allow team members time to
cover up defects.
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Which of the following quality standards is the highest? A. It is impossible to determine without further information B. 99% quality C. Three sigma quality D. Six sigma quality
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A project manager wants to perform a code review, but over two million lines of code have already been written for this project, and more are being produced every day. Instead of reviewing each line of code, the project manager should consider: A. Automated testing tools B. Trend analysis C. Statistical sampling D. Regression analysis
find answer
You are in a PMP study group when a co-worker, who
is also a friend, tells you that she has acquired the
questions from the actual exam. What would be the
MOST appropriate course of action?
A.Study from the questions, compare them to the
questions on the PMP exam and determine if any
further action is warranted.
B.Ask your friend to surrender the questions and turn
them over to your boss.
C.Decline the offer and change to a different study
group.
D.Contact PMI and explain the situation to them.
find answer
Two stakeholders have begun fighting over
functionality on your project. Who should
resolve this conflict?
A. Senior management
B. The Sponsor
C. The customer
D. The project manager
find answer
A colleague confesses that he has been
posing as a PMP. He says that the prestige is
wonderful, but pursuing the certification has
never interested him. What should you do in
this situation?
A. Contact the police
B. Contact PMI and alert them to the situation
C. Ask your colleague to pursue the real PMP
certification
D. Report this to your colleague’s human
resources department.
find answer
You are employing a subcontractor to complete a
critical piece of work when the project manager for
that subcontractor asks you out on a date, making it
clear that this is a personal engagement and will not
affect business. What would be the BEST course of
action?
A. Accept the invitation if you are so inclined
B. Politely refuse the invitation
C. Ask your manager for permission to go on the
date
D. Consult your human resource department for
guidance
find answer
You have been assigned to a project for a
new software product that you do not believe
will succeed. You have made these feelings
clear to your company, but they wish you to
work on the project anyway. What would be
the BEST course of action in this case?
A. Excuse yourself from the project
B. Escalate the situation to the
customer
C. Manage the project
D. Resign from the company
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A conflict of interest should be: A. Resolved quickly B. Disclosed openly C. Monitored carefully D. Ignored deliberately
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You are working on a project to construct a building in
another country when you discover that you must obtain
a second building permit from the local authority. When
you inquire about this, you find out that the local permit
will take 6 to 8 weeks to be issued; however, an official
mentions that you can speed this up by paying a $500
“rush fee.” The fee is within the project’s budget, and the
need is urgent. What is the BEST thing to do?
A. Pay the $500
B. Do not pay the $500 and wait the 6 to 8
weeks
C. Ask the official if he would accept less than
$500
D. Ask someone on your team to pay the fee for
you.
find answer
As a project manager, you have been asked to serve
on a product selection committee. When you join, you
find out that one of the products that the company is
evaluating is manufactured by the company where
your spouse works as a sales director. What is the
BEST way to handle this situation?
A. Disclose the situation to the product selection
committee
B. Quietly excuse yourself from the committee
C. Remain completely impartial throughout the
product selection
D. Vote against the product in the interest of
fairness.
find answer
You discover that a new pipeline project you
are managing poses a previously
undiscovered threat to the environment. What
is the MOST appropriate course of action?
A. Seek guidance from government officials
B. Seek guidance from the media
C. Seek guidance from an attorney
D. Resign from the project.
find answer
You have reviewed the schedule and have discovered
that the project is going to be completed later than
originally communicated. Your boss has asked you
not to tell this to your customer even though the
agrees there is no way to shorten the schedule. You
have an upcoming status meeting with the customer
later on that same day. What should you do?
A.Cancel the status meeting with the customer
B.Call the customer and explain your dilemma to them
in confidence
C.Explain to your boss that it is unethical to knowingly
report an incorrect status to anyone on the project
D.Ask your boss to put his request to you in writing.
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