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CAPM > Risk > Flashcards

Risk Flashcards

1
Q

What are the objectives of the Project Risk Management Knowledge Area?
A. Increase neutral events and decrease negative events
B. Increase positive events and decrease negative events
C. Decrease positive events and increase negative events
D. Decrease neutral events and increase positive events

A

Increase positive events and decrease negative events

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2
Q

What process prioritizes individual project risks for future analysis or action by assessing their probability of occurrence and impact?
A. Plan Risk Responses
B. Perform Qualitative Risk Analysis
C. Monitor Risks
D. Perform Quantitative Risk Analysis

A

Perform Qualitative Risk Analysis

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3
Q

The processes of Project Risk Management are:
A. Plan Risk Management, Identify Risk, Perform Qualitative Risk Analysis, Perform Quantitative Risk Analysis, Plan Risk Responses, Implement Risk Responses, and Monitor Risks.
B. Identify risk, Perform Qualitative Risk Validation, Perform Qualitative Impact Assessment, Develop Risk Response Strategies, Document Response Strategies, and Monitor Risk Responses.
C. Plan Disk Management, Identify Risks, Assess Risk, Mitigate Risk, Transfer Risk, and Document Outcomes.
D. Identify Risk, Plan Risk Management, Evaluate Risk, Develop Risk Responses, Mitigate Risks, and Document Results.

A

Plan Risk Management, Identify Risk, Perform Qualitative Risk Analysis, Perform Quantitative Risk Analysis, Plan Risk Responses, Implement Risk Responses, and Monitor Risks.

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4
Q

To tailor Project Risk Management, you should consider which of the following factors?
A. Project Size
B. Geographic Location
C. Project Quality
D. Data Analysis

A

Project Size

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5
Q

What is the process of developing options, selecting strategies, and agreeing on actions to address overall project risk exposure, as well as to treat individual project risks?
A. Perform Quantitative Risk Analysis
B. Identify Risks
C. Monitor Risks
D. Plan Risk Responses

A

Plan Risk Responses

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6
Q

When is the Plan Risk Management process performed in a project?
A. During the executing stage of the project
B. During the initiating stage of the project
C. Once or at predefined points in a project
D. Continuously throughout the project

A

Once or at predefined points in a project

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7
Q

Which of the following are included in the risk management plan?
A. Methodology, funding, and timing
B. Sponsor goals and timing
C. Individual Managements, funding, and responsibilities
D. Risk categories and individual Managements

A

Methodology, funding, and timing

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8
Q

The Plan Risk Management Process ensures that the aspects of risk management match which two primary factors?
A. The level of risk and importance of the project
B. The type of industry and level of risk
C. Stakeholder interest and quality of deliverables
D. The amount of deliverables and the delivery date

A

The level of risk and importance of the project

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9
Q

Which of the following is an input of the Plan Risk Management process?
A. Work performance data
B. Work performance reports
C. Procurement documentation
D. Project Charter

A

Project Charter

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10
Q
  1. The risk management plan generally includes all of the following EXCEPT:
    A. Risk categories
    B. Responses to individual risks
    C. Risk strategy
    D. Methodology
A

Responses to individual risks

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11
Q

Which of the following best describes how risk checklists are developed?
A. Developed based on interviews and brainstorming conducted by the project manager
B. Developed based on input from experts, stakeholders, and sponsors
C. Developed based on the project’s budget and schedule
D. Developed based on historical information and knowledge that has been accumulated from similar projects

A

Developed based on historical information and knowledge that has been accumulated from similar projects

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12
Q

SWOT analysis has all of the following characteristics EXCEPT:
A. Examines the project from each of the strengths, weaknesses, opportunities, and threat perspectives to increase the breadth of identified risk by including internally generated risk
B. Examines the degree to which organizational strengths offset threats as well as another identifies opportunities that may serve to overcome weakness
C. It identifies strengths and weaknesses of the organization, regardless of the specific project or the general business area
D. It identifies any opportunities for the project that arise from organizational strengths and any threats arising from organizational weaknesses.

A

It identifies strengths and weaknesses of the organization, regardless of the specific project or the general business area

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13
Q

On completion of the Identify Risks process, which of the following would be included in the risk register?
A. Corrective actions
B. Qualified decision trees
C. Analysis of threats and opportunities
D. List of identified risks

A

List of identified risks

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14
Q

Agreements and procurement documentation are inputs to which process associated with project risk management?
A. Implement Risk Responses
B. Plan Risk Responses
C. Identify Risks
D. Monitor Risks

A

Identify Risks

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15
Q

All of the following are inputs to the Identify Risk process EXCEPT:
A. Scope baseline
B. Quality management plan
C. Risk mitigation plan
D. Risk management plan

A

Risk mitigation plan

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16
Q

Which of the following data analysis techniques examines the degree to which organizational strengths offset threats as well as identifies opportunities that may serve to overcome weaknesses?
A. SWOT analysis
B. Root cause analysis
C. Assumption and Constraint analysis
D. Document analysis

A

SWOT analysis

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17
Q

An output of the Identify Risks process is the:
A. Risk mitigation plan
B. Risk register
C. List of corrective actions
D. Expected monetary value of the risk events

A

Risk register

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18
Q

A thorough analysis of the ___________ will help identify potential risks to the project.
A. Project’s change control system
B. Project’s schedule and budget
C. Project’s mission statement
D. Risk identification checklist based on historical information and knowledge

A

Risk identification checklist based on historical information and knowledge

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19
Q

Which of the following is a tool and technique used in the Perform Qualitative Risk Analysis process?
A. Risk report
B. Risk register
C. Risk management plan
D. Risk categorization

A

Risk categorization

20
Q

The Perform Qualitative Risk Analysis process assesses the priority of identified risks using all of the following EXCEPT:
A. Impact on project objectives if the identified risks occur
B. A mathematical technique, such as the expected monetary value (EMV), to create the impression of precision and accuracy
C. Relative probability or likelihood of occurrence of identified risks
D. Risk perceptions and biases

A

A mathematical technique, such as the expected monetary value (EMV), to create the impression of precision and accuracy

21
Q

Which of the following is the best definition of the Perform Qualitative Risk Analysis process?
A. And mathematical techniques such as the expected monetary value to create an impression of precision and accuracy.
B. Numerically analyzed the combined effects of identified individual project risks and other sources of uncertainty on overall project objectives
C. Prioritizing individual project risks for further analysis or action by assessing their probability of occurrence and impact
D. A model that simulates the combined effects of individual project risk and other sources of uncertainty to evaluate their potential impact.

A

Prioritizing individual project risks for further analysis or action by assessing their probability of occurrence and impact

22
Q

Risk Probability and Impact Assessments Consider the likelihood that the risk will occur and its potential effect on project objectives, respectfully. Which of the following characteristics further describes this data analysis technique?
A. Rescue impact is assessed more thoroughly than risk probability to measure the degree of change expected from each risk
B. The level of probability and its impact on each objective are evaluated during interviews or meetings
C. The impact on project objectives should be assessed primarily at the end of the project as part of the lessons learned
D. The probability of risk should be estimated by using financial metrics.

A

The level of probability and its impact on each objective are evaluated during interviews or meetings

23
Q

What is an output of the Perform Qualitative Risk Analysis process?
A. Probability and impact matrix
B. Project documents updates
C. Change requests
D. Risk categorization

A

Project documents updates

24
Q

All of the following are characteristics of a decision tree EXCEPT:
A. It is a risk analysis tool that can be used to create an estimated monetary value from a particular set of decisions
B. Is primarily a qualitative risk analysis technique and is not generally used in the quantitative risk analysis
C. It is a diagramming and calculation technique for evaluating the implications of a chain of multiple options in the presence of uncertainty
D. Uses expected monetary value analysis to calculate the expected outcome for scenarios that may or may not happen

A

Is primarily a qualitative risk analysis technique and is not generally used in the quantitative risk analysis

25
Q

As an output of the Perform Quantitative Risk Analysis process, project documents are updated. One suck update is:
A. Direction, resources, and contingency costs
B. Checklists, corrective actions, and qualified decision trees
C. Prioritized list of individual project risks
D. Qualitative analysis of the threats to ignore and opportunities to accept

A

Prioritized list of individual project risks

26
Q

Tools and techniques of the Perform Quantitative Risk Analysis process include:
A. Contracting, contingency planning, alternative strategies, and insurance
B. Checklists, damage control reports, standard allowances, and inspection
C. Interviewing, historical results, workarounds, and Risk Analysis development
D. Expert judgement, data gathering, simulations, and decision tree analysis

A

Expert judgement, data gathering, simulations, and decision tree analysis

27
Q

Which of the following best describes a decision tree?
A. Used to support selection of the best of several alternative courses of action
B. A diagram that represents a project or situation within the project as a set of entities, outcomes, and influences, together with the relationships between them
C. Displays the calculated correlation coefficient of each element of the quantitative risk analysis model
D. A graphical, qualitative risk analysis techniques and not generally used in quantitative risk analysis

A

Used to support selection of the best of several alternative courses of action

28
Q

Which of the following data analysis techniques helps to determine which individual project risks or other sources of uncertainty have the most potential impact on project outcomes?
A. Influence diagrams
B. Sensitivity analysis
C. Decision tree analysis
D. Simulations

A

Sensitivity analysis

29
Q

What strategy for risks or positive opportunities is used to increase the probability and/or positive impact of an opportunity?
A. Share
B. Accept
C. Enhance
D. Propagate

A

Enhance

30
Q

Which of the following are outputs of the Plan Risk Responses process?
A. Risk management plan and risk register
B. Work performance information, and organizational process assets updates
C. Risk register and risk report
D. Change requests, project management plan updates, and project documents updates

A

Change requests, project management plan updates, and project documents updates

31
Q

In the Plan Risk Responses process, an accept strategy for a negative risk or threat indicates that the project team has decided:
A. Not to change the project management plan to deal with the risk or is unable to identify any other suitable response strategy.
B. To purchase insurance or to require performance bonds, warranties and guarantees.
C. To eliminate a specific risk or threat, to reduce the probability and/or impact of an adverse risk event to be within acceptable threshold limits or to pursue an opportunity actively.
D. To agree with project manager.

A

Not to change the project management plan to deal with the risk or is unable to identify any other suitable response strategy.

32
Q

Which of the following strategies for threats involves payment of a risk premium to the party taking on the threat?
A. Mitigate
B. Escalate
C. Avoid
D. Transfer

A

Transfer

33
Q

Risk transference nearly often involves:
A. Policies and procedure for a response system
B. Payment of a risk premium to the party taking on the risk
C. Accepting a lower profit if some activities overrun their budget
D. Eliminating risk through beta testing

A

Payment of a risk premium to the party taking on the risk

34
Q

Which of the following best defines an accept strategy, within the Plan Risk Response process?
A. Transfer ownership of the opportunity
B. Realize the opportunity
C. Acknowledge the opportunity but take no proactive action
D. Escalate ownership of the opportunity

A

Acknowledge the opportunity but take no proactive action

35
Q

Outputs from the Plan Risk Responses process include all of the following EXCEPT:
A. Project management plan updates
B. Project documents updates
C. Corrective actions
D. Change requests

A

Corrective actions

36
Q

Which of the following are some strategies used to deal with project negative risks?
A. Transfer, interpret, and reject
B. Enhance, exploit, and reject
C. Avoid, escalate, and accept
D. Interpret, avoid, and transfer

A

Avoid, escalate, and accept

37
Q

Which of the following project document are updated as a result of the implement risk responses process?
A. Risk register
B. Requirements documentation
C. Stakeholder register
D. Assumption log

A

Risk register

38
Q

Which of the following tools and techniques are used in the Implement Risk Responses process?
A. Meetings
B. Interpersonal and team skills
C. Data analysis
D. Data gathering

A

Interpersonal and team skills

39
Q

The Implement Risk Responses process ensures that agreed upon risk responses are executed as planned in order to do what?
A. Minimize overall project risk exposure, avoid individual project threats, and control individual project opportunities
B. Respond to individual project risk by taking advantage of only opportunities
C. Respond to overall project risk by analyzing the high level outcomes of the project
D. Address overall project risk exposure, minimize individual project threats, and maximize individual project opportunities.

A

Address overall project risk exposure, minimize individual project threats, and maximize individual project opportunities.

40
Q

All of the following are inputs to the Implement Risk Responses process EXCEPT:
A. Project management plan
B. Project documents
C. Organizational project assets
D. Issue log

A

Issue log

41
Q

An information system consisting of the tools and techniques used to gather, integrate, and disseminate the outputs of project management processes is known as:
A. Project management information system
B. Gannt chart
C. Delphi technique
D. Risk management technology

A

Project management information system

42
Q

The outputs from the Monitor Risks process include all of the following EXCEPT:
A. Work breakdown structure (WBS)
B. Project documents updates
C. Change requests
D. Project management plan updates

A

Work breakdown structure (WBS)

43
Q

As an output of the Monitor Risks process, an update risk register generally includes the following EXCEPT:
A. Identification of new risks, updates to probability, impact, priority, risks plans, ownership, and other elements of the risk register
B. Outcomes of risk assessments, risk audits, and periodic risk reviews
C. Actual outcomes of the project’s risk and of the responses risk.
D. The work breakdown structure.

A

The work breakdown structure.

44
Q

What is used to consider the effectiveness of the risk management process?
A. Risk Response Analysis
B. Risk Review
C. Risk Audit
D. Risk Registration

A

Risk Audit

45
Q

Which of the following is a tool and technique of the Monitor Risks process?
A. Data gathering
B. What-if scenario analysis
C. Meetings
D. Interpersonal and team skills

A

Meetings

46
Q

Which of the following is an output of the Monitor Risks process?
A. Work breakdown structure
B. Work performance information
C. Project management plan
D. Risk categorization

A

Work performance information

CAPM (12 decks)

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