You are working on a project to build a small bridge near the town entrance and decide to gather risks using the Delphi technique. You know that once you have identified all the risks at this stage, you will have your initial:
A. Monte Carlo Simulation
B. Risk register
C. Performance report
D. Risk management plan
Answer: B. Risk register
The risk register is the primary output from the Identify Risks process; the Delphi technique is one of the tools and techniques that may be used. Subsequent risk processes include the risk register as their inputs as well as providing risk register updates as their outputs.
Showing posts with label risk. Show all posts
Showing posts with label risk. Show all posts
While planning a project that involves building a unique product for a client, you decide to build a prototype in order to reduce the risk of not meeting expectations. This is an example of what type of risk response strategy?
A. Avoid
B. Transfer
C. Mitigate
D. Accept
Answer: C. Mitigate
Mitigating requires you to decrease the probability and/or impact of a particular risk. In this scenario, creating a prototype could reduce the chance that the risk triggers but even if it does, it could decrease the delta (gap).
A. Avoid
B. Transfer
C. Mitigate
D. Accept
Answer: C. Mitigate
Mitigating requires you to decrease the probability and/or impact of a particular risk. In this scenario, creating a prototype could reduce the chance that the risk triggers but even if it does, it could decrease the delta (gap).
After deciding to outsource a part of the project, your sponsor tells you that he wants a contract with the least amount of risk. What type of contract will you be seeking?
A. Fixed price
B. Time and materials
C. Cost plus fixed fee
D. Cost plus percentage of cost
Answer: A. Fixed price
Of the contract types listed, fixed price (aka firm fixed price or lump sum) is the safest bet for the buyer. In a fixed price contract for $100,000, the buyer knows exactly what she is getting (assuming the scope is clearly defined) and how much she is paying. If the work actually takes more than $100,000 to deliver, then it rests on the supplier.
A. Fixed price
B. Time and materials
C. Cost plus fixed fee
D. Cost plus percentage of cost
Answer: A. Fixed price
Of the contract types listed, fixed price (aka firm fixed price or lump sum) is the safest bet for the buyer. In a fixed price contract for $100,000, the buyer knows exactly what she is getting (assuming the scope is clearly defined) and how much she is paying. If the work actually takes more than $100,000 to deliver, then it rests on the supplier.
The purpose of a risk management plan is:
A. Indicate the probability and impact of each risk
B. Monitor risks on the project
C. Describe how risk will be managed on the project
D. Identify risks on the project
Answer: C. Describe how risk will be managed on the project
As with any management plan, the key is to describe how something will be managed. The key word being 'how'. You do not actually do anything with the risks at this point; rather simply documenting the process of managing risk. The other choices on the list refer to other risk processes.
A. Indicate the probability and impact of each risk
B. Monitor risks on the project
C. Describe how risk will be managed on the project
D. Identify risks on the project
Answer: C. Describe how risk will be managed on the project
As with any management plan, the key is to describe how something will be managed. The key word being 'how'. You do not actually do anything with the risks at this point; rather simply documenting the process of managing risk. The other choices on the list refer to other risk processes.
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