BUS519 Project Risk Management

Week 6 Quiz  

The risk transference is referred to the transfer of risks to a third party, usually for a fee, it creates a contractual relationship for the third party to manage the risk on behalf of the performing organization. Which one of the following is NOT an example of the transference risk response?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.

A Warranties

B Life cycle costing

C Use of insurance

D Performance bonds

Question 2 :You are the project manager of the BJA project for your company. Management is worried about one of the identified risks in your project. The risk event has a probability of 90 percent and a cost impact of $85,000. Management and you discuss possible solutions to address the risk. You share with them that for $75,000 you can reduce the probability of the risk event to 15 percent and the impact to $25,000. This solution will add three weeks to the project schedule. Management thinks this is a good idea and they would like you to add the time and cost additions to your project plan. What type of risk response is used?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.

A Acceptance

B Mitigation

C Avoidance

D Exploit

Jenny is the project manager of the NHJ project for her company. She has identified several positive risk events within the project and she thinks these events can save the project time and money. You, a new team member, wants to know how many risk responses are available for a positive risk event. What will Jenny reply to you?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.

A Acceptance is the only risk response for positive risk events.

B Three

C Four

D Seven

Question 4 :Residual risk is the risk or danger of an action or an event, a method or a (technical) process that still conceives these dangers even if all theoretically possible safety measures would be applied. How residual risk can be determined?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.

A By determining remaining vulnerabilities after countermeasures are in place

BBy threat analysis

C By transferring all risks

D By risk assessment

You are the project manager for a construction project. The project involves casting of a column in a very narrow space. Because of lack of space, casting it is highly dangerous. High technical skill will be required for casting that column. You decide to hire a local expert team for casting that column. Which of the following types of risk response are you following?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.

A Transference

B Acceptance

C Avoidance

D Mitigation

Holly is the project manager of the GHH project. During risk identification and the subsequent risk analysis process, she has identified a risk with a high probability and high impact for her project. She and the stakeholder agree that the project management plan should be changed to eliminate the risk threat entirely. What risk response has Holly used in this instance?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.

A This is the risk mitigation response.

B This is a scope change and not a risk response.

C This is the avoidance risk response.

D This is the transference risk response.

Question 7 :In the plan risk responses process, which of the following project documents are updated?

Each correct answer represents a complete solution. Choose all that apply.

This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.

A Lessons learned register

B Change requests

C Assumptions log

D Risk register.

Diane is the project manager of the HGF project. A risk that has been identified and analyzed in the project planning processes is now coming to fruition. Which individual should respond to the risk with the preplanned risk response?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.

A Diane

B Subject matter expert

C Risk owner

D Project sponsor

Which of the following two inputs are required by the project manager to begin risk response planning?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.

A Risk register and the risk management plan

B Risk register and the power to assign risk responses

C Risk register and the results of risk analysis

D Risk register and the risk response plan

You work as a project manager for TechSoft Inc. You are preparing to plan risk responses for your project with your project team. How many risk responses are available for a positive risk event in the project?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.

A Four

B Seven

C One

D Three

You are the project manager for your organization and you are working with Thomas, a project team member. You and Thomas have been working on a specific risk response for a probable risk event in the project. Thomas is empowered with a risk response and will control all aspects of the identified risk response in which a particular risk event will happen within the project. What title, in regard to risk, is bestowed on Thomas?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.

A Risk response owner

B Risk team leader

C Risk expeditor

D Risk coordinator

Question 12 :Your project uses a piece of equipment that if the temperature of the machine goes above 450 Degree Fahrenheit, the machine will overheat and have to be shut down for 48 hours. Should this machine overheat even once, it will delay the project’s end date. You work with your project to create a response that should the temperature of the machine reach 430 Degree Fahrenheit, the machine will be paused for at least an hour to cool it down. The temperature of 430 Degree Fahrenheit is called what?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.

A Risk event

B Risk identification

C Risk trigger

D Risk response