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PROJ 595 Project Risk

Management Week 8 Final Exam
A+ Answer

PROJ 595_Project Risk Management_Week 8 Final Exam Complete A+ Answer

PROJ 595_Project Risk Management_Week 8 Final Exam Complete A+ Answer
Set 1
Question 1. (TCOs A and B) An EVM analysis employs which factors to evaluate risks?
(Points : 5)
Risk and impact
Probability and urgency
Impact and probability
Decision trees and reliability of data
Question 2. (TCO G) You have completed all design drawings and have a complete scope
for your project. You need to hire a contractor to build the product to your designs. Which
type of contract would be best in this situation? (Points : 5)
FPEPA
T&M
CPIF
FP
Question 3. (TCO D) In which risk response strategy is the responsibility for the risk
moved to a third party? (Points : 5)
Transference and sharing
Exploitation and avoidance
Acceptance and enhancement
Mitigation and active acceptance

4. (TCOs A and B) You have been appointed as a project manager for a high-dollar project
for a government agency, and you have been asked by your boss to identify the stakeholder
groups and the individuals who make up those groups in order to start the stakeholder
analysis. Identify at least six groups of stakeholders and the individuals who comprise
those groups, and explain when the stakeholder identification process should take place
during the planning of the project. (Points: 20)
5. (TCO B) Due to globalization within your industry, you have been appointed as the
project manager for an R & D project. Your task is to create a new technologically
advanced solar cell. You want to employ the PMBOK Guide risk management process.
Senior management would like you to briefly describe the process and all its steps. Please
create a short briefing for senior management below. (Points : 40)
6. (TCO I) You are the project manager on a critical project for your corporation. You have
decided to employ fault-tree analysis on your project. What is fault-tree analysis, and how
can it be applied to your project? (Points : 25)
7. (TCO H) Senior management is concerned about risk owners on your project. What is
the role of a risk owner in the risk management process? (Points: 20)
8. (TCO F) You are a project manager for a large healthcare R & D project. Senior
management has asked you to utilize a sensitivity analysis and a tornado diagram to
quantify risks on your project. Senior managements major concern is the price of raw
materials in the development of the new drug. Describe how to perform a sensitivity
analysis and use a tornado diagram to quantify risks to your project. (Points : 25)
9. TCO G) Describe and discuss when one should use an FPEPA contract. Compare and
contrast this to a typical FP contract. (Points: 20)
10. (TCO E) Senior management has just returned from a risk management workshop.
One of the topics was reserve analysis. Management does not completely understand the
concept and asks you what the purpose is of performing reserve analysis during the risk
management process. (Points : 20)
11. (TCO D) You are the project manager for an important healthcare project. You are
performing qualitative risk analysis. Below are the values of probability and impact for the
top six risks that were given to you by project team. Assuming a neutral stakeholder
tolerance, which risks must be addressed proactively if possible?(Points : 25)
12. TCO C) You are the project manager for a large health information technology project.
You are confronted with an important decision on your project: How much scenario
testing is appropriate for this project? Employ decision tree analysis to provide senior
management with the best course of action for this decision.
For this decision, you have three possible choices: no scenario testing of the design,
moderate scenario testing of the design, or full scenario testing of the design. No scenario
testing will incur no additional costs due to testing and has a 10% chance of a successful
implementation. If it is unsuccessful, rework costs are likely to be $30 million. Moderate
scenario testing will cost $5 million and has a 50% chance of success. If it is unsuccessful,

rework costs are likely to be $30 million. Full scenario testing will cost $10 million and has
a 90% chance of success. If it is unsuccessful, rework costs are likely to be $30 million.
Which solution is appropriate for this project?
Set 2
1. (TCOs A and B) Quantitative risk analysis does all of the following, except
perform a Monte Carlo analysis.
employ EVM.
utilize sensitivity analysis.
employ a risk matrix.
Question 2. 2. (TCO G) You need to ensure your project is completed by July 1 of next year.
You do not have time to do all the design work yourself, so you decide to contract out that
work. Which type of contract would likely be best in this situation?
Cost plus
Fixed price with economic price adjustment
Fixed price with incentives
Cost plus with incentives
Question 3. 3. (TCO D) Which risk response strategy is most appropriate for risks on the
watch list?
Transference
Exploitation
Passive acceptance
Active acceptance
4. (TCOs A and B) You have been appointed as a project manager for a high-dollar project
for a government agency, and you have been asked by your boss to identify the stakeholder
groups and the individuals who make up those groups in order to start the stakeholder
analysis. Identify at least six groups of stakeholders and the individuals who comprise
those groups, and explain when the stakeholder identification process should take place
during the planning of the project. (Points: 20)
Question 6. 6. (TCO C) You are the project manager for a large health information
technology project. You are confronted with an important decision on your project: How
much posttesting of the design is appropriate for this project? Employ decision tree
analysis to provide senior management with the best course of action for this decision.
For this decision, you have three possible choices: no posttesting of the design, moderate
posttesting of the design, or full posttesting of the design. No posttesting will incur no
additional costs due to testing and has a 25% chance of a successful implementation. If it
is unsuccessful, rework costs are likely to be $30 million dollars. Moderate testing will cost
$5 million and has a 50% chance of success. If it is unsuccessful, rework costs are likely to
be $30 million. Full testing will cost $10 million and has a 75% chance of success. If it is
unsuccessful, rework costs are likely to be $30 million. Which solution is appropriate for
this project? (Points : 40)

Question 7. 7. (TCO D) You are the project manager for an important healthcare project.
You are performing qualitative risk analysis. Below are the values of probability and
impact for the top six risks that were given to you by project team. Assuming a neutral
stakeholder tolerance, which risks must be addressed proactively if possible?
(Points : 25)
Question 8. 8. (TCO E) Senior management is very interested in creating an effective risk
monitoring and control system that is tied to a performance monitoring system for your
project. Describe what a good monitoring and control and performance measurement
system for your project would look like. Be sure to include an example to help illustrate
your answer. (Points : 20)
Question 9. 9. (TCO F) You are a project manager for a large healthcare R & D project.
Senior management has asked you to utilize a sensitivity analysis and a tornado diagram to
quantify risks on your project. Senior managements major concern is the price of raw
materials in the development of the new drug. Describe how to perform a sensitivity
analysis and use a tornado diagram to quantify risks to your project. (Points : 25)
Question 10. 10. (TCO G) Describe and discuss when one should use an FPEPA contract.
Compare and contrast this to a typical FP contract. (Points : 20)
Question 11. 11. (TCO H) You are in a status meeting with key project stakeholders. You
are discussing residual and secondary risks in your project. The stakeholders are
becoming concerned about these concepts. The key stakeholders ask for an explanation
and example of each. How would you describe each? Provide an example of a residual and
a secondary risk.
Question 12. 12. (TCO I) You are the project manager on a complete overhaul of your
corporations IT infrastructure. You have decided to employ fault-tree analysis on your
project. What is fault-tree analysis, and how can it be applied to your project?

PROJ 595 Project Risk

Management Week 8 Final Exam
A+ Answer