Sammy is the project manager for her organization. She would like to rate each risk based on its probability and affect on time, cost, and scope. Harry, a project team member, has never done this before and thinks Sammy is wrong to attempt this approach. Harry says that an accumulative risk score should be created, not three separate risk scores. Who is correct in this scenario?

A. Harry is correct, because the risk probability and impact considers all objectives of the project.

B. Harry is correct, the risk probability and impact matrix is the only approach to risk assessment.

C. Sammy is correct, because organizations can create risk scores for each objective of the project.

D. Sammy is correct, because she is the project manager.

Kelly is the project manager of the BHH project for her organization. She is completing the risk identification process for this portion of her project. Which one of the following is the only thing that the risk identification process will create for Kelly?

A. Risk register

B. Risk register updates

C. Change requests

D. Project document updates

Frank is the project manager of the NHQ project for his company. Frank is working with the project team, key stakeholders, and several subject matter experts on risks dealing with the new materials in the project. Frank wants to utilize a risk analysis method that will help the team to make decisions in the presence of the current uncertainty surrounding the new materials. Which risk analysis approach can Frank use to create an approach to make decisions in the presence of uncertainty?

A. Monte Carlo Technique

B. Qualitative risk analysis process

C. Quantitative risk analysis process

D. Delphi Technique

Fred is the project manager of the CPS project. He is working with his project team to prioritize the identified risks within the CPS project. He and the team are prioritizing risks for further analysis or action by assessing and combining the risks probability of occurrence and impact. What process is Fred completing?

A. Risk identification

B. Perform qualitative analysis

C. Perform quantitative analysis

D. Risk Breakdown Structure creation

Which of the following diagrams displays sensitivity analysis data?

A. Fishbone

B. Influence

C. Tornado

D. Cause and effect

You are the project manager of the GHQ project for your company. You are working with your project team to prepare for the qualitative risk analysis process. Mary, a project team member, does not understand why you need to complete qualitative risks analysis. You explain to Mary that qualitative risks analysis helps you determine which risks needs additional analysis. There are also some other benefits that qualitative risks analysis can do for the project. Which one of the following is NOT an accomplishment of the qualitative risk analysis process?

A. Corresponding impact on project objectives

B. Time frame for a risk response

C. Prioritization of identified risk events based on probability and impact

D. Cost of the risk impact if the risk event occurs

You are the project manager of the GGH Project in your company. Your company is structured as a functional organization and you report to the functional manager that you are ready to move onto the quantitative risk analysis process. What things will you need as inputs for the quantitative risk analysis of the project in this scenario?

A. You will need the risk register, risk management plan, permission from the functional manager, and any relevant organizational process assets.

B. You will need the risk register, risk management plan, cost management plan, schedule management plan, and any relevant organizational process assets.

C. You will need the risk register, risk management plan, outputs of qualitative risk analysis, and any relevant organizational process assets.

D. Quantitative risk analysis does not happen through the project manager in a functional structure.

The risk manager organizes a stakeholder meeting to obtain agreement on project risk response strategies. At the conclusion of this meeting, the risk response strategies should be which of the following?

A. Scheduled, budgeted, and easy for project stakeholders to understand

B. Cost-effective, validated by Monte Carlo analysis, and assigned

C. Iterative, scaled to the project, and addressing threats and opportunities

D. Timely, cost-effective, agreed-upon, and accepted

What is defined as "an uncertainty that could have a positive or negative effect on the project objectives", and second, what is a "chosen state of mind, mental view or disposition with regard to a fact or state"?

A. Risk/Response

B. Risk/Attitude

C. Opportunity/Response

D. Opportunity/Attitude

In the country where a project is being executed, customs procedures are complex and change frequently. During the risk identification process, the project team identifies a risk related to delays in customs on substantial equipment that will likely occur. Equipment delays on this project could lead to project cancellation.

Why should a mitigation plan be developed for this risk?

A. This is a financial risk.

B. This task is on the critical path.

C. A response plan should be developed for all risks.

D. This is a high-priority risk.