Determine How to Apply Risk Tools Appropriately PMI-CP Practice Questions (Page 2)

Questions 6–10

1. 6expert · hard

   A project manager is facilitating an IPRA workshop. During the workshop, the team identifies a risk with a high probability but low impact, and another risk with a low probability but high impact. The team has limited resources and must decide which risk to prioritize. The project manager wants to use a quantitative approach to support the decision. What should the project manager do?

   • APrioritize the high-probability risk because it is more likely to occur.
   • BCalculate the expected monetary value (EMV) for both risks and prioritize the one with the higher EMV.
   • CUse a Monte Carlo simulation to determine which risk has the greatest effect on the project schedule.
   • DPrioritize the high-impact risk because its potential impact is greater.
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2. 7foundation · easy

   What is the primary purpose of a risk register in project management?

   • ATo document, track, and communicate project risks throughout the project lifecycle.
   • BTo replace the project schedule and budget documents.
   • CTo store all project correspondence and contractual documents.
   • DTo provide a legal record of all decisions made by the project team.
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4. 8application · medium

   A project manager is evaluating the impact of uncertainty on the project's completion date. The schedule has several tasks with variable durations, and the sponsor wants a probabilistic estimate of the finish date. The team has historical data for duration ranges. Which approach should the project manager use?

   • AUse the PERT weighted average for each task and add them to the critical path.
   • BRun a Monte Carlo simulation using the duration ranges to produce a probability distribution of possible completion dates.
   • CAdd a fixed percentage contingency to the critical path duration to account for uncertainty.
   • DCalculate the expected value of each task duration and sum them to get a single-point estimate.
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5. 9application · medium

   A project is being initiated, and the project manager wants to establish a risk management framework. The organization has a standard risk management policy, but the project has unique characteristics that require a tailored approach. What is the first step the project manager should take?

   • ADefine the risk management roles, processes, and tools for the project, aligned with the organizational policy.
   • BDevelop a risk response plan for the top ten risks identified by the sponsor.
   • CConduct a full IPRA workshop to identify all potential risks.
   • DCreate the risk register and populate it with risks from lessons learned.
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6. 10expert · hard

   A project manager is establishing a risk management framework for a project that spans multiple countries with different regulatory environments. The project has a distributed team and a complex stakeholder landscape. The project manager wants to ensure the framework is effective across all locations. What is the most important consideration?

   • ADefine clear roles and responsibilities for risk management, including local coordinators in each region.
   • BUse a single risk register for the entire project to ensure consistency.
   • CAdopt the organizational risk management policy without any tailoring.
   • DConduct a single IPRA workshop with all stakeholders from all regions.
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