Determine How to Apply Risk Tools Appropriately PMI-CP Practice Questions (Page 6)

Questions 26–28

1. 26foundation · easy

   Which of the following is a typical component of a risk register entry?

   • AThe project's organizational chart and reporting lines.
   • BThe project's procurement plan and vendor selection criteria.
   • CThe detailed work breakdown structure (WBS) for the project.
   • DRisk description, probability, impact, and response plan.
   Reveal Solution Discussion Select an answer first
2. 27foundation · easy

   What is the primary purpose of sensitivity analysis in probabilistic risk management?

   • ATo assign a probability to each risk based on expert opinion.
   • BTo create a risk response plan for each identified risk.
   • CTo determine which risks or variables have the greatest impact on project outcomes.
   • DTo document the risk management process for audit purposes.
   Reveal Solution Discussion Select an answer first
3. 28application · medium

   A project manager is deciding between two vendors for a critical component. Vendor A has a higher upfront cost but a lower risk of delivery delays. Vendor B is cheaper but has a higher probability of delays that could impact the project schedule. The project manager wants to quantify the expected cost impact of each option. Which technique is most appropriate?

   • ABuild a decision tree that calculates the expected monetary value of each vendor option, including the cost of potential delays.
   • BUse a Monte Carlo simulation to model the delivery dates of both vendors.
   • CAdd the probability of delay to the vendor's quoted price to get a risk-adjusted cost.
   • DPerform a sensitivity analysis to see which vendor has the greatest impact on the project budget.
   Reveal Solution Discussion Select an answer first