Billy is the project manager of the HAR Project and is in month six of the project. The project is scheduled to last for 18 months. Management asks Billy how often the project team is participating in risk reassessment in this project. What should Billy tell management if he's following the best practices for risk management?

1. A. Project risk management is scheduled for every month in the 18-month project.
2. B. Project risk management has been concluded with the project planning.
3. C. At every status meeting the project team project risk management is an agenda item.
4. D. Project risk management happens at every milestone.

Correct Answer: C

Frank is the project manager of the NHH Project. He is working with the project team to create a plan to document the procedures to manage risks throughout the project. This document will define how risks will be identified and quantified. It will also define how contingency plans will be implemented by the project team. What document is Frank and the NHH Project team creating in this scenario?

1. A. Resource management plan
2. B. Project plan
3. C. Project management plan
4. D. Risk management plan

Correct Answer: D

Your project has several risks that may cause serious financial impact should they happen. You have studied the risk events and made some potential risk responses for the risk events but management wants you to do more. They'd like for you to create some type of a chart that identified the risk probability and impact with a financial amount for each risk event. What is the likely outcome of creating this type of chart?

1. A. Risk response
2. B. Quantitative analysis
3. C. Contingency reserve
4. D. Risk response plan

Correct Answer: C

You are the project manager of RTF project for your organization. You are working with your project team and several key stakeholders to create a diagram that shows causal factors for an effect to be solved. What diagramming technique are you using as a part of the risk identification process?

1. A. Cause and effect diagrams
2. B. System or process flow charts
3. C. Predecessor and successor diagramming
4. D. Influence diagrams

Correct Answer: A

You are interviewing members of a project team to test their understanding of the assigned risk responses as risk owners. You and the project manager are working together to evaluate the risk responses to determine their effectiveness in the project. What project management technique are you performing with the project manager in this scenario?

1. A. Risk audits
2. B. Stakeholder analysis as the project team is a stakeholder
3. C. Risk identification with the project team
4. D. Risk analysis

Correct Answer: A