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Question 26
A regional vendor for custom manufactured steel oil derricks is awarded a contract to design, manufacture, and install 40 offshore oil platforms. Installation of these derricks requires precision placement and stable seas for the transport and installation ships to properly install the deep water structure. It takes 65 days to transport the deep water structures for each platform from the manufacturing facility to the installation site at a cost of US$155,000 per day. The monsoon season runs from May to September each year and is a known risk for placement of the oil platforms. There is an incentive clause in the contract that will provide a
US$1,500,000 payment, if all 40 platforms are in place and ready for use by 5 January 2016.
What is the probability of receiving this incentive?
- A: 35.0%
- B: 42.9%
- C: 44.5%
- D: 47.5%
Question 27
During a project review meeting, an executive scrutinizes the risk section, including risks on the watch list, and demands action to close them out.
What is the executive's risk attitude?
- A: Averse
- B: Seeking
- C: Neutral
- D: Tolerant
Question 28
Which input could be utilized to perform quantitative risk analysis to reduce uncertainty?
- A: Risk categorization
- B: Organizational process assets
- C: Stakeholder register
- D: Expert judgment
Question 29
The risk manager wants to determine what is to be measured, how it is to be measured, and what project outcomes are to be measured. In which of the following processes should this be established?
- A: Initiating Process
- B: Executing Process
- C: Planning Process
- D: Monitoring and Controlling Process
Question 30
What quantitative tools and techniques are used to perform risk analysis in order to support stakeholder decision making for the project?
- A: Risk probability and impact assessment
- B: Sensitivity analysis
- C: Interviewing
- D: Probability and impact matrix
Question 31
The project manager needs to create a risk management plan for a high risk project, but the company's senior management does not see value in spending time documenting major risks instead of leading the project. What is the most appropriate action for the project manager to take first?
- A: Develop a risk register and present it to the senior management.
- B: Hire a risk consultant to identify the major risks.
- C: Develop a risk management plan and present it to the sponsor.
- D: Document all identified risks.
Question 32
A common understanding of the value of risk management among key stakeholders is an effective foundation to managing risk effectively. The project manager should ensure training is provided to which of the following groups to create this understanding?
- A: Project team members and customers
- B: Management and external stakeholders
- C: Management and customers
- D: Project team members and management
Question 33
Most risks are assessed for probability and impact. Which of the following are other factors that should be considered?
- A: Urgency and complexity
- B: Manageability and cost
- C: Urgency and manageability
- D: Manageability and complexity
Question 34
A risk manager schedules a project overview meeting with the project sponsor to provide an update on risk management progress. Each functional lead is identifying the most critical information to be presented at an executive level. The information must balance communicating essential information with actions and recommendations.
What risk information should be communicated to the project sponsor?
- A: Significant risks and issues and their planned responses
- B: Risk matrix showing the distribution of high, medium, and low risks
- C: Results of the last project risk brainstorming session
- D: Summary feedback from the previous risk audit
Question 35
A project manager wants to represent the distribution of uncertainty around a risk model element. However, good data on the variability of the risk model element has not been collected, and only contains minimum and maximum values.
What curve should the project manager use to represent the distribution?
- A: Uniform
- B: Beta
- C: Normal
- D: Lognormal
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