[FREE] Risk Management Test Answers
Besides, the report documents risks that need to be addressed. Here, the interviewer will try to find out if you are familiar with a risk owner. In some cases, there may be more than one individual who is directly responsible for activities that aid...
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Risk Management Quiz
Following that, I was hired as a risk manager to find a long lasting solution to the problem. I helped the company to get ahead of risks by creating a plan to manage risks. I was implemental in helping the company to identify the component that was causing defects and in the end, all defects cleared after it was replaced. Here, the interviewer will try to assess whether you can plan effectively for risk mitigation. An in-depth assessment of the possibility of each risk and its potential severity is done. Eliminate or minimize risks — this step follows risk identification and it involves reducing or doing away with the identified risks. Identify people who will accomplish different tasks — a risk mitigation plan should identify people who should act on different aspects when a disaster occurs.
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This facilitates quick recovery from any disaster. Planning and determining disaster recovery contingencies — the size and type of a business, and the damage caused determine contingency measures. Communicating the plan to individuals concerned — these include service providers, contractors, suppliers, and staff. They should be informed about the strategies put in place to mitigate risks and recover from them as well. Following this, a risk management plan is prepared. Here, the interviewer seeks to know ways through which you can enhance risk management processes. Thirdly, I will identify and address limitations of risk assessments and popularize risk preparedness and prevention among employees. Lastly, I will offer awareness to the project team on the risk management process. The role of a risk manager is held to a high excellent standard because unmitigated risks can translate to huge losses. Here, the interviewer wants to evaluate your ability to work with minimal or zero errors.
Risk Assessment Quiz
Ever since, I make sure to review my work to identify any errors. I crosscheck outputs for reliability and accuracy. Moreover, I adhere to project risk management processes, document all details, and monitor as well as review risks. These efforts help to reduce risks and maintain high performance standards. Here, the interviewer wants to evaluate your ability to deal with challenging situations.
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But I find it quite challenging to work with employees who care less about risks. But in such cases, I will organize sessions through which I will train the employee about risk management mechanisms and guide them on how to identify and handle risks in their units of work. I will also provide them with basic awareness of risks and help them understand how effective risk management can benefit them, their performance, and the company as well. Here, the interviewer seeks to know what you consider a challenge and whether you can handle stressful and difficult situations. Tip 1: Provide a challenge that highlights your skills Tip 2: Briefly explain the action you took to win the challenge. Notably, the development team lacked programmers who were skilled in Java and the business analyst had collected incomplete systems requirements. I managed to identify these issues early and began by liaising with the business analysis to get the missing requirements.
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The business analyst contacted concerned stakeholders and was able to get all the requirements. With regard to the development team, I engaged the team leader and the company leadership. I made a proposal of outsourcing a Java expert and that was accepted. Eventually, the expert was engaged during the development phase only.
Risk Management Multiple Choice Questions
This move saved the company from the costs of employing a Java expert on fulltime basis. Thus, I got rid of the risks that could have occurred due to incomplete requirements and missing skills. Hopefully these interview questions on risk management will help you land your next dream job. Related posts:.
FEMA IS-454: Fundamentals of Risk Management Answers
When do you perform Risk Identification? At the beginning of a project. During project planning. During the whole lifetime of a project. During project execution. Correct Answer: C New risks appear all the time. Moreover, known risks change their Impact and Probability with changes on a project. Therefore, you must be on a lookout for the risks all the time. As a part of your project, you need to organize a conference.
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How should you handle such risk? Change the location of the conference. Buy insurance to cover possible damage. Book another place nearby to mitigate the risk of the first location unavailable due to the storm. Inform all participants of the possible storm. All other options are passive and begin mitigating a threat only when it happens. Who should be involved in Risk Management activities? Only Project Team. As many stakeholders as practical. All stakeholder except clients. Correct Answer: C You, as a project manager, need to collect as much input and feedback is time and resources for Risk Management allows. Each stakeholder may have a unique point of view on the challenges and project risks. By including all possible stakeholders you identify more risks. You acquired an expensive piece of equipment for your project. It is know to be sensitive and fragile in work.
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Several tasks that require this equipment are on a critical path. Buy insurance to cover the costs of repairs. Hire a technical support team to quickly fix the equipment if needed. Find a good expert to operate the equipment. Buying insurance will help to avoid budget overrun. Finding a good expert will help reduce the probability of breakdown. However, we have tasks on a critical path. It means they tolerate little risks to the Project Schedule. So, having a team on standby to keep the equipment working is the best option here. You are on the call with clients. They say the vendor team they hired to create designs is behind schedule. What should you do? State that your project is also behind the schedule because of it. Log the risk into Risk Register to assess impact. Do nothing. Contact the vendor to help them out. Likewise, you should not assume that a risk has no impact at all. Therefore, always log all possible risks first.
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Decide later. After you performed Qualitative Risk Analysis you need to create: A. A prioritized list of risks. List of risk for additional analysis and investigation. List of urgent risks D. Watch list Correct Answer: E A prioritized list of risks, list of risk for additional analysis and investigation, list of urgent risks, the watch list, AND list of risks grouped by categories are the output of the Qualitative Risk Analysis process. After reviewing Risk Register you see two critical risks that you anticipate during the next week.
Top 20 Risk Manager Interview Questions and Answers in 2021
What should you do with this knowledge? Your Risk Register is shared with the team and stakeholders. Reach out to the stakeholders and the responsible person with a reminder. Correct Answer: B Once again, you should be proactive. It includes communications as well. You can quickly adjust it to your needs and use the plan on your project for FREE. And you get access to all my other Risk Management resources. Get the Template Of the thousands of things you need to learn about project management, there are five that you need to focus on first. So what is it? Budget, risks, scope, leadership, stakeholders, communications?
Risk Management Quiz: Correct Answers and Explanations
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Operational Risk Management Practice Exam Questions
PMP certification exam has questions and requires a good PMP study plan to pass the exam successfully. One of the 7 steps for passing PMP certification is making practice with free PMP questions and answers before the exam. Hint: Do you wonder when you can take the PMP exam? When practicing free PMP questions and answers, take notes especially for the mistakes you make. Then, go back to the related project management knowledge area and reread the topic to strengthen your knowledge. That is the only way to grab all you need to know for each project management processes you will see in the PMP Exam.
Risk Management Quiz: Test!
After helping over , professionals in more than countries with a We will be giving rationales for each free PMP questions and answers. PMP Questions and Answers 1 A manager and the head of engineering discuss a change to a major work package. After the meeting, the manager contacts you and tells you to complete the paperwork to make the change. This is an example of: A- Management attention to scope management. B- Management planning. C- A project expediter position. D- A change control system. Answer is C. In this situation, project manager acts as the secretary of the project and does the paper work. So this is an example of project expediter position where project manager does not have any authority and power.
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Project manager does only paper work. Knowledge Area: Organizational Influences and Project Lifecycle PMP Questions and Answers 2 During a team meeting, a team member asks about the measurements that will be used on the project to judge performance. The team member feels that some of the measures related to activities assigned him are not valid measurements. The project is BEST considered in what part of the project management process? Your entry could not be saved. Please try again. We sent links to your email! You should have received an email from us already. If you did not receive, make sure you check your spam folders and add masterofproject. Questions states that team member feels some of the measures on his activities are not valid. Therefore, he must be working during the executing phase of the project where project deliverables are produced and project members perform most of the work they should do. It will begin in three months and is valued at 2m USD.
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You are the project manager for an existing project. A- Ask management how the new project will use resources B- Resource level your project C- Crash your project D- Ask management how the new project will affect your project Answer is D. Ask management how the new project will affect your project. Since this is another project that your company is going to execute, you need to be sure whether it will impact your project. Historical information. First thing to explore before starting a new project is the historical information about similar projects in the organizational process assets library of the organization. PMP Questions and Answers 5 During project executing, a team member comes to the project manager because he is not sure of what work he needs to accomplish on the project. Which of the following documents contain detailed descriptions of work packages? WBS Dictionary. Work packages in a Work Breakdown Structure contain only nouns or a couple of words regarding a work or deliverable.
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Detailed information on what needs to be done, responsible, prerequisites, successors, due date etc. PMP Questions and Answers 6 During a meeting with some of the project stakeholders, the project manager is asked to add work to the project scope. The project manager had access to correspondence about the project before the project charter was signed and remembers that the project sponsor specifically denied funding for the scope mentioned by these stakeholders. B- Evaluate the impact of adding the scope. C- Tell the stakeholders the scope cannot be added. D- Add the work if there is time available in the project schedule Answer is C. Tell the stakeholders the scope cannot be added. After the scope of a project is finalized and scope baseline is determined, it can be changed only with the approved changed requests.
Risk Management Quiz: Correct Answers and Explanations - Project Management Basics
If there is not an approved change request, existing scope baseline must be valid and project team must work on to deliver that scope only. In the scenario, scope is defined already but some stakeholders ask to add new work to the scope. This cannot be done unless there is an approved change request. Therefore, stakeholders must be informed that this new work cannot be added. A- Fast track the project. B- Level the resources. C- Crash the project. D- Monte Carlo analysis. The answer is C, crash the project. Because, in first sentence, it is mentioned that schedule is too long, therefore the aim is making a shorter schedule. And in the second sentence it is mentioned that you have extra personnel resources. If you have resources, you can put more resources in an activity to complete it in a shorter time. And this is actually a description of crashing an activity or crashing the project. If you look to the other options, fast tracking was performing activities in parallel instead of series, therefore it is irrelevant.
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Leveling the resources was for fixing the over-allocation of resources and distributing the tasks to all your resources uniformly. And Monte Carlo analysis was another estimating tool which is irrelevant choice as well. Therefore, here the best answer is C. The activity: A- Is on the critical path. B- Has a lag. C- Is progressing well. D- Is not on the critical path. Answer is D. And it gives 10 days of float for this activity. You will find the same result if you go through subtracting the early finish, 9 days, from the late finish, 19 days. Remember the critical path activities was having zero float, therefore the answer is D. Knowledge Area: Schedule Management Knowledge Area PMP Questions and Answers 9 Early in the life of your project, you are having a discussion with the sponsor about what estimating techniques should be used.
Financial Risk Management Test
You want a form of expert judgment, but the sponsor argues for analogous estimating. It would be BEST to: A- Agree to analogous estimating, as it is a form of expert judgment B- Suggest life cycle costing C- Determine why the sponsor wants such an accurate estimate D- Try to convince the sponsor to allow expert judgment because it is typically more accurate. Answer is A. Agree to analogous estimating, as it is a form of expert judgment. Since analogous estimating is a type of expert judgment you can accept it. This is a tricky question. There are five developers in the team. Rick is one of the developers in the team and Sue noticed that Rick is applying a different approach to complete Sprint tasks faster. Which one is the best course of action to do for Sue? A- Call the entire team immediately for a meeting and tell them that Rick has a new approach to complete tasks faster. B- Ask Rick to stop his task, and prepare a detailed guide regarding how to apply this approach.
Project Risk Management
Then, distribute to the team. C- During the retrospective, ask Rick to share his approach with the team and ask the team if it is applicable for every developer. D- Ask Rick in the next daily standup meeting why he did not share this approach with the team. Answer: C. The Sprint Retrospective is an opportunity for the Scrum Team to inspect itself and create a plan for improvements for the next Sprint.
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The goal of this activity is to inspect-and-adapt the process. First, the team goes over what they have done well. Then, they focus on what they did wrong or slow or how they could have done it better. Based on the discussions, improvement areas and actions are planned for the next Sprints. In the executing process group, you begin to become concerned about the accuracy of progress reports from the projects.
10 Questions You Should Ask About Risk Management
What would BEST support your opinion that there is a problem? If you read the second sentence again, it says that you are concerned about the accuracy of progress reports from the project. In order to check whether the standards of your organization have been applied in the projects that you are responsible of, you can conduct a quality audit and find out whether there is really a problem. Therefore, here the best answer is A, Quality Audits. Someone from the quality department comes to see you about beginning a quality audit of your project.
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She is working with the project team to complete the qualitative risk analysis for her project. During the analysis Courtney encourages the project team to begin the grouping of identified risks by common causes. What is the primary advantage to group risks by common causes during qualitative risk analysis? Options are : It can lead to developing effective risk responses. It saves time by collecting the related resources, such as project team members, to analyze the risk events. It can lead to the creation of risk categories unique to each project. It helps the project team realize the areas of the project most laden with risks. Answer : It can lead to developing effective risk responses. Neil works as a project manager for SoftTech Inc. He is working with Tom, the COO of his company, on several risks within the project. Tom understands that through qualitative analysis Neil has identified many risks in the project. Tom's concern, however, is that the priority list of these risk events are sorted in "high-risk," "moderate-risk," and "low-risk" as conditions apply within the project.
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Tom wants to know that is there any other objective on which Neil can make the priority list for project risks. What will be Neil's reply to Tom? Options are : Risk may be listed by the responses in the near-term Risks may be listed by the additional analysis and response Risks may be listed by priority separately for schedule, cost, and performance Risks may be listed by categories Answer : Risks may be listed by priority separately for schedule, cost, and performance A high-profile, high-priority project within your organization is being created.
Risk management
Management wants you to pay special attention to the project risks and do all that you can to ensure that all of the risks are identified early in the project. Management has to ensure that this project succeeds. Management's risk aversion in this project is associated with what term? Options are :.
36 Risk Management Quizzes Online, Trivia, Questions & Answers - ProProfs Quizzes
Identify hazards to the force. Consider all aspects of current and future situations, environments, and known historical problem areas. Step 2: Assess hazards to determine risks. Assess the impact of each hazard in terms of potential loss and cost based on probability and severity. Step 3: Develop controls and make risk decisions. Develop control measures that eliminate the hazard or reduce its risk. As control measures are developed, risks are re-evaluated until the residual risk is at a level where the benefits outweigh the cost. The appropriate decision authority then makes the decision. Step 4: Implement controls that eliminate the hazards or reduce their risks.
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Ensure the controls are communicated to all involved. Step 5: Supervise and evaluate. Enforce standards and controls. Ensure lessons learned are fed back into the system for future planning. Levels of Risk Management
CMA Exam Lesson + Sample Questions – Intro to Risk and Risk Management | Wiley Efficient Learning
Work breakdown structure Project status reports Project Status report can be an input to risk management. Therefore, the project status report is not always an input to risk management. When estimating time for activities, a Project Manager should: Answer: Use the best guess and estimate all activities since there will be changes as the project progresses and more information becomes available Involve people who will be doing the work to get estimates Estimate for what the cost will allow and include buffers None of the above Risk tolerance is determined in order to help: Answer: The team ranks the project risks. The project manager estimates the project. The team schedules the project. Management knows how other managers will act on the project. If you know the tolerance of the stakeholders, you can predict how they might react to different situations and risk events. This information can help assign levels of risk on each work package activity.
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