Monday 24 May 2021

Risk Management Exam Questions And Answers


  • The risk management plan includes a description of the responses to risks and triggers C. The risk management plan includes thresholds, scoring and interpretation methods, responsible parties, and budgets D. The risk management plan is an input to...
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  • Perform qualitative risk analysis B. Perform quantitative risk analysis D. Plan risk responses Question 7 — You are the project manager for a new training website. You need to perform the perform qualitative risk analysis process. When you...
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  • A traditional work breakdown structure can be used as an input variable for the cost analysis D. Monte Carlo usually expresses its results as probability distributions of possible costs Question 13 — Your hardware vendor left you a voicemail saying that a snowstorm in the Midwest will prevent your equipment from arriving on time. You identified a risk response strategy for this risk and have arranged for a local company to lease you the needed equipment until yours arrives.
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  • This is an example of which risk response strategy? Transfer C. Mitigate D. Avoid Question 14 — Risk attitude is an enterprise environmental factor that you should evaluate when performing the plan risk management process. Risk attitude consist of all the following elements except for which one? Risk appetite C. Risk urgency D. Risk tolerance Question 15 — You work for a large manufacturing plant and you are working on a new project to release a new product line of toothpaste and salt. This is going to be sold into Europe which has different dimensions and cap fittings on their tubes of toothpaste. A new machine is needed to mix the ingredients into a concentrated formula and package it into these smaller containers than your US product uses. You and your stakeholders are nervous when you discover this will be the first machine your organization has purchased from your new supplier. Which of the following statements is true given the information in this question?
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  • The question describes risk tolerance levels of the stakeholders, which should be considered when performing the plan risk management process B. This question describes the interviewing tool and technique used during the identify risks process C. This question describes risk triggers that are derived using interviewing techniques and recorded in the risk register during the perform qualitative risk analysis process D. This question describes a risk that requires a response strategy from the positive risk category Question 16 — Your project team has identified several potential risks on your current project that could have a significant impact if they occurred.
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  • The correct answers, rationale and reference are found at the end of the document. Good luck. Question 1. Matt is on a tight deadline to submit his risk identification report to his Regional Manager. He is considering conducting the identification process without speaking to any of the stakeholders. What could be the immediate outcome for Matt and his organization if he proceeded with this decision? The security budget is not calculated appropriately. The donors refuse to allow the project to continue. Risk control measures are not properly applied. Potential risks could be overlooked. Question 2: A program officer and a security manager are planning a focus group discussion with community members on potential risks related to projects on female empowerment in local secondary schools. What is the best approach for them to take to define the context?
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  • Identify any increase of risk with the introduction of a female empowerment project. Review the roles of the humanitarian principles in relation to education. Define gender equality in the school environment. Discuss the role of girls and how they are viewed by community members. Question 3: Organizational information systems, information flows, and formal and informal decision-making processes are all a part of establishing which type of context in regard to the organization?
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  • 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. 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.
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  • 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. 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.
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  • 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. Detailed information on what needs to be done, responsible, prerequisites, successors, due date etc.
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  • 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.
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  • 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. 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.
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  • 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.
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  • B- Ask Rick to stop his task, and prepare a detailed guide regarding how to apply this approach. 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. 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. What would BEST support your opinion that there is a problem?
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  • 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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  • View test details About Financial Risk Management Test Financial risk management is the process of identification, analysis and acceptance or mitigation of uncertainty in investment decisions. Risk management mainly occurs when an investor or fund manager analyses and attempts to quantify the potential for losses in an investment and then take the appropriate action or inaction by giving the investment objectives and risk tolerance. Financial risk management requires identifying its sources, measuring it, and plans to address them. A financial analyst works mainly in 4 major risk categories such as credit, operational, regulatory and market risk. Financial risk management skills test helps to identify potential hires by evaluating working skills and job readiness. Online financial risk management test can be taken by a candidate from anywhere in the comfort of their time zone. Financial risk management online test is designed by experienced subject matter experts SMEs to assess and hire financial risk analyst as per the industry standards.
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  • The correct answers, rationale and reference are found at the end of the document. Good luck. Question 1. Matt is on a tight deadline to submit his risk identification report to his Regional Manager. He is considering conducting the identification process without speaking to any of the stakeholders. What could be the immediate outcome for Matt and his organization if he proceeded with this decision? The security budget is not calculated appropriately. The donors refuse to allow the project to continue. Risk control measures are not properly applied. Potential risks could be overlooked. Question 2: A program officer and a security manager are planning a focus group discussion with community members on potential risks related to projects on female empowerment in local secondary schools.
    Link: https://coursehero.com/file/76755598/Module-4-Practicepdf/
  • What is the best approach for them to take to define the context? Identify any increase of risk with the introduction of a female empowerment project. Review the roles of the humanitarian principles in relation to education. Define gender equality in the school environment. Discuss the role of girls and how they are viewed by community members. Question 3: Organizational information systems, information flows, and formal and informal decision-making processes are all a part of establishing which type of context in regard to the organization?
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  • December 9, The sample questions are provided to help examinees familiarise themselves with the form and style of questions which they may see in the CFPCM Certification Examination Founda-tion Level, Level 1 and Level 2. This is why we provide the books compilations in this website. In essence risk management is all about "resource allocation". My friends are so mad that they do not know how I have all the high quality ebook which they do not! Explore the latest questions and answers in Bank Management, and find Bank Management experts.
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  • We have made it easy for you to find a PDF Ebooks without any digging. Read more. But first, here are some questions to test your knowledge of typical, fundamental topics that are likely to appear on the actual exam. However, Scribd is not free. Risk Management The minimum variance frontier most likely consists of: A. When the Project Manager is notified of a risk, it is her responsibility to analyze the risk and take it further. Our library is the biggest of these that have literally hundreds of thousands of different products represented. Enterprise Risk Management is a 4 hour written—answer examination. Lecture notes, lectures - complete summary for all lecture notes Summary complete of the entire course.
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  • In order to read or download risk management exam questions and answers ebook, you need to create a FREE account. The syllabus for this examination covers key topics in enterprise risk management and is a key component of the pathway for earning the Chartered Enterprise Risk Analyst credential. Risk Management. And by having access to our ebooks online or by storing it on your computer, you have convenient answers with Risk Management Exam Questions And Answers. Email This BlogThis! Objective Test Mock Past papers and answers syllabus P3 Study Resources.
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