A randomized 20-question test on Risk management knowledge area of PMBoK.

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Question 1 of 20

1. Network diagrams are considered key input in risk identification. Which of the following contribute to significant risks?
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Question 1 of 20

Question 2 of 20

2. A change request has come from a Stakeholder, which could increase Risk, as per the initial assessment of the Project Manager. What is the best course of action for the Project Manager to do at first?
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Question 2 of 20

Question 3 of 20

3. Risk Response measures can get impacted the most by which of the following?
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Question 3 of 20

Question 4 of 20

4. Which of the following could be best used for ranking of risks?
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Question 4 of 20

Question 5 of 20

5. You are working on a Fixed Price Incentive Fee contract. You have decided to maximize your incentive by deploying more talented and experienced resources, so that the Project is completed early. This Risk response strategy is called:
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Question 5 of 20

Question 6 of 20

6. On a contract, you have an apprehension if the vendor will complete all the work satisfactorily. You ask the vendor for a warranty. This is an illustration of:
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Question 6 of 20

Question 7 of 20

7. The Project Manager had prepared a list of Assumptions in the beginning of the Project and he is validating if these still hold good in the middle of the Project.

Which of the following processes best describes this activity?
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Question 7 of 20

Question 8 of 20

8. Which of the following is true about simulation?
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Question 8 of 20

Question 9 of 20

9. You are using a Decision tree to model an uncertain event. On which of the following, the above cannot be of help?
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Question 9 of 20

Question 10 of 20

10. A Project manager holds the first risk meeting of the Project team. The client is present at the meeting. At the meeting several risks are identified and assigned to members of the Project team for subsequent evaluation and quantification. The result of the meeting is:
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Question 10 of 20

Question 11 of 20

11. Which of the following technique is based on anonymous iteration?
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Question 11 of 20

Question 12 of 20

12. You consider the risk of fire in your godown and decide to install Fire extinguishers. You also consider the event of your godown getting flooded, in case the Fire Extinguishers are activated. The risk of the godown getting flooded is:
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Question 12 of 20

Question 13 of 20

13. You are midway in your Project. You have been asked by the management to present the status in a Project Manager’s ' meet. Your flight tickets have already been booked for you by the travel desk at the headquarters itself.

On reaching the airport, you discover that your flight has been cancelled. You talk to another airlines and get a seat.

This is an illustration of:
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Question 13 of 20

Question 14 of 20

14. During the initial phases of Planning, you had identified that the Server Breakdown was a low risk.

However, during the midst of the Project, the Server breakdown has had considerable impact on the Project already causing you to take emergency measures.

What is the best course of action for you?
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Question 14 of 20

Question 15 of 20

15. You are working for a construction company. You have been identified as the Project manager for one of the projects. You require very costly equipment. There is a 20% probability of equipment breakdown and would result in a loss of $20,000. You have the option of buying insurance for the same for $3,000. The insurance company will reimburse $ 16,000, in case the equipment breaks down.
What will be your best decision?
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Question 15 of 20

Question 16 of 20

16. You have been awarded a contract. You have to decide to Self Execute it or subcontract it. If you decide to do the Project yourself, there is a 40% probability of making a profit of $20000, a 50% probability of making a profit of $10000 and a 10% probability of making a profit of $100000. What is the EMV (Expected monetary value) of the Self execute decision?
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Question 16 of 20

Question 17 of 20

17. Mark is the Project Manager for Social Rehabilitation Project. The objective is to rehabilitate the displaced residents of a dam construction Project. He calls important stakeholders for a brainstorming session to identify risks. Majority of stakeholders are concerned that the Project may not be completed on time because of various hurdles.

Mark decides to tackle this issue by postponing the scheduled completion date- if needed.

This risk response plan can be best termed as:
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Question 17 of 20

Question 18 of 20

18. Which of the following scenarios best describe Risk Mitigation?
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Question 18 of 20

Question 19 of 20

19. You are developing a new web front end to a legacy system. The functionality of the whole development involves 500 transactions. You are required to deliver the project in one year. You see a big risk in delivering the whole project at the end of year and decide to propose delivery of small, frequent packages of functionality in one month intervals. Which risk responding strategy did you use?
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Question 19 of 20

Question 20 of 20

20. A Project Manager is documenting the amount of contingencies that need to be added. Which of the following process helps the PM the most?
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Question 20 of 20