Rie 3 | Quiz

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On the electric company project, the government implemented a regulatory change associated with the electricity sub-station upgrade project that required the company to spend an additional $400,000 US on the project. This type of cost and activity best relates to which of the following?

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The risk management team of a software project has decided that due to the tremendous difficult of this job, development of a specific part of the system is under high risk, so they have decided to outsource it. This is an example of which of the following?

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The Project Manager and his team are in the planning phase of the reverse logistics project, identifying things that could go differently than planned. They are also trying to identify warning signs that would show that these events could occur. What is the team doing?

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Which of these is NOT a risk analysis technique?

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With assistance from the team, the Project Manager has just determined what will be done as a result of uncertain events happening on the project as well as who will be responsible for monitoring and responding if the events do occur. Which of the following best describes what they have just completed?

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The vice president of the marketing division has decided to take a “wait and see" approach to a new direction the solid state amplifier market appears to be headed in. He feels that waiting will minimize a great deal of the risk that could come with being a leader in the market, in case the market changes. What would the vice president be considered?

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The point of sale project has experienced a lot of issues and changes. The Cost Performance Index is presently 0.87 and the Schedule Performance index is 0.85. Risk could have been managed better from the start of this project but management didn’t view it a priority. Halfway through the execution of the Project Management Plan, the Project Manager assigned two people to do nothing but monitoring for risks and work with the people who implemented the Risk Response Plans. What would be a main goal to achieve from Risk Monitoring and Controlling?

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Which is the function of the Probability and Impact Matrix?

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You are evaluating the risk by trying to produce a risk score for each risk. This is an example of which tool?

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The software company has been awarded a 1OOM US contract to build an enterprise application for the military. The company understands that there is a small company that has a product that complements theirs that the military will likely need to work with as well. The software company decides to acquire the complementary company to offer a more complete solution to the military. This is an example of what type of risk response strategy?

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The team implemented a Risk Response Plan for a vendor being in default of a contract commitment. The response was to choose another vendor from the qualified supplier list. Because of the short notice, the other vendor cannot fulfill the need of the team because of previous commitments. Which best describes what happened with the different vendor?

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Calculate the EMV of the following : 0.4 probability of $5000 US, 0.3 probability of -$3500 US, 0.2 probability of $6000 US, 0.1 probability of $4000 US:

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The printing company has added a new one for its laminating business. This involves new technology to laminate book covers quicker and cheaper. They are anticipating this will allow them to make a greater type of product and improve output efficiency. Because of the machine cost and the specific knowledge needed to repair it if it breaks, they have purchased a service contract for the machine from the manufacturer. Purchasing the service contract is an example of what?

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The ecommerce system has been processing 50,000 transactions per hour. Today, the main application crashed, preventing the fulfillment of customer orders. The risk response didn’t fix the problem. Which of the following steps would they perform first?

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Marie is meeting with her project team to evaluate each identified risk and try to assign an estimated dollar amount or time impact estimate to it. Which process is her team performing??

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The CEO of your company is considering entering a global market with products that had been sold only locally. If your company enters it successfully, the reward could be quite significant. If the entry fails, the company could suffer significant negative impact. What would the CEO be considered?

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Which of the following is NOT a valid way to reduce risk?

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The project team is performing risk analysis, evaluating a risk that has a very high probability of occurring. If it does, the company could go out of business. Which of the following will the risk likely be analyzed with?

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The electrical project is scheduled to run until the end of the year. There is the possibility that the union collective contract will not be renewed immediately upon its expiration in the next month. If this happens, Senior Management has decided to shift job responsibilities around with the non-union personnel so they could be involved in the union roles on the project as well as their regular responsibilities. This would include replacing the union workers during key on call periods associated with the power grid. The goal would be to minimize the schedule slippage on the project as the union negotiation is not in their control. This is an example of what type of risk response?

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You are in the process of evaluating the probability and impact of a risk by assigning numbers, such as expected monetary value. This is an example of which of the following?