PMI PMP-Project Management Professional Practice Exam Q. 1201 to 1210
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Set of 10 Questions
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Q. 1201: The risk urgency assessment is a tool and technique used for:
A. Plan risk responses
B. Identify risks
C. Perform qualitative risk analysis
D. Perform quantitative risk analysis
Section: Mix Questions
Justification in favor of the correct answer:
Risks that may happen in the near-term need urgent attention. The purpose of the risk urgency assessment is to identify those risks that have a high likelihood of happening sooner rather than later. It is combined with the risk ranking to give a final risk severity ranking.
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Q. 1202: Projects are particularly susceptible to risk because:
A. Murphy’s law states that “if something can go wrong, it will”
B. There is uncertainty in all projects
C. Project management tools are generally unavailable at the project team level
D. There are never enough resources to do the job
Section: Mix Questions
Justification in favor of the correct answer:
Every project has uncertainty associated with it because a project by its definition is a temporary endeavor undertaken to create a unique product, service, or result. Risks may be known or unknown.
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Q. 1203: As project manager, you have assembled the team to prepare a comprehensive list of project risks. Which one of the following documents would be the most helpful in this process?
A. OBS
B. WBS
C. RBS
D. CBS
Section: Mix Questions
Justification in favor of the correct answer:
The risk breakdown structure (RBS) helps to provide framework for ensuring a comprehensive process of systematically identified risks. It is a hierarchically organized depiction of the identified risks by risk categories.
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Q. 1204: You are working on identifying possible risks to your project to develop a nutritional supplement. You want to develop a comprehensive list of risks that can be addressed later through qualitative and quantitative risk analysis. An information gathering technique used to identify risks is:
A. Documentation reviews
B. Probability and impact analysis
C. Checklist analysis
D. Brainstorming
Section: Mix Questions
Justification in favor of the correct answer:
Brainstorming is a frequently used information-gathering technique for identifying risk, because it enables the project team to develop a list of potential risks relatively quickly. Project team members, or invited experts, participate in the session. Risks are easily categorized for follow-on analysis.
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Q. 1205: The Delphi technique is a particularly useful method for identifying risks to:
A. Present a sequence of decision choices graphically to decision makers
B. Define the probability of occurrence of specific variables
C. Reduce bias in the analysis and keep any one person from having undue influence on the outcome
D. Help take into account the attitude of the decision maker toward risk
Section: Mix Questions
Justification in favor of the correct answer:
The Delphi technique provides a means for arriving at a consensus using a panel of experts to determine a solution to a specific problem. Project risk experts are identified but participate anonymously. Each pane list answers a questionnaire. Then the responses, along with opinions and justifications, are evaluated, and statistical feedback is given to each panel member. The process continues until group responses converge toward a solution.
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Q. 1206: A workaround is:
A. An unplanned response to a negative risk event
B. A plan of action to follow when something unexpected occurs
C. A specific response to certain types of risk as described in the risk management plan
D. A proactive, planned method of responding to risks
Section: Mix Questions
Justification in favor of the correct answer:
Used in control risks, a workaround is a response to a threat that has occurred for which a prior response had not been planned or was not effective.
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Q. 1207: Most statistical simulations of budgets, schedules, and resource allocations use which one of the following approaches?
A. PERT
B. Decision-tree analysis
C. Present value analysis
D. Monte Carlo analysis
Section: Mix Questions
Justification in favor of the correct answer:
Simulations are typically performed using Monte Carlo in which a project model is computed many times with the input values chosen at random for each iteration from the probability distribution of these variables. Monte Carlo analysis supports various statistical distributions (normal, triangular, beta, uniform, etc.) used in estimating budgets, schedules, and resource allocations.
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Q. 1208: In the below path convergence example, if the odds of completing activities 1, 2, and 3 on time are 50 percent, 50 percent, and 50 percent, what are the chances of starting activity 4 on day 6?
A. 10 percent
B. 13 percent
C.40 percent
D.50 percent
Section: Mix Questions
Justification in favor of the correct answer:
Probability (starting activity 4 on day 6)=(0.5)3 =0.125 or 13%
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Q. 1209: A project health check identified a risk that your project would not be completed on time. As a result, you are quantifying the project’s risk exposure and determining what cost and schedule contingency reserves might be needed. You performed a schedule risk analysis using Monte Carlo analysis. The basis for your schedule risk analysis is the:
A. WBS
B. Gantt chart
C. Schedule network diagram and duration estimates
D. Probability/impact risk rating matrix
Section: Mix Questions
Justification in favor of the correct answer:
When determining the likelihood of meeting the project’s schedule end date through Monte Carlo, the schedule network diagram and duration estimate are used as inputs to the simulation program. Cost risk, on the other hand, uses cost estimates from the WBS.
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Q. 1210: You are developing radio frequency (RF) technology that will improve overnight package delivery. You ask each stakeholder to estimate the most optimistic package delivery time using the RF technology, the most pessimistic time, and the most likely time. This shows that for your next step you plan to:
A. Use a beta or triangular probability distribution
B. Conduct a sensitivity analysis
C. Structure a decision analysis as a decision tree
D. Determine the strategy for risk response
Section: Mix Questions
Justification in favor of the correct answer:
Interviews often are used to help quantify the probability and consequences of risks on project objectives. The type of information collected during the interview depends on the type of probability distribution that is used. A beta or triangular distribution is used widely when information is gathered on the optimistic (low), pessimistic (high), and most likely scenarios.
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