1. Which of the following is not one of the objectives of a risk management plan
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Question
1. Which of the following is not one of the objectives of a risk management plan?
a. Create a list of threats
b. Create a list of vulnerabilities
c. Identify costs
d. Eliminate risk
2. Which portion of a risk management plan explains the extent to which the plan will be organized and carried out?
a. Introduction
b. Scope
c. Assignment
d. Schedule
3. What is an unwanted result of uncontrolled changes in a project?
a. Reduced budget
b. Scope creep
c. Shorter schedule
d. Increased benefits
4. A risk management project manager has identified a problem within a risk management plan. The project manager (PM) realizes one of the controls is ineffective and has identified a better alternative. What should the PM do?
a. Implement the better control
b. Halt the project
c. Work with a stakeholder to identify a plan of action
d. Rewrite the plan
5. Projects will typically have an individual that has a key interest the success of a project and has the authority to make decisions to provide additional resources. What is this person called?
a. Project manager
b. Information owner
c. Data owner
d. Stakeholder
6. Of the following choices, what is not a responsibility of a project manager for a risk management plan?
a. Ensuring costs are controlled
b. Ensuring the project stays on schedule
c. Ensuring the project stays within scope
d. Ensuring team members do not work on other projects
7. A risk management team decides to identify threats, vulnerabilities, and recommendations using an affinity diagram. Which of the following is not one of the basic steps used to create an affinity diagram?
a. Create a problem statement
b. Identify unacceptable suggestions
c. Generate ideas
d. Mitigate risks
8. You have completed the calculations for a cost-benefit analysis. The costs of a control are greater than the benefits of a control. What is the most likely recommendation for this control?
a. Implement the control.
b. Accept the risk.
c. Recalculate the data.
d. Perform a return on investment analysis.
9. You have completed the calculations for a cost-benefit analysis. The costs of a control are less than the benefits of a control. What is the most likely recommendation for this control?
a. Implement the control.
b. Accept the risk.
c. Recalculate the data.
d. Perform a return on investment analysis.
10. After receiving the response from management on recommended controls, you begin creating an implementation plan. What would you create that can help you track progress, assign responsibility, and provide documentation compliance requirements?
a. Gantt chart
b. Critical path chart
c. Milestone plan chart
d. POAM
Explanation / Answer
Answer 1) d. eliminate risk is the correct option.
The reason behind this is that, the elimination of risks can not be done before they gets occured. Risk is something on which we have no control. We can simply take measures to keep that risk away from us.
Answer 2) b. Scope is the correct option
Scope basically defines the boundaries of a project. Like how much it should be expandd so that it won't cross the predecided rules and regulations.
Answer 3) b. Scope creep is the correct option.
The unwanted changes that take place is known as scope creep. These changes are made because of misunderstanding of the scope by the teams, by Interference from the client, an incomplete scope statement etc. This indirectly affects the scope of the project.
Answer 4) a. Implement the better control is the correct option.
Implemeting a better cintrol would definitely halp in the betterment of the risk management plan. Aborting the plan or taking any other step will not be beneficial for the firm and might lead to a big loss. Therfore using a better conreol plan is the best way to tackle such situations.
Answer 5) d. Stakeholder is the correct option.
Stakeholders invest money in the projects, therefore they have a lot of interest in the successful completion of the project.
Answer 6) d. Ensuring team members do not work on other projects is the correct option
The project manager is only responsible for the proper functioning of the overall project guidelines like effecive cost, scope being followed or not, ensuring the costs control, ensuring that project stays on schedule etc.
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