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1. When approving the risk contingency budget for a project, the CEO notices each team has a different approach to report risks and their impacts. The CEO decides to create a new centralized risk management function to help resolve the problem.

How does centralizing the risk management function help resolve the problem?

2. A complex project that had hundreds of risks is almost done. The project manager is closing the risks as part of the closing process. One team member mentions that there are important documents to be updated.

Which document will need to be updated?

3. A risk manager of a complex project has identified a risk and believes a deeper understanding of the source and likelihood is necessary.

How should the risk manager proceed?

4. A project is at the final development stage. The test lead informs the risk manager that a key feature may not be testable due to changes in the environment

What should the risk manager do?

5. An agriculture government agency faces different challenges with farmers and landlords In implementing its ambitious growth strategy. The agency decided to establish an enterprise risk management unit to identify risks, analyze risks, and provide a handbook showing how to handle the surrounding uncertainty.

What should the risk management expert recommend the agency do first to identify risks and develop the handbook?

6. A project manager has just been assigned to a new project. The project manager has been tasked by the project sponsor to ensure the project risks are closely managed. The project manager starts with developing the risk management plan.

What is the expected outcome of developing the risk management plan?

7. A project manager works on a long-term and high visibility project at an organization that has a low risk appetite towards this project due to its impact on the company's business. The project sponsors follow up weekly with the project manager, who was just informed by one of the risk owners that the exposure from two high-impact risks are hitting the risk thresholds.

What should the project manager do next?

8. A large, land-based infrastructure project has begun. The project makes assumptions about the site conditions and has economic, technical, and environmental constraints

What should the project manager do next to determine risk impact of assumptions and constraints?

9. The project manager for project X was expecting the mobilization of critical equipment from

another project, project Y. However, a day before the mobilization was scheduled, another project manager notifies project X's project manager that the equipment would not be availablefor at least another month due to delayed activities for project Y. This has jeopardized meeting a critical milestone for project X.

How should project X's project manager avoid this situation in the future?

10. The project manager has completed four projects all with similar scope. The project manager has recently been assigned to start on a new project and believes some risks may occur again on this project.

What should the project manager do?

11. The project manager leading a company's digital signature initiative for engineering drawingshas identified threats and opportunities using a strengths, weaknesses, opportunities, and threats (SWOT) analysis.

What are two potential threats or opportunities under the SWOT analysis? (Choose two.)

12. The project risk manager on a large firm fixed priced (FFP) contract has an up-to-date risk register with accurate and detailed information.

What should the project risk manager do next?

13. A risk manager completed risk response planning for a project that is currently in the execution phase. During a periodic review of the risk register, the project manager recognizes that some key secondary risks have not been considered.

Who should the project manager hold accountable for missing the risks?

14. A project manager is educating the project team on risk management regarding the role of threats and opportunities. The team decides to log the opportunities in the current project's risk register to try to maximize their chances of occurrence.

What should the project team do next?

15. A project manager wants to introduce a new technology to improve a project's performance. However, there are some costs associated that are beyond the current budget, and the proposed technology has not been applied to any previous company projects.

What should the project manager do in this situation?

16. The project manager performed' a variance analysis on the project during the execution phase. The variances were shown as increasing

What does this result imply?

17. Upon reviewing the risk analysis results, the project manager notices several risks that occur more frequently than others.

What should the project manager do?

18. When selecting strategies as an activity of Plan Risk Response, what is the overall goal?

19. A project manager is assigned to a new project and is told they need to develop the project's risk register. When should the project manager identify the project risks?

20. A project manager has determined that they cannot outsource work nor eliminate the scope. They also discover that they cannot buy insurance or mitigate the risk.

What should the project manager do?

21. The project manager and the risk manager of a new project to develop an application to support autonomous driving are meeting with the sponsor and key stakeholders to discuss the project. During the meeting, it is identified that the transport authority is discussing new traffic regulations for the industry that could be in place before the project ends.

How should the project manager and the risk manager handle this situation?

22. The project’s customer has stated the project must be completed by a date indicated as the P90 date established on the Monte Carlo analysis.

What should the project manager do to ensure the P90 date is met?

23. In a project to promote public health and mitigate health risks, the national health authorities intend to take actions to limit the risks of harmful insects by using pesticides; however, it is expected that some residents will have negative health effects due to the use of the pesticides but according to the assessment completed by the health authorities, not moving forward with this plan will have much more serious consequences on public health rather than following through with the original plan.

How should the project manager address this concern with the health authorities?

24. A project is In the initiation phase. The project stakeholders are Invited to a meeting to share their thoughts that may impact the project In a positive or negative way.

What will be the main output of this meeting?

25. During a meeting to develop the risk management plan, the risk manager recognizes that risks may be identified that could also impact other projects that the company is pursuing.

What should the risk manager do?

26. The project team is updating the risk register with the minimum acceptable level of exposure and impact for each risk. The team also wants to determine if they have reached the maximum level of exposure before they escalate the risk.

What should the team perform in this scenario?

27. A new risk manager has been hired on a project and meets with the project director. The project director supplies the project's risk register and asks the risk manager for an analysis of its effectiveness.

What two actions should the risk manager do next? (Choose two.)

28. The project manager asks the risk manager to determine the initial risk assessment for a six month initiative that is about to kick-off.

Which two artifacts will help the risk manager conduct the related analysis? (Choose two.)

29. At an oil and gas company, a major unified management information system is to be implemented. The project manager noted that risks gathered from the organization's business functions are not properly identified and categorized, making it difficult to develop an effective risk response.

How should the project manager handle this situation?

30. The project director and project manager have met with the board and determined that the project has depleted the entire contingency reserve and has started eroding the profit margin.

The project manager would like the risk manager to take full advantage of opportunities.

Which response should the risk manager take?

31. Members of a project team are not taking their risk management responsibilities seriously.

They do not consider risk management as primary to the project’s success and do not believe that the benefits are significant.

What should the risk manager do?

32. A risk manager on an infrastructure project gathers and analyzes performance data. The risk manager wants to identify which variables will impact the schedule and determine how these factors interact.

Which data analysis tool should the risk manager use to forecast future performance?

33. A project's design has been completed and approved on time. The construction subcontractor should be mobilizing to start construction but does not have the necessary materials in place, causing a delaying in the project. The risk register only contains risks for the design phase of the project.

What should the project manager have done differently?

34. A project manager has determined that an activity is too complex to complete internally so they hire a licensed contractor to complete the work.

What is the project manager performing in this situation?

35. A project is evaluating a new software to streamline the current purchase order process. The current process is labor-intensive and involves printing, ink signatures, scanning, and emailing. Several team members gathered cycle time data to gauge the current process and evaluate the new process.

What should the risk manager do next with the data set?