In-Class Activity

Course Code: PMC202

Course Name: Project Risk Management
In-Class Activity: Course Review
Time: 180 minutes

Materials and Resources

Other: Handout

Instructions
Time Allocated Activity Steps
180 min Discuss in pairs or in groups to answer the following questions. Instructor to make
sure they review the answers for the whole classroom.

1. Which of the following is an input to the identify risks process?

a. Project management plan
b. SWOT analysis
c. Risk related contracts
d. Technical performance measurements

2. Which of the following is NOT a tool or technique used in the identify risks process?
a. Data gathering
b. Data analysis
c. Risk categorization
d. Prompt list

3. Which of the following is a tool or technique used in the perform qualitative risk analysis
process?
a. Risk response analysis
b. Risk prioritization
c. Project management information system
d. Risk categorization

4. Which of the following is NOT an input to the perform quantitative risk analysis process?
a. Organizational process assets
b. Agreements
c. Project management plan
d. Project documents

PMC202- Course Review

 5. Which of the following is NOT a tool or technique used in the perform quantitative risk
analysis process?
a. Prompt lists
b. Representations of uncertainty
c. Interpersonal and team skills
d. Expert judgment

6. Which of the following is a tool or technique used in the perform quantitative risk analysis
process?
a. Representations of uncertainty
b. Risk categorization
c. Meetings
d. Project management information system

7. Which of the following is a tool or technique used in the plan risk responses process?
a. Risk response analysis
b. Risk response planning
c. Contingent response strategies
d. Strategic risk response planning

8. Which of the following is NOT a tool or technique used in the plan risk response process?
a. Strategies for negative risks or threats
b. Strategies for positive risks or opportunities
c. Expert judgment
d. Contingency reserve analysis

9. Which of the following is NOT an tool and technique to the monitor risks process?
a. Risk urgency assessment
b. Risk audits
c. Status meetings
d. Technical performance measurement

10. Which of the following is a tool or technique used in the monitor risks process?
a. Audits
b. Interpersonal and team skills
c. Expert judgment
d. Decision making

PMC202- Course Review

 11. Which of the following is NOT a tool or technique used in the implement risk responses
process?
a. Expert judgment
b. Interpersonal and team skills
c. Technical performance measurements
d. Project management information system

12. Which of the following is a tool or technique used in the implement risk responses process?
a. Data gathering and representation techniques
b. Project management information systems
c. Risk data quality assessment
d. Planning meetings and analysis

13. You are acting as the portfolio manager and must select a project to execute from a pool of
three choices. Each of the choices has an expected payout of $20,000 and an equal 75%
chance of succeeding. In this situation what does $15,000 represent?
a. Net present value
b. Risk value
c. Expected monetary value
d. Simple interest

14. You are leading a large complex project within your organization that is forecast to continue
for ten more months. The project has an 18% chance of being impacted in a given month by
a particular risk. What is the probability that the project will be impacted by the risk in the
3rd month?
a. 18%
b. 36%
c. 54%
d. 72%

15. You are acting as an outside project management expert consultant for a struggling project.
The project is important to the chief executive officer who is concerned the project is not
going to hit its schedule date. Which of the following is most likely to impact achieving the
schedule target?
a. Significant increases in component costs.
b. Delays in obtaining required sponsor approvals.
c. Date slippages as stakeholders fail to attend sprint reviews.
d. Disputes with contractors over increase costs.

PMC202- Course Review

 16. You have been asked to select one of four projects for your organization to execute. The
organization is very risk adverse. If you assume the ends of a range of estimates are +/- 3
sigma from the mean, which of the following range estimates involves the least risk?
a. Mean of 33 days.
b. 40 days plus or minus 8 days.
c. 32 - 46 days.
d. Optimistic = 33 days, most likely 40 days, pessimistic 46 days.

17. You have been asked to select one of four projects for your organization to execute. The
organization is very risk adverse. If you assume the ends of a range of estimates are +/- 3
sigma from the mean, which of the following range estimates involves the least risk?
a. Optimistic = 21 days, most likely 27 days, pessimistic = 32 days.
b. 26 days plus or minus 5 days.
c. 20 - 33 days.
d. Mean of 26 days.

18. Which of the following is not a factor in the assessment of project risk?
a. Transference costs
b. Risk probability
c. Value at stake
d. Risk event

19. You take over a project from a previous project manager. As part of the turn over process
they hand you a risk watch list. What should be done with the risks on the watch list?
a. Add the information to your takeover report.
b. Add them to the lessons learned for future projects.
c. Read over the watch list as they are already covered in the properly completed
contingency plans.
d. Read over the watch list then revisit during monitoring and controlling.

20. Which of the following is not always an input to the risk management process?
a. Work breakdown structure
b. Lessons learned
c. Project status reports
d. Historical information

21. It is very important that the project manager determine risk tolerances in order to help:
a. The sponsor understand how the resource managers will act.
b. Schedule the project.
c. Rank the project risks.
d. Estimate the project duration.

PMC202- Course Review

 22. Which of the following is not a common result of risk management?
a. The communications management plan is changed.
b. The project charter is changed.
c. The schedule management plan is changed.
d. The project management plan is changed.

23. Which of the following risk strategies is represented by insurance?

a. Avoidance
b. Acceptance
c. Transfer
d. Mitigation

24. It is your first day at a new job and you are asked to evaluate the risks on a large project
managed by the PMO. Unfortunately, you cannot evaluate the exact cost impacts of the
risks you are analyzing. Based on this situation you should evaluate the risks on a:
a. Statistical basis
b. Qualitative basis
c. Quantitative basis
d. Mathematical basis

25. In which of the following risk management processes are you most likely to be required to
find workarounds?
a. Monitor risks
b. Plan risk responses
c. Identify risks
d. Quantitative risk analysis

26. You have just determined that you need to transfer a risk. In which of the following risk
management processes are you?
a. Identify risks
b. Plan risk responses
c. Monitor and control risks
d. Perform quantitative risk analysis

27. You are acting as the project manager for a large project $1,500,000 within your
organization. You have just finished the risk response plan for your project. Which of the
following should you probably do next?
a. Begin a project risk reassessment.
b. Begin to analyze the risks that appear in major project documents.
c. Complete the work breakdown structure.
d. Determine the overall risk rating for the project.

PMC202- Course Review

 28. You are in the process of quantifying risks on a project you are leading. Several of your key
resources are non-collocated and have needed input. How can this be done?
a. Make use of the Delphi technique.
b. Make use of Monte Carlo analysis.
c. Make use collaboration software.
d. Apply critical chain modeling.

29. During the plan risk management process the project team you are leading discovers 387
risks and 32 major causes of those risks. The project is part of a major program within the
organization and must be completed. Your team is very experienced and has worked
together for several years. You have also worked with the sponsor for several years as well,
and they are very supportive of your efforts. Significant time has been spent to ensure the
project scope and WBS is complete and it has been signed off by all the key stakeholders.
Unfortunately, your team has not been able to determine an effective way to mitigate or
insure against the one of those major risks. It is something that must be done by the internal
team and cannot be outsourced. It also cannot be deleted from the project. What would be
the best solution?
a. Determine a way to transfer the risk
b. Determine a way to avoid the risk
c. Continue to investigate ways to mitigate the risk
d. Accept the risk

30. You are the project manager on a large IT project. You have assembled your team, identified
the major risks on the project, determined what would trigger those risks, rated the risks on
a rating matrix, tested the major risk assumptions, and assessed the quality of the data used.
The team is continuing to move through the risk management process. What have you
forgotten to do?
a. Involve other stakeholders.
b. Use a Monte Carlo simulation.
c. Mitigate the risks.
d. The overall risk ranking for the project.

31. You have worked with different stakeholders to determine the probability and impact of a
project's risks. You have also analyzed the assumptions. Before you move on to the next step
in the risk management process, what do you need to do?
a. Identify and evaluate triggers.
b. Develop your risk rating matrix.
c. Evaluate the trends in risk analysis.
d. Create a contingency plan.

PMC202- Course Review

 32. You apply for a job with a large consulting company. As part of the interview process you are
provided with a sample project charter and asked to provide an analysis of the project risks.
Which of the following would best help you complete the exercise?
a. The PMBOK Guide.
b. A discussion with several team members within the organization from a
c. similar project that failed in the past.
d. The scope statement from the project planning process.
e. The resource plan from the project planning process.

33. You are working as a project manager on a large new product development project. While
preparing your risk responses your team identifies additional risks. What should you do?
a. Get management to allocate another 5% to the project budget to cover the risks.
b. Determine the risk events and the associated cost, then add the cost to the project
budget as a reserve.
c. Document the risks, and calculate the expected monetary value based on the PI
score that result from the risk occurrence.
d. Add reserves to the project to accommodate the new risks and notify management.

34. You are leading a project that has an SPI of 0.69 and a CPI of .71. The project has more than
1,000 work packages, and it is being completed over three years. The team has not worked
together before, and the project has not been well supported. Which of the following is the
best thing to do?
a. Update the risk register with any new risks and analysis.
b. Examine the WBS for unnecessary work packages.
c. Examine the RAM for necessary changes.
d. Examine the budget for necessary changes.

35. Your project is very close to completion when an unidentified risk occurs. This risk could
affect the project's overall ability to deliver. What should you do first?
a. Develop a risk response plan.
b. Develop a workaround.
c. Alert the project sponsor to the potential impacts to the schedule, costs,
d. and scope of the project.
e. Qualify the risk.

36. You are the project manager on a multi-year facilities development project. Significant
spring rains caused major flooding that caused power outages and the loss of all project
records not stored on your laptop. What should have been done to prevent this problem?
a. Approve a larger contingency reserve.
b. Plan for a larger management reserve.
c. Maintain the records outside a flood plain.
d. Monitor the weather and have a contingency plan.

PMC202- Course Review

 37. You have been asked to lead a mission-critical project for your organization. The project is
very large, will take approximately 3 years, and will be highly visible to the senior leadership
of the organization. Unfortunately, your company does not have a very good track record at
handling risks and rarely seems to follow its risk management policies and procedures. You
have less than a month until your first major milestone. If senior management is expecting
to see an analysis of the project's risks and response strategies which of the following groups
or individuals is least important?
a. The sponsor.
b. The project team members.
c. The individuals responsible for the risk policies and procedures.
d. Key stakeholders.

38. You are leading a high technology product development project that was originally
scheduled to take 18 months. The project has faced significant problems and has had to use
all its reserves. You currently have an SPI of 0.68 and a CPI of 0.73. There are only six
deliverables left and three of them are on the critical path. The project sponsor has just told
you that you only have four weeks to finish the project or risk losing all funding and support.
This is three weeks faster than your current ETC. In response, you send out an RFP to four
vendors for some of the work that the internal team was going to perform hoping an
external organization could get the work done faster. This can best be described as an effort
on the part of the project manager to work with:
a. Contingencies
b. Threats
c. Opportunities
d. Reserves

39. Which of the following is a primary characteristic of the Delphi Technique?

a. Expert opinion.
b. Simulation modeling in a hierarchical process.
c. Use of heuristic analysis.
d. Extrapolation from historical documents.

40. You are leading a large IT project that is nearing completion. Your sponsor requests a change
to the project that would increase the project risk. What should you do first?
a. Update the risk register.
b. Gain an understanding of why the sponsor wants the change.
c. Analyze the impacts of making the change with the project team.
d. Calculated the EMV of the risk and create a new cost estimate.

PMC202- Course Review

 41. You are leading a major construction project. During project execution a major problem
occurs that does not appear in the risk register. What should you do first?
a. Inform the project stakeholders.
b. Look for secondary risks.
c. Exam the identify risks process for flaws.
d. Create a workaround.

42. You are leading a research and development project. You are in the executing process group
when one of your senior resources identifies a risk that is not listed in the risk register. What
should you do?
a. Determine how the team member identified the risk.
b. Analyze the risk.
c. Inform the sponsor and key stakeholders of the risk.
d. Place the risk in the risk register.

43. You are taking over a $50,000 IT project for your organization. The project is entering its
third phase. Although there appear to be many risks on the project, no one has evaluated
them to assess the range of possible impacts. What needs to be done?
a. Perform qualitative risk analysis
b. Plan risk management
c. Plan risk responses
d. Monitor risks

44. Which of the following best describes a heuristic?

a. An advanced statistical calculation used to model risks.
b. A simulation used to model risks.
c. A rule of thumb.
d. A calculation used to produce a weighted measure of risk.

45. 45.Monte Carlo analysis is used to:

a. Get an indication of the risk involved in a project.
b. Simulate the order in which activities occur.
c. Estimate an activity's length.
d. Measure project risk level.

46. You are working with your team to complete the risk response plan. However, every time
the team develops a risk response, another risk is identified as being caused by the
suggested response. Which of the following is the best thing for the project manager to do?
a. Return to the identify risks process as something is amiss.
b. Document the new risks and continue the plan risk responses process.
c. Return to the define scope process to determine what is missing.
d. Get more stakeholders involved in the identify risks process as so many
e. were missed.

PMC202- Course Review

 47. From which of the following processes would you expect to generate a watch list?
a. Plan risk management
b. Identify risks
c. Perform qualitative risk analysis
d. Plan risk responses

48. Which of the following must be an agenda item at all team meetings?
a. Review of project issues
b. Identification of new assignments
c. Status of all activities
d. Discussion of project risks

49. Which of the following is not always an input to the risk management process?
a. Project status reports
b. Historical information
c. Lessons learned
d. The work breakdown structure

50. You are struggling to evaluate the exact cost impact of risks on your project. You would be
advised to evaluate on a:
a. Qualitative basis
b. Quantitative basis
c. Numeric basis
d. Cost basis

51. You have just finished the risk response plan for your US $250,000 information technology
project. Which of the following should you probably do next?
a. Determine the overall risk rating for the project.
b. Add needed work packages to the work breakdown structure.
c. Hold a project risk reassessment.
d. Begin to analyze the risks that appeared in the technical design.

52. You have just completed the determination of probability and impact of your defined
project risks. You have also analyzed the assumptions and are ready to move on to the next
step of risk management, but based upon the information what have you forgotten to do?
a. Identify triggers.
b. Evaluate trends in the risk analysis.
c. Create a fallback plan.
d. Provide a standardized risk rating matrix.

PMC202- Course Review

 53. As the project manager you have assembled your team and identified more than 100 risks
on your project. You and the team have rated them on a risk rating matrix, tested their
assumptions, and assessed the quality of the data used. The team is continuing to move
through the risk management process, but what have you forgotten to do?
a. Risk mitigation.
b. Overall risk ranking for the project.
c. Involve other stakeholders.
d. Monte Carlo analysis.

54. Your team has come up with 521 risks and 42 major causes of those risks. Your team has
worked on several projects together and your project sponsor is both influential and
supportive. You and your team have invested significant time to make sure the project work
was completed and signed off by all key stakeholders. However, during the planning phase,
the team was unable to come up with an effective way to mitigate or ensure against a
particular risk. The work cannot be outsourced or deleted from the project. Which of the
following represents the best solution?
a. Accept the risk.
b. Look for ways to transfer the risk.
c. Look for ways to avoid the risk.
d. Continue to look for ways to mitigate the risk.

55. You are leading a large, multi-year engineering project designed to impact multiple locations
within your company. A tornado destroys the headquarters location and all the project
records including all project reporting and historical information with no way of recovering
the information. What should have been done to prevent this problem?
a. Purchase insurance.
b. Monitor the weather and have a contingency plan.
c. Plan a reserve fund.
d. Schedule the installation outside of tornado season.

56. During the project execution phase of a project you are leading one of your subject matter
experts identifies a risk that is not in the risk register. What should you do?
a. Disregard the risk because it was not identified in risk identification
b. Inform the sponsor of the risk
c. Analyze the risk
d. Discuss with the resource how they identified the risk to ensure others were not
missed

PMC202- Course Review

 57. Which of the following is a chief characteristic of the Delphi Technique?
a. A bottoms up approach
b. Analytical heuristic analysis
c. Expert opinion
d. Extrapolation from historical records of previous projects

58. You are leading a multi-year project that is almost complete. You have five deliverables left
and have used up almost all the reserves. You sponsor informs you that the project must be
completed two weeks earlier than previously forecasted. In response you send out an RFP to
several potential vendors to outsource three of the remaining deliverables. This is an
example of the project manager attempting to work with what?
a. Reserves
b. Opportunities
c. Threats
d. Strengths

59. During the identify risks process, a project manager made a long list of risks identified by all
the stakeholders using various methods. She then made sure all the risks were understood
and that triggers had been identified. Later, in the plan risk responses process, she took all
the risks that had been identified and determined ways to mitigate them. What has she
done wrong?
a. The project manager should have waited until the perform qualitative risk analysis
process to get the stakeholders involved.
b. The project manager should have created workarounds.
c. More people should be involved in the plan risk response process.
d. Triggers are not identified until the identify risks process.

60. Which of the following is the existence of an uncertainty about some key characteristics of a
planned event, activity, or decision?
a. Variability Risk
b. Ambiguity Risk
c. Project Resilience
d. Integrated Risk Management

PMC202- Course Review