You and your project team are identifying the risks that may exist within your project. Some of the risks are small risks that won't affect your project much if they happen. What should you do with these identified risk events?

1. A. All risks must have a valid, documented risk response.
2. B. These risks can be accepted.
3. C. These risks can be added to a low priority risk watch list.
4. D. These risks can be dismissed.

Correct Answer: C

Kelly is the project manager of the NNQ Project for her company. This project will last for one year and has a budget of $350,000. Kelly is working with her project team and subject matter experts to begin the risk response planning process. When the project manager begins the plan risk response process, what two inputs will she need?

1. A. Risk register and the risk response plan
2. B. Risk register and power to assign risk responses
3. C. Risk register and the risk management plan
4. D. Risk register and the results of risk analysis

Correct Answer: C

Sammy is the project manager for her organization. She would like to rate each risk based on its probability and affect on time, cost, and scope. Harry, a project team member, has never done this before and thinks Sammy is wrong to attempt this approach. Harry says that an accumulative risk score should be created, not three separate risk scores. Who is correct in this scenario?

1. A. Harry is correct, because the risk probability and impact considers all objectives of the project.
2. B. Harry is correct, the risk probability and impact matrix is the only approach to risk assessment.
3. C. Sammy is correct, because organizations can create risk scores for each objective ofthe project.
4. D. Sammy is correct, because she is the project manager.

Correct Answer: C

You are preparing to start the qualitative risk analysis process for your project. You will be relying on some organizational process assets to influence the process. Which one of the following is NOT a probable reason for relying on organizational process assets as an input for qualitative risk analysis?

1. A. Studies of similar projects by risk specialists
2. B. Risk databases that may be available from industry sources
3. C. Review of vendor contracts to examine risks in past projects
4. D. Information on prior, similar projects

Correct Answer: C

You are the project manager of a large construction project. This project will last for 18 months and will cost $750,000 to complete. You are working with your project team, experts, and stakeholders to identify risks within the project before the project work begins.
Management wants to know why you have scheduled so many risk identification meetings throughout the project rather than just initially during the project planning. What is the best reason for the duplicate risk identification sessions?

1. A. The iterative meetings allow the project manager and the risk identification participants to identify newly discovered risk events throughout the project.
2. B. The iterative meetings allow all stakeholders to participate in the risk identification processes throughout the project phases.
3. C. The iterative meetings allow the project manager to discuss the risk events which have passed the project and which did not happen.
4. D. The iterative meetings allow the project manager to communicate pending risks events during project execution.

Correct Answer: A