1.
During the project life cycle, in which part of the life cycle will risk be the lowest?
2.
The project management institute decided to hold their annual meeting in New Orleans, Louisiana. This conference represents a substantial amount of PMI’s operating budget for the year. PMI identified a risk of hurricanes during the month of September when the conference was to be held. PMI decided to purchase convention insurance to offset the loss of convention revenue if a hurricane caused cancellation of the conference. This is a risk management strategy called:
3.
The project team has put together a project plan for a project, and the plan has been approved by the stakeholders. The customer asks the project manager if the project can be delivered seven weeks sooner. The customer offers sufficient monetary incentive for the project manager. The project manager decides to fast track the project. This decision will:
4.
The creative process used to optimize the life cycle costs, save time, increase profits, improve quality, expand market share, solve problems, or use resources more effectively is called:
5.
The Monte Carlo technique can be used to:
6.
A project’s schedule completion dates are distributed in an even probability distribution. The earliest that the project can be completed is June 1. The latest the project can be completed is June 29. What is the most likely date for project completion?
7.
A project manager is managing a project where a risk occurs. There is no plan to respond to this risk. The response to a negative risk event that has no plan is called:
8.
The project manager has critical parts that are needed for the project. If the first order of parts is delivered late, the project will be late delivering a critical deliverable to the customer. The seller that has been selected to make these parts for the project has been used in the past and historically has failed to deliver on time 10% of the time. Another vendor can be found that has the same delivery record. The project manager decides to divide the order between the two vendors in hopes that at least one of them will deliver on time. What is the probability that at least one of the vendors will deliver on time?
9.
A project team evaluates risk in the project. As an outcome there are some positive and negative risks that are identified and evaluated. To evaluate the worst case for the project the project team should evaluate and summarize:
10.
Three activities are done in sequence. Each activity takes five days to do. There is a 90% probability that each activity will be completed on time and a 10% probability that each activity will be finished late. What is the probability that the last of the three activities will be finished on time?
