Question

A watch list is an output of which risk management process?

		Perform Quantitative Risk Analysis
		Implement Risk Responses
		Perform Qualitative Risk Analysis
		Plan Risk Responses

A project has the following risks: 20 percent probability of a 14-day delay in the receipt of customer requirements; 10 percent probability of a 21 -day delay in the procurement process; 50 percent probability the integration will take 14 days longer than planned. What is the expected value of these events?

		49 days
		Seven days
		11.9 days
		35.8 days

During project planning, a project manager is planning the upcoming project team meetings that will occur during project executing. What should she include in these meetings that will have the biggest impact on the project?

		Review of upcoming identified risks
		Assignment of activities to team members
		Review of the action item list
		Estimating costs

Answer 1

Q1. The answer is c) Perform Qualitative Risk Analysis process. It is made up of tasks that are determined to be of too low priority or low impact to move further in the risk management process. Thus, the correct answer is (c).

Q2. Given, the delays in various tasks with their risk probabilities.

Task                                                                Delay         Risk Probability

Receipt of customer requirements         14 days             20%

Procurement process                              21 days             10%

Integration                                               14 days             50%

Expected value of these events= 0.2*14+0.1*21+0.5*14= 11.9 days Ans

Q3. The project execution phase generally starts out with a project kick-off meeting. In this meeting, various stakeholders are invited to discuss the project plan and share their views on any upcoming foreseeable concerns. So, a) review of upcoming identified risks is the most important agenda for the execution phase meetings since any risk which team members fail to identify can adversely impact the project in terms of increased cost or delayed schedule or altogether change in deliverables. Hence, it is very important to identify risks in execution phase and act in a proper manner for its minimization.