You`re running a power plant project. B and you must complete the project in 24 months. Under the contract, you will receive a bonus if you complete the project earlier. But you are aware of the high cost of early completion, you have decided to take a less aggressive approach to let the risk at least more likely pass. That`s why you decided to motivate your project team and promise them a bonus fee for an early conclusion. In this case, you pay a third party to accept the risk if it occurs. What is the best positive response to the risk of a team agreement? Mark is the project manager for the BFL project for his organization. He and the project team establish a probability and impact matrix with a RAG assessment. The project team disagrees on the importance of a particular risk and that attention must be managed as a matter of priority. Where can Mark determine the priority of a risk given its probability and impact? You are the project manager of a large high-level project within your organization. You understand that your company`s policy can influence the true identification of risky events within the project. You decide that you want to use a method to identify risky events through an anonymous process. Which of the following risk events allows you to collect and distribute risk information without stakeholders knowing which other stakeholders are communicating about project risk events? Below are the strategies for dealing with negative risks set out in the PMBOK® guide.
The Monte Carlo simulation is a quantitative risk analysis technique that is used to understand the impact of risks… Suppose you bid for a project that requires a certain number of specialists in a certain capacity. Although you have experts who can handle tasks, but not exactly as stated in the auction documents. then… You have your risk register, you have done qualitative and quantitative risk analyses and it is time to discuss risk response strategies with your project team. Of the following processes, according to Planrisk Responses and in the context of monitoring and control risks, which of the following processes should be repeated to determine whether the overall project risk has been satisfactorily reduced? Answer: They are the people who need a sense of ownership and responsibility for risky events It depends on the situation. There is no rule that defines order, both are independent techniques. Mary is a project manager in her organization.
As part of her current project, she is working with her project team and other key stakeholders to identify the risks inherent in the project. It is currently working to develop a comprehensive list of project risks so that it uses a moderator to generate ideas about project risks. What is the risk identification method that Mary probably uses? Harry works as a project manager for the NHQ project. For his project, he conducts a quantitative risk analysis. One of the risks of the project has a 40 per cent probability, and the project will cost $65,000 if the risk occurs. What is the expected monetary value of this risk event? The risk response strategy aims to remove uncertainties by realizing the opportunity. You`re running a power plant project. B and you must complete the project in 24 months. Under the contract, you will receive a bonus if you complete the project earlier.
That`s why you`ve taken a more aggressive approach to taking the risk. You have decided to transfer your resources from your other projects to this project, and you are paying overtime to employees to take advantage of this situation. A risk is an unforeseen event that can affect the objectives of your project if it occurs.