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PROJ 595 Project Risk Management

PROJ 595 Week 1 Discussion Question 1 ATOM and PMBOK


PROJ 595 Week 1 Discussion Question 2 Why Practice Risk Management
PROJ 595 Week 2 Discussion Question 1 Risk Identification
PROJ 595 Week 2 Discussion Question 2 Stakeholders and Risk Management
PROJ 595 Week 3 Discussion Question 1 Quality of Data
PROJ 595 Week 3 Discussion Question 2 Analyzing Risks
PROJ 595 Week 4 Course Project: Application of Risk Management to a Project - Part 1
PROJ 595 Week 4 Risk Paper 1: Earning My MBA
PROJ 595 Week 4 Risk Paper 1: Buying A New Home
PROJ 595 Week 4 Discussion Question 1 Risk Response Strategies
PROJ 595 Week 4 Discussion Question 2 Response Appropriateness
PROJ 595 Week 5 Quiz
PROJ 595 Week 5 Discussion Question 1 New Risks
PROJ 595 Week 5 Discussion Question 2 Risk Monitoring and Control
PROJ 595 Week 6 Course Project: Application of Risk Management to a Project - Part I and II
PROJ 595 Week 6 Discussion Question 1 Decision Tree Analysis
PROJ 595 Week 6 Discussion Question 2 Senior Management and Risk Management
PROJ 595 Week 7 Risk Paper 2: Home Renovation Project
PROJ 595 Week 7 Discussion Question 1 Contract Management - Part 1
PROJ 595 Week 7 Discussion Question 2 Contract Management - Part 2
PROJ 595 Week 8 Final Exam (Version 1)
PROJ 595 Week 8 Final Exam (Version 2)

PROJ 595 Entire Course Week 1 - 8


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PROJ 595 Full Course Project Part I and II
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Course Project Part I - Price $25
Course Project Part I, II - Price $30
PROJ 595 All Risk Papers (Papers 1 and 2)
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Risk Paper 1 - Price 15
Risk Paper 2 - Price 15
PROJ 595 All Discussion Question Week 1 - 7
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PROJ 595 Week 5 Quiz


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Question 1. (TCO A) A stakeholder analysis in risk management (Points: 5)
Question 2. (TCO A) When using the ATOM process to manage risks, an initiation meeting should be used for
(Points: 5)
Question 3. (TCO B) All of the below are risk identification methods, except (Points : 5)
Question 4. (TCO D) In risk response planning, which is the difference between active and passive acceptance?
(Points: 5)
Question 5. (TCO E) A common tool for use in risk monitoring and control is (Points: 5)
Question 6. (TCO H) When using the ATOM process to manage risks, which is the importance of an initiation
meeting? (Points: 5)
Question 7. (TCO A) When is a risk register created? What is its importance of a risk register to a project? (Points:
10)
Question 8. (TCO B) You are the project manager for a major technological project. You are concerned about doing
qualitative risk analysis. How do you ensure consistency when doing qualitative risk analysis across all risk
evaluators? (Points: 15)
Question 9. (TCO D) Explain transference as a risk response strategy, and provide an example of its use in a
project. (Points: 15)
Question 10. (TCO E) What is the purpose of performing reserve analysis during the risk management process?
(Points: 15)
Question 11. (TCO H) You are in a status meeting with key project stakeholders. You are discussing residual and
secondary risks in your project. The key stakeholders ask for an explanation and example of each. How would you
describe each? Provide an example of a residual and a secondary risk. (Points: 15)

PROJ 595 Week 8 Final Exam (2 Different Versions)


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Final Exam Version 1 - Price $29
Question 1. (TCOs A and B) An EVM analysis employs which factors to evaluate risks? (Points
: 5)
Question 2. (TCO G) You have completed all design drawings and have a complete scope for
your project. You need to hire a contractor to build the product to your designs. Which type of
contract would be best in this situation? (Points : 5)
Question 3. (TCO D) In which risk response strategy is the responsibility for the risk moved to a
third party? (Points : 5)
Question 4. (TCOs A and B) You have been appointed as a project manager for a high-dollar
project for a government agency, and you have been asked by your boss to identify the
stakeholder groups and the individuals who make up those groups in order to start the
stakeholder analysis. Identify at least six groups of stakeholders and the individuals who
comprise those groups, and explain when the stakeholder identification process should take place
during the planning of the project. (Points: 20)
Question 5. (TCO B) Due to globalization within your industry, you have been appointed as the
project manager for an R & D project. Your task is to create a new technologically advanced
solar cell. You want to employ the PMBOK Guide risk management process. Senior
management would like you to briefly describe the process and all its steps. Please create a short
briefing for senior management below. (Points : 40)

Question 6. (TCO I) You are the project manager on a critical project for your corporation. You
have decided to employ fault-tree analysis on your project. What is fault-tree analysis, and how
can it be applied to your project? (Points : 25)
Question 7. (TCO H) Senior management is concerned about risk owners on your project.
What is the role of a risk owner in the risk management process? (Points: 20)
Question 8. (TCO F) You are a project manager for a large healthcare R & D project. Senior
management has asked you to utilize a sensitivity analysis and a tornado diagram to quantify
risks on your project. Senior managements major concern is the price of raw materials in the
development of the new drug. Describe how to perform a sensitivity analysis and use a tornado
diagram to quantify risks to your project. (Points : 25)
Question 9. (TCO G) Describe and discuss when one should use an FPEPA contract. Compare
and contrast this to a typical FP contract. (Points: 20)
Question 10. (TCO E) Senior management has just returned from a risk management workshop.
One of the topics was reserve analysis. Management does not completely understand the concept
and asks you what the purpose is of performing reserve analysis during the risk management
process. (Points : 20)
Question 11. (TCO D) You are the project manager for an important healthcare project. You are
performing qualitative risk analysis. Below are the values of probability and impact for the top
six risks that were given to you by project team. Assuming a neutral stakeholder tolerance, which
risks must be addressed proactively if possible?(Points : 25)
Question 12. (TCO C) You are the project manager for a large health information technology
project. You are confronted with an important decision on your project: How much scenario
testing is appropriate for this project? Employ decision tree analysis to provide senior
management with the best course of action for this decision.

Final Exam Version 2 - Price $29


Question 1. (TCOs A and B) Quantitative risk analysis does all of the following, except (Points
: 5)
Question 2. (TCO G) You need to ensure your project is completed by July 1 of next year. You
do not have time to do all the design work yourself, so you decide to contract out that work.
Which type of contract would likely be best in this situation? (Points : 5)
Question 3. (TCO D) Which risk response strategy is most appropriate for risks on the watch
list? (Points : 5)
Question 4. (TCOs A and B) You have been appointed as a project manager for a high-dollar
project for the public sector, and you have been asked by your boss to identify the stakeholder
groups and the individuals who make up those groups in order to start the stakeholder analysis.
Identify at least six groups of stakeholders and the individuals who comprise those groups, and
explain when the stakeholder identification process should take place during the planning of the
project. (Points : 20)
Question 5. (TCO B) Due to globalization within your industry, you have been appointed as the
project manager for an R & D project. Your task is to create a new technologically advanced
solar cell. You want to employ the PMBOK Guide risk management process. Senior
management would like you to briefly describe the process and all its steps. Please create a short
briefing for senior management below. (Points : 40)
Question 6. (TCO C) You are the project manager for a large health information technology
project. You are confronted with an important decision on your project: How much posttesting of

the design is appropriate for this project? Employ decision tree analysis to provide senior
management with the best course of action for this decision.
For this decision, you have three possible choices: no posttesting of the design, moderate
posttesting of the design, or full posttesting of the design. No posttesting will incur no additional
costs due to testing and has a 25% chance of a successful implementation. If it is unsuccessful,
rework costs are likely to be $30 million dollars. Moderate testing will cost $5 million and has a
50% chance of success. If it is unsuccessful, rework costs are likely to be $30 million. Full
testing will cost $10 million and has a 75% chance of success. If it is unsuccessful, rework costs
are likely to be $30 million. Which solution is appropriate for this project? (Points : 40)
Question 7. (TCO D) You are the project manager for an important healthcare project. You are
performing qualitative risk analysis. Below are the values of probability and impact for the top
six risks that were given to you by project team. Assuming a neutral stakeholder tolerance, which
risks must be addressed proactively if possible? (Points : 25)
Question 8. (TCO E) Senior management is very interested in creating an effective risk
monitoring and control system that is tied to a performance monitoring system for your project.
Describe what a good monitoring and control and performance measurement system for your
project would look like. Be sure to include an example to help illustrate your answer. (Points :
20)
Question 9. (TCO F) You are a project manager for a large healthcare R & D project. Senior
management has asked you to utilize a sensitivity analysis and a tornado diagram to quantify
risks on your project. Senior managements major concern is the price of raw materials in the
development of the new drug. Describe how to perform a sensitivity analysis and use a tornado
diagram to quantify risks to your project. (Points : 25)
Question 10. (TCO G) Describe and discuss when one should use an FPEPA contract. Compare
and contrast this to a typical FP contract. (Points : 20)
Question 11. (TCO H) You are in a status meeting with key project stakeholders. You are
discussing residual and secondary risks in your project. The stakeholders are becoming
concerned about these concepts. The key stakeholders ask for an explanation and example of
each. How would you describe each? Provide an example of a residual and a secondary risk.
(Points : 20)
Question 12. (TCO I) You are the project manager on a complete overhaul of your corporations
IT infrastructure. You have decided to employ fault-tree analysis on your project. What is faulttree analysis, and how can it be applied to your project? (Points : 25)