TAILIEUCHUNG - Project Management Professional-Chapter 15b (Answer key)

Chapter 15b: Answer key about RISK MANAGEMENT 1. Answer: c In a fixed price contract the supplier is obligated to deliver the contracted-for item at a fixed price. The supplier is aware of the risk and will put an allowance for the risk in the contracted price. This often means that the project team will pay the supplier for the cost of the risk regardless of whether the risk occurs. 2. Answer: a Risk avoidance is eliminating the risk from consideration by doing something that will eliminate it as a possibility. Risk acceptance is allowing the risk to happen and. | RISKMANAGEMENT 1. Answer c In a fixed price contract the supplier is obligated to deliver the contracted-for item at a fixed price. The supplier is aware of the risk and will put an allowance for the risk inthe contracted price. This often means that the project team will pay the supplier for the cost of the risk regardless of whether the risk occurs. 2 a . Answer a Risk avoidanceiseliminating therick from considerationbydoing snmctCinh that will eliminate it as a possibility. Risk acceptance is allowing the risk to liappcnsitedcali ng with it if it occurs. Risk deflection or transfer is transferring rhe riskcosonseonsorhecthacstOeproicrt . rc csss company or outside supplier. 3a . Answer c Risk rustication it tie crocess of reducing a risk to acceptable levels. In risk mitigation the risk has either a reduced impact or probability or both. This reducertheoisk severity to levels below the risk tolerance. 4. Answer b c onOngcnco biidges cnllseo nedemcneoforknhwn identified risks. This will give more control to the project and reduce the problem of known ribis useng budget that was set aside for the work of the project and causing a cost overrun in the project. 5. Answer C The e Hib sl orai is tin probotbility of the risk times the impact of the risk summed up for all possibilities. .4 X -10 000 3X 7 500 .2 X-5 000 .1 X 2 500 -4 000 -2 200 -1 000 -7 000 347 348 Preparing for the Project Management Professional Certification Exam 6. Answer c Management reserve is funds set aside to manage unidentified risks. PMI refers to these as the unknown unknowns. When the management reserve is used it ismowdfrom the management reserve to the cost or schedule baseline. T A 7. Answer a Risk triggers sometimes areindicationsthat a rusf is about to occur. In this example there is a risk that the project will be delayed. There As warning that this will occur because several activities are now overdue for completion. Theydm moffxct tde

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