80.
In a complex global project, integrating diverse teams and managing uncertainties are
critical for success. A project manager observes that the project’s risk culture is not well-
developed, impacting the team’s ability to identify and manage risks effectively. The
organization has a hierarchical structure with teams spread across different geographical
locations, leading to communication challenges and variances in risk perception and
management practices. The project manager aims to enhance the project’s risk culture to
foster a more proactive risk management approach. Given the scenario, which of the
following strategies would be most effective in strengthening the risk culture within the
project? The strategy should enable better risk communication, promote a unified
understanding of risks, and encourage active participation in risk management processes
across all levels and locations of the project team.
a. Mandating the use of a centralized risk management software tool across all teams without
providing specific training or customization according to team needs.
b. Implementing a project-wide risk management training program, focusing on common
methodologies, tools, and language for risk identification, assessment, and response, tailored
to diverse team needs.
c. Limiting risk management activities to senior project management staff only, to streamline
decisions and reduce the complexity of communication channels.
d. Assigning a dedicated risk manager for each team who is responsible for all risk
management activities, thus relieving the team members from active participation in risk
processes.
81. Your team is managing a project to upgrade a critical technological infrastructure.
After conducting a number of risk scenarios, a risk has been identified which could
introduce a cost overrun of $80,000. The probability of its occurrence has been quantified
at 0.2. However, a risk mitigation plan that costs $10,000 could potentially reduce the
probability to 0.1. What should the project manager do next?
a. Assume the mitigation plan is beneficial and implement it without further analysis to avoid
potential cost overrun.
b. Re-evaluate and possibly identify new risks, assuming the implementation of the risk
mitigation plan without conducting a cost-benefit analysis.
c. Decline to implement the mitigation plan considering it is not cost-effective without a
detailed analysis.
d. Perform a cost-benefit analysis to compare the cost of the mitigation plan against the
reduction in expected monetary value of the risk.
82. As a project manager working on a new agricultural technology project, you meet with
industry experts and local farmers to discuss potential risks associated with seasonal
weather changes. This engagement allows for the sharing of knowledge and experiences to
foresee potential project hurdles (বাধা). What risk identification technique does this
exemplify?
a. Assumption analysis
b. Root cause identification
c. Expert judgement
d. Stakeholder review
83. In a critical software development project, the project manager identifies a potential
risk of losing a key developer due to competitive job offers. This loss could significantly
impact the project schedule and quality. What qualitative risk analysis technique should
the project manager use to assess and prioritize this risk?
a. Evaluate the risk using a Probability and Impact Matrix
b. Assess the risk qualitatively using a Risk Data Quality Assessment
c. Prioritize the risk by performing a Sensitivity Analysis on project parameters
d. Apply a Complex Network Analysis to determine the interdependencies and potential
impacts of the risk on project objectives
84. Which of the following is not a common risk response strategy?
a. Acceptance
b. Transference
c. Avoidance
d. Mitigation
85. A project manager is leading a project to develop an innovative medical device. During
the testing phase, a new technological advancement in the market is announced by a
competitor. This could make the current project less competitive upon release. What should
the project manager do with respect to the project's risk register?
a. Proceed to adjust the project plan to incorporate the new technology, omitting the risk
register update.
b. Consult with the team to assess the impact but refrain (বিরত থাকা) from updating the risk
register yet.
c. Document the new risk in the risk register with its potential impact and planned responses.
d. Delay any documentation in the risk register until the impact of the competitor's technology
is fully determined, focusing on current project activities.