136. A project manager has recently transferred to a new project.
What should the project
manager do first to effectively manage risks?
a. Reassign all risks to new team members
b. Call a risk identification workshop immediately
c. Review the project's risk register
d. Create a new risk register for the project
137. An energy corporation is finalizing an offshore wind-farm upgrade. Analysis shows a
15% chance that severe lightning could disable multiple turbines, incurring major repair
costs and halting generation for weeks. A specialized insurer offers coverage that would pay
for both repairs and revenue losses for a modest premium, and engineers confirm the
coverage meets technical specs. What is the best risk response strategy the project manager
should adopt?
a. Develop a lightning-hardening retrofit to reduce strike probability and impact.
b. Accept the probability and proceed as planned since turbines already meet baseline
protection codes.
c. Purchase the policy and transfer the risk to the insurer.
d. Set aside repair funds in the contingency reserve while tracking weather forecasts through
the operations phase to decide on action plans.
138. Amidst the execution phase of an extensive infrastructure project, the project manager
encounters a significant risk: the discovery of archaeological artifacts onsite, which could
potentially halt project progress and escalate costs. To comply with national preservation
laws and ensure project continuity, the project manager must decide on an optimal risk
response strategy. The identified risk, given its potential to impact both the schedule and
budget, necessitates a nuanced approach to mitigation. The project manager, after a
thorough analysis leveraging the project risk management plan and consultations with
stakeholders, including archaeological experts, local authorities, and the project team,
narrows down the options. Bearing in mind the PMBOK Guide Seventh Edition's
principles, which of the following would be the most effective risk response strategy?
a. Develop a mitigation plan involving phased excavation with archaeological supervision to
allow project activities to continue while assessing artifacts.
b. Avoidance by immediately seeking an alternative project site without archaeological
constraints to ensure no project delay.
c. Transfer the risk by purchasing insurance against delays caused by archaeological findings,
delegating the financial impact.
d. Accept the risk and proceed without any specific mitigation, budgeting for possible delays
and additional costs.
139. During risk monitoring and control, a project manager notices that the strategies in
place for handling certain risks are no longer effective due to changes in the project
environment. What should the project manager do next?
a. Maintain the current strategies despite the changes and monitor for further developments.
b. Remove the ineffective risk responses and proceed according to the initial project plan.
c. Inform senior management and request guidance on how to handle the ineffective strategies.
d. Adjust the risk response plan and update the risk register to reflect new strategies.
140. During the construction of an airport, you recognize a risk of possible aircraft noise in
the surrounding residential area. What risk identification method did you most likely use?
a. Past experiences with residential construction projects
b. Sensitivity analysis
c. Checklists from previous, unrelated projects
d. Interviews with stakeholders from the surrounding residential area