Project Risk Management Strategies
Translated by
ScribdTranslationsProject Risk Management Strategies
Translated by
ScribdTranslationsE. F.
SANCHEZ
Risk Simulation
You and your project team are finalizing the planning of the response to the
risks of a project for the opening of 30 new offices of a multinational
around the world. One of the outcomes of this process will be:
A. Updated secondary risks
B. Identified risks
C. List of priority risks
D. Reserve analysis
The project management team is planning the response plans to
risk of a project that is already in execution. To do this, you can implement different
strategies according to the particularity of each risk. The following items are strategies
to respond to the risk, EXCEPT for:
A. Contingency reserves
B. Exploit
C. Share
D. Accept
3. You are working as a project director for the construction of a mine.
diamonds of a scale that has never been achieved before. The cost of the
The estimated project amounts to $2.3 billion and you will use 5 contractors. The rate
internal rate of return is 45% per year with a payback period of 6
years. Once the execution of the project begins, it cannot be canceled by
economic reasons since sunk costs represent 85% of the investment
initial. What is the first thing you should do in this project?
A. Carefully analyze all the proposals from the contractors
B. Identify the risks
C. Calculate the net present value at the feasibility level
D. Establish a risk response plan
4. A financial company issues 500 credit cards per day. Today the system failed and
the requested cards could not be issued to the customers as usual. The signal
the warning was detected and the issue exceeded the critical action level. It
executed the risk response plan, but the implemented response did not solve the
problem. What is the first thing I should do in this situation?
A. Correct the warning signal to provide earlier notice
B. Determine why the problem occurred
C. Fix the problem
D. Adjust the risk response plan
5. During the quantitative risk analysis process of a project to open a
flower greenhouse, the following tools are being used, EXCEPT
A. Interviews
B. Decision tree
C. Evaluation of data quality
D. Expected monetary value
6. In the process of identifying risks for a project that will develop microchips
for the digital television transmission, the project team has
it has been determined that there are risks that are likely to occur and that have not been
identified. However, according to the lessons learned from similar projects
conducted by the company in the past, history indicates that risks always occur
unforeseen events. For this reason, the project director has decided to add a _______
about the cost baseline to determine the final budget.
A. Control account
B. Reserve for contingencies
C. Warning signal for cost overruns
D. Management reserve
7. The project manager and his team have just completed the risk response plan.
for a telecommunications project of $120 million. What is the next thing that
It will surely happen in this project?
A. Determine the risks that require urgent attention.
B. Modify work packages in the work breakdown structure
C. Estimate the probability that the project will meet the deadlines
D. Analyze the checklists
8. The construction project for the river containment dam is scheduled for
that it will end in five months. The subcontractor has reported that
they might stop the work next month to give a break to their
workers. In case this happens, the sponsor will hire another company to
that I worked during that month on some secondary tasks in order not to cause delays
both the completion of the project. These secondary tasks were planned for the
last month, but they could take place at any time from now on. For
for its part, the buyer has no control over the subcontractor company that it intends
Stop the works. What type of risk response has the Sponsor planned?
A. Mitigate the likelihood of occurrence
B. Transfer the risk to the new company
C. Actively accept the risk
D. Mitigate the impact
9. The project director is using a decision tree to determine what type
It is preferable to buy the tractor for the agricultural project. Tractor A has a price
of $10,000 and a 30% probability of breakage. In case of breakage, the repair of the
tractor A costs $4,000. On the other hand, tractor B is valued at $12,000.
5% probability of breakage. In case tractor B breaks, its cost of
The repair would be $1,000. Which tractor would be suitable to buy?
A. Tractor A
B. Tractor B
C. It's the same to buy A or B
D. Missing information to complete the decision tree
In a project for the design of a sports car, the project team has
identified a risk related to the airbag. It is estimated that the place where it is intended to
installing the airbag is not appropriate, because there is a likelihood that when it deploys the
airbag in an accident, the pressure of the bag injures the driver. For this reason, the
project team decides to modify the car design to place the airbag in
a safer place that cannot harm the driver. This design change implies
various additional costs to the project that cannot be added to the market price of the
product. The technique used to manage this project risk is called:
A. Avoid
B. Active acceptance
C. Mitigate
D. Transfer
11. In a service station that sells biofuels, the list of
risks are mainly obtained during __________:
A. Quantitative analysis and risk identification
B. Identification, qualitative analysis, and quantitative analysis of risks
C. Qualitative analysis and risk monitoring
D. Identification and monitoring of risks
12. You are the director of a piston pump manufacturing project with a
suitable power, customized for the client. Together with the project team, they have
determined what will be done in case uncertain events occur and who will own it
of each risk. What has just been carried out in this project?
A. Quantitative risk analysis
B. Risk response planning
C. Risk identification
D. Qualitative risk analysis
13. Jorge, with limited authority to manage external risks, is directing the
construction project of the Casino. This project faces high-impact risks and
is part of the portfolio of an international company. Team members are
They communicate to Jorge that it is likely that a change in legislation will occur that will prohibit.
the establishment of casinos in that region. What would be the best strategy to give
response to this risk?
A. Scale
B. Avoid
C. Mitigate
D. Accept
14. A country has decided to cease belonging to the European Union, which will affect a
transport project that you are directing. To identify the risks that
will impact this project, the members of your team have provided you with lists of
quick ideas with PESTLE and TECOP risk categories. Which of the following
Which categories appear in both lists?
A. Economic
B. Environmental
C. Commercial
D. Uncertainty
15. Robert is the director of a project for the redesign of one of the social networks.
most popular in the market. Since the network has stakeholders at a global level, before
implement any type of improvement in the new design, the members of the
The international community must accept these improvements. Robert is using a
diagram to analyze qualitatively the probability, impact, and urgency
of the identified risks, in order to define priorities. What
What tool could Robert be using?
A. Probability and impact matrix
B. Quick lists of VUCA ideas
C. Breakdown structure of risks
D. Bubble Diagram
16. You are working on a software development project that uses
agile methodologies managing risks in each iteration of the project. The risks
They have been grouped into four categories: technical, management, commercial, and external.
Within the technical risks, there is great concern about non-eventual risks, which
they could cause significant delays in the project. What characteristics do they have?
Are these risks not eventual?
They harm the quality of the software being developed
B. They affect the project's resources
They present excessive complexity
They have great variability or are ambiguous.