2022 PMP Exam Prep 11 Of 15 Questions And
Answers With Actual Test
Acceptance Correct Answers: A risk response appropriate for both positive and
... [Show More] negative risks, but
often used for smaller risks within a project.
Ambiguity risks Correct Answers: Risks that have an uncertain, unclear nature, such as new laws or
regulations, the marketplace conditions, and other risks that are nearly impossible to predict.
Avoidance Correct Answers: A risk response to avoid the risk.
Brainstorming Correct Answers: The most common approach to risk identification; usually completed
by a project team with subject matter experts to identify the risks within the project.
Business risks Correct Answers: These risks may have negative or positive outcomes. Examples
include using a less experienced worker to complete a task, allowing phases or activities to overlap,
or forgoing the expense of formal training for on-the-job education.
Cardinal scales Correct Answers: A ranking approach to identify the probability and impact by using a
numerical value, from .01 (very low) to 1.0 (certain).
Checklists Correct Answers: A quick and cost-effective risk identification approach.
Data precision Correct Answers: The consideration of the risk ranking scores that takes into account
any bias, the accuracy of the data submitted, and the reliability of the nature of the data submitted.
Decision tree Correct Answers: "A method to determine which of two or more decisions is the best
one. The model examines the costs and benefits of each decision's outcome and weighs the
probability of success for each of the decisions."
Delphi Technique Correct Answers: An anonymous method of querying experts about foreseeable
risks within a project, phase, or component of a project. The results of the survey are analyzed by a
third party, organized, and then circulated to the experts. There can be several rounds of anonymous
discussion with the Delphi Technique, without fear of backlash or offending other participants in the
process. The goal is to gain consensus on project risks within the project.
Enhancing Correct Answers: "A risk response that attempts to enhance the conditions to ensure that
a positive risk event will likely happen."
Escalating Correct Answers: A risk response that is appropriate for both positive and negative risk
events that may outside of the project manager's authority to act upon.
Expected monetary value (EMV) Correct Answers: The monetary value of a risk exposure based on
the risk's probability and impact in the risk matrix. This approach is typically used in quantitative risk
analysis because it quantifies the risk exposure.
Exploit Correct Answers: A risk response that takes advantage of the positive risks within a project.
External risks Correct Answers: These risks are outside of the project, but directly affect it—for
example, legal issues, labor issues, a shift in project priorities, or weather. "Force majeure" risks call
for disaster recovery rather than project management. These are risks caused by earthquakes,
tornadoes, floods, civil unrest, and other disasters.
Flowcharts Correct Answers: System or process flowcharts show the relationship between
components and how the overall process works. These are useful for identifying risks between
system components.
Influence diagrams Correct Answers: An influence diagram charts out a decision problem. It identifies
all of the elements, variables, decisions, and objectives and also how each factor may influence
another.
Ishikawa diagrams Correct Answers: These cause-and-effect diagrams are also called fishbone
diagrams and are used to find the root cause of factors that are causing risks within the project.
Low-priority risk watch list Correct Answers: Low-priority risks are identified and assigned to a watch
list for periodic monitoring.
Mitigation Correct Answers: A risk response effort to reduce the probability and/or impact of an
identified risk in the project.
Monte Carlo technique Correct Answers: A simulation technique that got its name from the casinos of
Monte Carlo, Monaco. The simulation is completed using a computer software program that can
simulate a project, using values for all possible variables, to predict the most likely model.
Ordinal scales Correct Answers: "A ranking approach that identifies and ranks the risks from very
high to very unlikely or to some other value."
Organizational risks Correct Answers: The performing organization can contribute to the project's
risks through unreasonable cost, time, and scope expectations; poor project prioritization; inadequate
funding or the disruption of funding; and competition with other projects for internal resources.
PESTLE Correct Answers: A prompt list used for risk identification. PESTLE examines risks in the
Political, Economic, Social, Technological, Legal, and Environmental domains.
Probability and impact matrix Correct Answers: A matrix that ranks the probability of a risk event
occurring and its impact on the project if the event does happen; used in qualitative and quantitative
risk analyses.
Project management risks Correct Answers: "These risks deal with faults in the management of the
project: the unsuccessful allocation of time, resources, and scheduling; unacceptable work results;
and poor project management."
Pure risks Correct Answers: "These risks have only a negative outcome. Examples include loss of life
or limb, fire, theft, natural disasters, and the like.".. [Show Less]