1. A Monte Carlo analysis does all of the following, except
- provide the probability of competing the project on a given day.
- determine what methodology to employ in risk management.
- maintain the risk register.
- evaluate the effectiveness of risk responses.
2. You are the project manager for a large financial industry project. You need to bring in some additional project team members for staff augmentation during your project. Which type of contract would likely be best in the situation?
- Cost plus incentives
- Time and materials
- FPEPA
- CPPC
3. You have been assigned as the project manager to develop a new software tool for a Fortune 100 software development company. During your risk management process you discovered that this new tool nicely complements the portfolio of software tools that this company has already developed. This would be considered a positive risk on your current risk register. What type of strategy would you employ to enhance this opportunity?
- Transfer and Share
- Exploit and Accept
- Avoid and Mitigate
- Exploit and Avoid
4. You are the project manager for a high dollar project for the public sector. Your boss asks you to describe a risk management process for (1) identifying project risks, (2) ranking project risks, and (3) developing appropriate responses for those risks.