Risk Monitoring in Project Management

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Questions and Answers

Which of the following is NOT a component of the scope baseline?

Project schedule (correct)

Project scope statement

Work package

WBS dictionary

What is the purpose of a project scope statement?

To define the project's deliverables (correct)

To create the WBS dictionary

To identify project constraints only

To outline the activity durations

Which of the following activities would typically be included in an activity list?

Sequencing project activities

Identifying project dependencies (correct)

Defining project stakeholders

Creating a WBS

What does the term 'critical path' refer to in project management?

The longest sequence of activities in the project schedule (B) Signup and view all the answers

What is included in the WBS dictionary?

Information relating to the scope description (C) Signup and view all the answers

What is the main benefit of identifying the problem or opportunity before a project is initiated?

Gaining a clear understanding of the situation (B) Signup and view all the answers

Which of the following is NOT a component of a business case?

Marketing plan (C) Signup and view all the answers

Which element should be considered when identifying the business need?

Business value (C) Signup and view all the answers

What does the term 'SMART Objective' refer to in the context of business needs?

An acronym for specific, measurable, achievable, relevant, and time-bound (A) Signup and view all the answers

What process involves synthesizing information to support the selection of project portfolios?

Assembling the business case (D) Signup and view all the answers

Which of the following does NOT represent a reason for initiating any project?

Employee satisfaction (C) Signup and view all the answers

When discussing the project initiation phase, which phase comes before developing the project team?

Identifying stakeholders (A) Signup and view all the answers

Which choice best explains the process of analyzing options in the business case?

Presenting and assessing potential solutions (D) Signup and view all the answers

What is the primary function of a Project Management Office (PMO)?

To standardize project-related governance processes (C) Signup and view all the answers

Which of the following is NOT a benefit of having a PMO?

Enhanced inter-departmental competition (C) Signup and view all the answers

What essential skill is highlighted for a project manager?

Ability to communicate with stakeholders (D) Signup and view all the answers

What role does a project manager play in terms of independent projects?

They must stay informed about the impact of other projects on their own (C) Signup and view all the answers

Which characteristic is essential for promoting agility through servant leadership?

Listening to team members (A) Signup and view all the answers

What is one of the responsibilities of a project manager regarding industry trends?

Continuing knowledge transfer and integration (A) Signup and view all the answers

What purpose does the 'sphere of influence' serve in a project manager's role?

It identifies who they need to communicate and collaborate with (A) Signup and view all the answers

Which of the following best describes a project manager’s approach to educating others about project management?

Orienting and educating other professionals about its value (A) Signup and view all the answers

What is the primary purpose of the Procurement SOW?

To describe the procurement item in sufficient detail (D) Signup and view all the answers

Which document outlines how a project team will acquire goods and services?

Procurement Management Plan (D) Signup and view all the answers

What factor is considered when developing Source Selection Criteria?

Technical capability of suppliers (B) Signup and view all the answers

What does the Procurement Management Plan mandate?

Standardized procurement documents (C) Signup and view all the answers

How can a list of qualified vendors be created?

Based on historical information about different vendors (B) Signup and view all the answers

Which of the following is NOT a sample source selection criterion?

Sales volume (D) Signup and view all the answers

What is generally NOT included in a Procurement SOW?

Detailed project schedule (D) Signup and view all the answers

What is the most significant factor to consider when price is the main deciding factor?

Availability of the proposed solution (A) Signup and view all the answers

What does an influence diagram represent in a project?

Entities, outcomes, and influences along with their relationships (C) Signup and view all the answers

Which of the following is NOT an output of performing quantitative risk analysis?

Recommendations for project funding (A) Signup and view all the answers

Which component is NOT included in project management plan components for predictive projects?

Agile coaching plan (C) Signup and view all the answers

What is one of the primary objectives of risk monitoring and control?

Tracking risks and identifying new ones (B) Signup and view all the answers

Which risk response strategy involves adjusting the project scope, cost, or schedule?

Contingency (A) Signup and view all the answers

What information is typically included in a risk register?

ID, risk name, category, owner, probability, and impact (A) Signup and view all the answers

Which of the following activities is NOT part of project execution?

Creating risk registers (D) Signup and view all the answers

What type of analysis provides a detailed probabilistic assessment of a project's risks?

Quantitative risk analysis (D) Signup and view all the answers

What represents an excellent way to track risks in project management?

Risk triggers (A) Signup and view all the answers

Which of the following is a foundational component of project management for predictive projects?

Change management plan (D) Signup and view all the answers

Study Notes

Risk Monitoring

The primary objectives of risk monitoring are: to track risks, identify new and residual risks, and ensure that the response plans are executed as planned.
A contingency may be invoked when a risk occurs that has not been planned for.
Changes to the project may be enforced when a risk is encountered that impacts the scope, time, cost, etc.
Secondary risks can be identified by analyzing the potential outcomes of primary risks.
Risk triggers are useful for tracking the likelihood of risks.

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Description

This quiz focuses on the fundamental concepts of risk monitoring within the scope of project management. It covers how to track risks, identify new and residual risks, and manage response plans effectively. Understanding the role of contingency plans and risk triggers is essential for successful project execution.