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PROJ 595 Project Risk Management Week 8 Final Exam A+ Answer

PROJ 595 Project Risk Management Week 8 Final Exam A+ Answer

PROJ 595 Project Risk Management Week 8 Final Exam A+ Answer

Question 1. (TCOs A and B) An EVM analysis employs which factors to evaluate risks? (Points : 5)
Risk and impact
Probability and urgency
Impact and probability
Decision trees and reliability of data

Question 2. (TCO G) You have completed all design drawings and have a complete scope for your project. You need to hire a contractor to build the product to your designs. Which type of contract would be best in this situation? (Points : 5)
FPEPA
T&M
CPIF
FP
Question 3. (TCO D) In which risk response strategy is the responsibility for the risk moved to a third party? (Points : 5)
Transference and sharing
Exploitation and avoidance
Acceptance and enhancement
Mitigation and active acceptance

4. (TCOs A and B) You have been appointed as a project manager for a high-dollar project for a government agency, and you have been asked by your boss to identify the stakeholder groups and the individuals who make up those groups in order to start the stakeholder analysis. Identify at least six groups of stakeholders and the individuals who comprise those groups, and explain when the stakeholder identification process should take place during the planning of the project. (Points: 20)

5. (TCO B) Due to globalization within your industry, you have been appointed as the project manager for an R & D project. Your task is to create a new technologically advanced solar cell. You want to employ the PMBOK® Guide risk management process. Senior management would like you to briefly describe the process and all its steps. Please create a short briefing for senior management below. (Points : 40)

6. (TCO I) You are the project manager on a critical project for your corporation. You have decided to employ fault-tree analysis on your project. What is fault-tree analysis, and how can it be applied to your project? (Points : 25)

7. (TCO H) Senior management is concerned about risk owners on your project. What is the role of a risk owner in the risk management process? (Points: 20)

8. (TCO F) You are a project manager for a large healthcare R & D project. Senior management has asked you to utilize a sensitivity analysis and a tornado diagram to quantify risks on your project. Senior management’s major concern is the price of raw materials in the development of the new drug. Describe how to perform a sensitivity analysis and use a tornado diagram to quantify risks to your project. (Points : 25)

9. TCO G) Describe and discuss when one should use an FPEPA contract. Compare and contrast this to a typical FP contract. (Points: 20)

10. (TCO E) Senior management has just returned from a risk management workshop. One of the topics was reserve analysis. Management does not completely understand the concept and asks you what the purpose is of performing reserve analysis during the risk management process. (Points : 20)

11. (TCO D) You are the project manager for an important healthcare project. You are performing qualitative risk analysis. Below are the values of probability and impact for the top six risks that were given to you by project team. Assuming a neutral stakeholder tolerance, which risks must be addressed proactively if possible?(Points : 25)

12. TCO C) You are the project manager for a large health information technology project. You are confronted with an important decision on your project: How much scenario testing is appropriate for this project? Employ decision tree analysis to provide senior management with the best course of action for this decision.
For this decision, you have three possible choices: no scenario testing of the design, moderate scenario testing of the design, or full scenario testing of the design. No scenario testing will incur no additional costs due to testing and has a 10% chance of a successful implementation. If it is unsuccessful, rework costs are likely to be $30 million. Moderate scenario testing will cost $5 million and has a 50% chance of success. If it is unsuccessful, rework costs are likely to be $30 million. Full scenario testing will cost $10 million and has a 90% chance of success. If it is unsuccessful, rework costs are likely to be $30 million. Which solution is appropriate for this project?

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PROJ 595_Project Risk Management_Week 8 Final Exam Complete A+ Answer

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