PMP RITA

Risk Register A risk register is a repository in which outputs of risk management processes are recorded. Information in a risk register can include the person responsible for managing the risk, probability, impact, risk score, planned risk responses, and other information used to get a high-level understanding of individual risks. Configuration Management Plan Describes how the information about the items of the project (and which items) will be recorded and updated so that the product...

(1) Question ID: 1026 If a project has a 60 percent chance of a US $100,000 profit and a 40 percent chance of a US $100,000 loss, the expected monetary value (EMV) for the project is: A. $20,000 profit B. $60,000 loss C. $40,000 loss D. $100,000 profit The correct answer is A. Expected monetary value is calculated by EMV = probability × impact. We need to calculate both positive and negative values and then add them. 0.6 × $100,000 = $60,000 0.4 × ($100,000) = ($40,000) Expected...

You receive notification that a major item you are purchasing for a project will be delayed. what is the BEST thing to do? A. Replan your project to accomodate this delay. B. Notify your boss. C. Let the customer know about it, and talk over options. D. Meet with the team, and identify alternatives. D Experience shows that each time you double the production of doors, unit costs decrease by 10 percent. Based on this, the company determines that production of 3,000 doors should cost...

What is the definition of risk management? The process of identifying, evaluating and planning responses to events both positive and negative that may occur throughout the course of the project. What are threats? Risk event identified in advance that have a negative impact on the project. What are opportunities in risk management? Positive impacts on the project/ good risks. (e.g. if you provide training to employees they can maybe finish the work faster to improve timelines for...

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1. All of the following are factors **********essment of project risk EXCEPT: A. Risk event B. Risk probability C. Amount at stake D. Insurance premiums Answer D Insurance premiums come into play when you determine which risk response strategy you will use. 2. If a project has a 60 percent chance of a $100,000 profit and a 40 percent chance of a $100,000 loss, the expected monetary value for the project is: A. $100,000 profit B. $60,000 loss C. $20,000 profit D. $40,000 lo...