New PMP Question & Answers with explanation
Velvet is working for a chemical industry, and her management proposed two different projects to manufacture benzene for commercial use. After doing financial analysis, the financial advisor provided her with the following statistics about the projects: Project 1: 60 percent probability of success with a profit of $500,000 and 20 percent probability of failure with a loss of $200,000. Project 2: 30 percent probability of success with a profit of $300,000 and 30 percent probability of failure with a loss of $400,000. Based on the information above, Velvet should choose:
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You have been managing a research project to create genetically modified fruits using genetic engineering techniques. Since many legal issues are involved in this process, you created contingency allowances by using various quantitative analysis methods to account for cost uncertainty. You have just concluded a brainstorming session with your team in the execution phase to monitor risks that have developed in the project over the past few weeks and to establish new risk response plans. What should you do if you want to allocate more contingency reserves to account for new risks?
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You are in the middle of a risk assessment meeting with key stakeholders, customers and project team leaders. While identifying and assessing risks, you realize that two key stakeholders are overemphasizing the impact of a risk. What is the best step to take to avoid unfairness or bias when assessing risks?
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While analyzing the risks in a project, a project manager updated the risk register with risk urgency assessment ratings. In which process would this be done?
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Which of the following is true about risks?
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