New PMP Question & Answers with explanation
Tom is a project manager for a large software project. During project risk planning, Tom and his team are trying to decide whether to invest $10 million to develop new software or to instead invest $5 million to upgrade the existing software. The team is uncertain how strong demand will be for their product and, therefore, must account for this uncertainty in their analysis. What would be the best tool for the project manager to use in this case?
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John is the project manager for a large construction project. He has just completed a Monte Carlo analysis simulation when he learns from a team member that some of the cost estimates used in the simulation were incorrect. John is highly risk-averse and concerned about this issue, so he meets with his team to discuss options for how to move forward. Based on this information, which choice below best describes what the team would likely do with the results from the Monte Carlo analysis?
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As part of project planning, you and your project team are developing a comprehensive list of individual project risks and sources of overall project risk. You want to analyze the validity of assumptions and constraints to determine which pose a risk to the project. Which technique will be the most helpful for you?
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As a project manager, you will need the assistance of other stakeholders in order to identify the risks associated with your project. You want to determine who are the individuals that might participate in the process of identifying risks to the project, as well as those who are available to act as risk owners. Where should you look?
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A project to build a new water treatment plant is in the planning stage. The project manager is starting the project management process of Plan Risk Management. The project sponsor is risk averse, and this will affect the risk management plan. In preparing the risk management plan, the project manager is seeking a high-level understanding of the project description and boundaries, high-level requirements, and risks. Where is the best place for the project manager to find this information?
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