PMP Questions ID 4171 your hardware vendor left you a voicemail saying that a snowstorm in the midwest will prevent you

Your hardware vendor left you a voicemail saying that a snowstorm in the Midwest will prevent your equipment from arriving on time. You identified a risk response strategy for this risk and have arranged for a local company to lease you the needed equipment until yours arrives. This is an example of which risk response strategy?

Select one

Acceptance

Avoid

Transfer

Mitigate

Select three

Monte Carlo analysis is the preferred method to use to determine the cost risk.

Monte Carlo analysis is a simulation technique that computes project costs one time.

A traditional work breakdown structure can be used as an input variable for the cost analysis.

Monte Carlo usually expresses its results as probability distributions of possible costs.

Select two

The probability and impact matrix multiplies the risk's probability by the cost of the impact to determine an expected value of the risk event.

The probability and impact matrix uses sensitivity analysis to analyze the potential impact of risk events and to determine which event has the greatest potential for impact.

The probability and impact matrix prioritizes the combination of probability and impact scores using predetermined thresholds that are set by the organization, which helps determine which risks need response plans.

The probability and impact matrix multiplies the risk's probability by the risk impact—which both fall between 0.0 and 1.0—and uses a predetermined threshold to determine the overall score.

Your hardware vendor left you a voicemail saying that a snowstorm in the Midwest might prevent your equipment from arriving on time and they are watching the weather closely. She wanted to give you a heads-up and asked that you return the call. Which of the following statements is true?

Select one

This is a trigger.

This is a contingency plan.

This is a residual risk.

This is a secondary risk.

You've identified a risk event on your current project that could save $500,000 in project costs if it occurs. Your organization is considering hiring a consulting firm to help establish proper project management techniques in order to ensure it realizes these savings. Which of the following is true based on this statement?

Select one

This is a risk event that should be accepted because the rewards outweigh the threat to the project.

This risk event is an opportunity to the project and should be exploited.

This risk event should be mitigated to take advantage of the savings.

This is a risk event that should be shared to take full advantage of the potential savings.

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