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1. A company is preparing a formal response to bid for an infrastructure engineering, procurement, and construction project. When should a risk register be developed to identify risks?

2. A risk manager has been assigned to a new project and learns that stakeholders and project team members are spread across multiple time zones. Furthermore, many project team members have not worked together in the past. These items are identified as potential risks and added to the risk register.

How should the risk manager improve collaboration during risk planning?

3. Business rhythm can fluctuate greatly between different industries and vary between companies within the same industry .

What should be used 10 determine how often a project's risk register should be updated or reviewed in a given year when the project is in an industry with a very high business rhythm?

4. Project stakeholders can often be risk averse with little to no knowledge of the risk process .

How should a risk manager increase stakeholder risk appetite?

5. While performing risk identification exercises, the risk manager often encounters biases from the project team .

How can the risk manager accurately identify what will trigger a risk?

6. A risk management professional is currently facilitating the risk planning process with the project team. To increase the breadth of considered risks, the team wants to include high-level and strategic project risks.

What should the risk management professional do next?

7. A project team working on a large software deployment project for a few months has been able to prevent a technical risk from occurring. However, an incident took place and triggered the technical issue.

What should the risk manager do?

8. In the middle of a construction project, the primary construction materials provider canceled the contract and moved to a competitor offering a higher price. The risk manager considers this a low-impact issue because many construction materials providers can fulfill the project demands. However, after informing the stakeholders of this issue, the major investor is about to drop their intention to continue executing the project. The risk manager does not understand their decision.

What should the risk manager do next to understand the major stakeholder's decision regarding the project?

9. The risk manager notices that in their workshops, most of the risks identified are threats .

What should the risk manager do to increase the number of opportunities identified?

10. Several key stakeholders approach the project manager with concerns. The stakeholders have received feedback from local businesses that have reported a reduction in customers because of construction activities at the worksite, and they plan to submit a claim to the municipality to fine the project manager's company.

How should the project manager address this concern?

11. The project manager is reviewing the lessons learned from a previous similar project. The previous project was delayed due to the delay in delivery of a gas turbine generator (GTG). Construction of the previous project had to be shut down unexpectedly to wait for the late delivery of the GTG .

What should the project manager do first?

12. A project is at the final development stage. The test lead informs the risk manager that a key feature may not be testable due to changes in the environment.

What should the risk manager do?

13. The risk manager of a major project needs to ensure the organizational process assets (OPAsj are updated as a result of risk management activities .

How will the risk manager accomplish this?

14. A risk manager for a large project has completed documenting the risk management plan. The project is moving from planning to execution.

Which three actions should the risk manager take to ensure the risk management plan remains effective during the project timeframe? (Choose 3)

15. The project director and project manager have met with the board and determined that the project has depleted the entire contingency reserve and has started eroding the profit margin. The project manager would like the risk manager to take full advantage of opportunities.

Which response should the risk manager take?

16. The project manager wants to use an objective method to evaluate the key project risks and develop response plans.

What action should the risk manager propose?

17. A risk manager recently had to take an unexpected leave of absence. An interim risk manager has been tasked with completing risk planning for a new project. The interim risk manager has been provided with a strength, weaknesses, opportunities, and threats (SWOT) analysis that was completed during a project kickoff meeting several weeks ago.

What should the interim risk manager do to derive actionable risk responses from the SWOT analysis?

18. The project manager has completed four projects all with similar scope. The project manager has recently been assigned to start on a new project and believes some risks may occur again on this project.

What should the project manager do?

19. The trigger for a highly categorized threat has occurred. The risk has a set response plan.

Who is responsible for developing responses to risk and monitoring the implementation status of the risk response?

20. The project risk manager for an environmental preservation project has started the process of monitoring and controlling risks, The project manager has asked the project team to document the results of this process.

How should this documentation be utilized in the future?

21. During project development, a risk manager notices that a major update in the country's regulations might be happening in the upcoming months. These changes will affect the materials used in building some of the components of the final product. The project team is unsure if this risk will affect the project negatively or positively.

Which tool should the project team use to determine this?

22. During a risk reassessment workshop with the project team and some external stakeholders, two key external stakeholders are overemphasizing the impact of a few project risks. This has led to a conflict .

How should the risk manager handle this situation?

23. After the initial assessment of a new project, a project manager found that in order to complete the expected results, detailed and exhaustive planning will be required to ensure the product's characteristics and quality .

What should the risk manager propose to the project manager what to do?

24. When conducting a risk identification exercise, what two actions should the risk manager take? (Choose two.)

25. Multiple new risks have come up on a project that were not included on the risk register. The project manager met with the team to explain that risk management is critical for the success of the project, and risk identification is key.

What should the project manager do next?

26. A project is In the initiation phase. The project stakeholders are Invited to a meeting to share their thoughts that may impact the project In a positive or negative way .

What will be the main output of this meeting?

27. A project manager has requested a risk manager facilitate risk identification on a project. While facilitating this effort, the project manager wants to ensure that stakeholders interact and provide their expertise so that an exhaustive list of risks is created .

Which risk identification technique should the risk manager use?

28. A risk manager wants to determine what risk has the biggest impact on project cost. The risk manager identified three risks, which could occur in different phases of the project .

What should the risk manager do first to understand the impact on project cost?

29. A project team has completed the risk identification steps in a project and compiled a list of 25 risks.

The team wants to create response plans for all the risks to avoid any future issues, but the resources and constraints limit the options.

What should the risk manager do?

30. A key project is delayed and all contingency reserves have been used even though the project team has implemented all planned risk responses .

What should the risk manager do next?

31. A newly assigned risk manager realizes that a project has unrealistic funding and low resources .

Which document should the risk manager review?

32. A risk manager is facilitating a risk identification workshop on a new product with technical experts. There is no consensus among the technical experts on most of the identified risks and their characteristics. The risk manager decides to resolve this difference using another technique .

Which technique should the risk manager use in this situation?

33. While implementing the risk response plan for a previously identified risk, some secondary risks were identified but not captured on the risk register. The project manager decided to review the risk management plan to ensure this does not happen for future, similar situations .

What should the project manager do next?

34. The project manager and the risk manager of a new project to develop an application to support autonomous driving are meeting with the sponsor and key stakeholders to discuss the project. During the meeting, it is identified that the transport authority is discussing new traffic regulations for the industry that could be in place before the project ends.

How should the project manager and the risk manager handle this situation?

35. A risk manager has identified multiple risks in an innovation project and needs to prioritize the use of resources to respond to the risks .

Which analysis will help the risk manager in this situation?

36. The project risk manager is in the process of identifying risks. The project sponsor has communicated that there is an influential stakeholder who has a senior management position. The other stakeholders do not feel comfortable speaking in front of this stakeholder .

What should the project risk manager do next to identify risks?

37. A critical piece of equipment broke during a project execution phase. The risk manager notices this risk in the risk register, and the response is to rent equipment until the critical piece is repaired .

What type of risk response is this?

38. The project team recorded a risk in the risk register indicating that weather-related delays may impact equipment delivery during project execution. When it is time to request the equipment shipment there is bad weather, but the client wants the equipment delivered anyway .

What should the project manager do?

39. During a project meeting, the project sponsor asks to close a project risk. The team does not recommend closing the risk because it is expected to be present in the next phase of the project work.

How should the risk manager address this concern?

40. In a large industrial business, an on-going system development project faces a previously identified risk. The risk is adequately managed by the risk manager, however there is still residual risk .

What should the risk manager do?

41. After presenting a list of risks to the major project stakeholders and project sponsor, the board requested the risks be sorted differently from the results presented by the project team. This is a major issue and will cause a 2-week delay in the project.

How could the risk manager have avoided the board's response?

42. After starting a new pipeline project, a risk manager schedules an initial meeting with the project sponsor. For the meeting, the project sponsor requests a presentation of the risks that have the most impact on achieving the project objectives.

What should the risk manager do to facilitate the sponsor's ask?

43. A risk manager on an infrastructure project gathers and analyzes performance data. The risk manager wants to identify which variables will impact the schedule and determine how these factors interact.

Which data analysis tool should the risk manager use to forecast future performance?

44. A home solar panel project has many internal and external stakeholders including households, businesses, community groups, electric utility companies, local government officials, landlords, and investors .

What should the project manager do when engaging stakeholders?

45. A project manager for a large product development project assigned a risk manager to perform the risk management. The project sponsor questions why this project requires a risk manager as it is similar to a previous project with a developed risk strategy.

How should the risk manager explain the need for a risk strategy specific to this project?

46. A risk manager has a well-structured risk management process in place for a complex project with a tight schedule. Despite implementing preventive actions, one of the risks identified in the early stages of the project has still occurred and is now an issue .

What should the risk manager do next?

47. A project manager has finished the project charter for a project and has now moved into the planning phase. In the first planning meeting, the project manager is trying to determine the risk tolerance and risk attitudes of the project's key stakeholders .

What is the first resource the project manager should reference?

48. A risk manager notices that a risk owner is facing challenges implementing their response strategy and the costs are significantly exceeding expectations .

What is the first thing the risk manager should do?

49. During a brainstorming session, a stakeholder identifies a risk that, if realized, could greatly impact their team. The stakeholder insists that this particular risk should be mitigated to the greatest extent possible, however, the majority of other stakeholders feel that different risks have higher probabilities of occurring.

Which action should the risk manager take to address this risk?

50. The stakeholders of a building construction project are not comfortable with the project manager's handling of the project as they believe there is a financial risk. The project manager asks the risk manager to assist in demonstrating to the stakeholders that the project risks are under a tolerable threshold.

What should the risk manager do first to demonstrate this to the stakeholders?