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1. DEVRY PROJ 595 Final Exam Set 2 NEW
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1. (TCOs A and B) Quantitative risk analysis does all of the
following, except (Points : 5)
Question 2. 2. (TCO G) You need to ensure your project is
completed by July 1 of next year. You do not have time to do all
the design work yourself, so you decide to contract out that
work. Which type of contract would likely be best in this
situation? (Points : 5)
Question 3. 3. (TCO D) Which risk response strategy is most
appropriate for risks on the watch list? (Points : 5)
Question 4. 4. (TCOs A and B) You have been appointed as a
project manager for a high-dollar project for the public sector,
and you have been asked by your boss to identify the
stakeholder groups and the individuals who make up those

2. groups in order to start the stakeholder analysis. Identify at
least six groups of stakeholders and the individuals who
comprise those groups, and explain when the stakeholder
identification process should take place during the planning of
the project. (Points : 20)
Question 5. 5. (TCO B) Due to globalization within your
industry, you have been appointed as the project manager for
an R & D project. Your task is to create a new technologically
advanced solar cell. You want to employ the PMBOK® Guide
risk management process. Senior management would like you
to briefly describe the process and all its steps. Please create a
short briefing for senior management below. (Points : 40)
Question 6. 6. (TCO C) You are the project manager for a large
health information technology project. You are confronted with
an important decision on your project: How much posttesting
of the design is appropriate for this project? Employ decision
tree analysis to provide senior management with the best
course of action for this decision.
Question 7. 7. (TCO D) You are the project manager for an
important healthcare project. You are performing qualitative
risk analysis. Below are the values of probability and impact for
the top six risks that were given to you by project team.
Assuming a neutral stakeholder tolerance, which risks must be
addressed proactively if possible?
Question 8. 8. (TCO E) Senior management is very interested in
creating an effective risk monitoring and control system that is

3. tied to a performance monitoring system for your project.
Describe what a good monitoring and control and performance
measurement system for your project would look like. Be sure
to include an example to help illustrate your answer. (Points :
20)
Question 9. 9. (TCO F) You are a project manager for a large
healthcare R & D project. Senior management has asked you to
utilize a sensitivity analysis and a tornado diagram to quantify
risks on your project. Senior management’s major concern is
the price of raw materials in the development of the new drug.
Describe how to perform a sensitivity analysis and use a
tornado diagram to quantify risks to your project. (Points : 25)
Question 10. 10. (TCO G) Describe and discuss when one
should use an FPEPA contract. Compare and contrast this to a
typical FP contract. (Points : 20)
Question 11. 11. (TCO H) You are in a status meeting with key
project stakeholders. You are discussing residual and
secondary risks in your project. The stakeholders are becoming
concerned about these concepts. The key stakeholders ask for
an explanation and example of each. How would you describe
each? Provide an example of a residual and a secondary risk.
(Points : 20)
Question 12. 12. (TCO I) You are the project manager on a
complete overhaul of your corporation’s IT infrastructure. You
have decided to employ fault-tree analysis on your project.

4. What is fault-tree analysis, and how can it be applied to your
project? (Points : 25)