This document contains a practice exam for a project management course. It includes multiple choice questions covering topics like risk identification, analysis, response planning, and monitoring and control. It also includes questions asking students to describe processes like qualitative risk analysis, decision tree analysis, sensitivity analysis using tornado diagrams, and using contracts like FPEPA. The exam is divided into several sets and covers the full range of project risk management from planning to execution.

1. PROJ 595 Final Exam Set 1
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Question 1. (TCOs A and B) An EVM analysis employs which factors to
evaluate risks? (Points : 5)
Question 2. (TCO G) You have completed all design drawings and have
a complete scope for your project. You need to hire a contractor to build
the product to your designs. Which type of contract would be best in this
situation? (Points : 5)
Question 3. (TCO D) In which risk response strategy is the
responsibility for the risk moved to a third party? (Points : 5)
4. (TCOs A and B) You have been appointed as a project manager for a
high-dollar project for a government agency, and you have been asked
by your boss to identify the stakeholder groups and the individuals who
make up those 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)

2. (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)
(TCO I) You are the project manager on a critical project for your
corporation. You have decided to employ fault-tree analysis on your
project. What is fault-tree analysis, and how can it be applied to your
project? (Points : 25)
(TCO H) Senior management is concerned about risk owners on your
project. What is the role of a risk owner in the risk management
process? (Points: 20)
(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)

3. TCO G) Describe and discuss when one should use an FPEPA contract.
Compare and contrast this to a typical FP contract. (Points: 20)
(TCO E) Senior management has just returned from a risk management
workshop. One of the topics was reserve analysis. Management does not
completely understand the concept and asks you what the purpose is of
performing reserve analysis during the risk management process.
(Points : 20)
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?(Points : 25)
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 scenario testing is appropriate for this project?
Employ decision tree analysis to provide senior management with the
best course of action for this decision.
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PROJ 595 Final Exam Set 2

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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 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

5. 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?

6. Question 8. 8. (TCO E) Senior management is very interested in
creating an effective risk monitoring and control system that is 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

7. 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. What is fault-tree analysis,
and how can it ************************
be applied to your project? (Points : 25)
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PROJ 595 Final Exam Set 3 (NEW)
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Question 1.
(TCO A) Qualitative risk analysis
Question 2.

8. (TCO A) You are the project manager of a new, innovative project. One
overarching principle you adhere to is
Question 3.
(TCO B) Project assumptions are created in the scope statement. These
assumptions are revisited in which process of risk management?
Question 4.
(TCO D) In which risk response strategies are risks guaranteed to not
occur if they are negative and guaranteed to occur if they are positive
after the response plan is initiated?
Question 5.
(TCO E) One the key functions of risk monitoring and control is to
Question 6.
(TCO H) When using the ATOM process to manage risks, which is the
importance of an initiation meeting?
Question 7.
(TCO A) When is a risk register created? What is its importance of a
risk register to a project?
Question 8.

9. (TCO B) List and briefly define five specific tools and techniques that
can be used to identify risk associated with projects.
Question 9.
(TCO D) Explain avoidance as a risk response strategy, and provide an
example of its use in a project.
Question 10.
(TCO E) Describe what characteristics a performance measurement
system, to be employed in a risk monitoring and control process for a
project, should have. Include an example to help illustrate your answer.
Question 11.
(TCO H) What is the importance of including stakeholders and risk
owners in the creation and approval of risk response plans?
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PROJ 595 Midterm Exam Set 2
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1. (TCO A) A stakeholder analysis in risk management (Points : 5)
Question 2. 2. (TCO A) When using the ATOM process to manage risks,
an initiation meeting should be used for (Points : 5)
Question 3. 3. (TCO B) All of the below are risk identification methods,
except (Points : 5)
Question 4. 4. (TCO D) In risk response planning,which is the
difference between active and passive acceptance? (Points : 5)
Question 5. 5. (TCO E) A common tool for use in risk monitoring and
control is (Points : 5)
Question 6. 6. (TCO H) When using the ATOM process to manage
risks, which is the importance of an initiation meeting? (Points : 5)
Question 7. 7. (TCO A) When is a risk register created? What is its
importance of a risk register to a project? (Points : 10)
Question 8. 8. (TCO B) You are the project manager for a major
technological project. You are concerned about doing qualitative risk
analysis. How do you ensure consistency when doing qualitative risk
analysis across all risk evaluators? (Points : 15)
Question 9. 9. (TCO D) Explain transference as a risk response
strategy, and provide an example of its use in a project. (Points : 15)
Question 10. 10. (TCO E) What is the purpose of performing reserve
analysis during the risk management process? (Points : 15)
Question 11. 11. (TCO H) You are in a status meeting with key project
stakeholders. You are discussing residual and secondary risks in your

11. project. 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 : 15)
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PROJ 595 Risk Paper 2
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PROJ 595 Risk Paper 2rocess.
PROJ 595 Week 3 Risk Paper 1 (2 Papers)
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This Tutorial contains 2 Papers of this Assignment

12. PROJ 595 Week 3 Risk Paper 1
Write a two- to four-page paper regarding a project, either real or
fictitious, where one is able to discuss how risks were identified, ranked,
and monitored. The student is also welcome to write about a major
purchase or major decision in his or her life, such as buying a new car,
buying a new home, or even the decision to return to school to earn a
degree. All of these are considered projects or procurements that
require some form of formal or informal risk review.
Remember to cite and reference any sources that were used in the
project or in the decision-making process. At a minimum, students
should connect this assignment back to the text and support their
decision-making processes with key concepts from the text. One of the
elements of this assignment is to connect the material from the course to
actual risk decisions. You are also welcome to use any of the checklists
from the text to support the decision-making process.
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PROJ 595 Week 4 Course Project(2 Project)
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This Tutorial contains 2 Project

13. Course Project Part I
For this project, you may choose a project that is of interest to you.
When selecting a project, avoid picking one that is either too big or too
small. For example, do not decide to build a new stadium for your local
professional sports team (too big) or to plant your summer garden (too
small).You will only be addressing the risk issues in the project so you
will not need to be looking at the detail required for a business plan. The
scope statement and the WBS are required in addition to the risk
management plan. It is important to pick one that you understand so that
you will be able to create the risk management plan that is realistic with
sufficient detail where your contingency plans will be relevant.Since you
will need to create a risk management plan, your project should be
somewhat risky.
1. Create a risk management plan for your project. To do this, you
must first create a scope and a WBS for your project.
2. Perform risk management planning as defined in the lecture.
3. Identify risks for your project, including any issues that may
impede or impair the completion of the project. You must identify at
least 5 positive and 15 negative risks.
4. Prioritize the risks by performing qualitative risk analysis.
Perform risk response planning for your project by creating detailed
risk response plans for those risks needing responses. This should
include both proactive responses and reactive contingency plans as
appropriate.
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14. PROJ 595 Week 5 Midterm Set 1
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1. (TCO A) Qualitative risk analysis
2. (TCO A) When using the ATOM process to manage risks, an initiation
meeting should be used for
3. (TCO B) A watch list is a
4. (TCO D) In risk response planning,which is the difference between
active and passive acceptance?
5. (TCO E) A common tool for use in risk monitoring and control is
6. (TCO H) When using the ATOM process to manage risks, which is the
importance of an initiation meeting?
7. (TCOA) Explain when risk breakdown structure is created, and
explain the importance of a risk breakdown structure in risk
management
8. (TCO B) Explain the qualitative risk analysis process
9. (TCO D) Explain transference as a risk response strategy, and
provide an example of its use in a project
10. (TCO E) Describe the function and process of performing a risk
audit during a project

15. 11. (TCO H) What is the role of a risk owner in the risk management
process?..
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PROJ 595 Week 6 Course Project Part II (2
Project)
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This Tutorial contains 2 Project
Course Project Part II
For this part, you will be creating two decision trees concerning specific
risks or events from the project you developed in part 1. The first one
will be a decision tree used to make a decision. You will be calculating
an expected value based upon this decision tree. The second will be for a
basic risk or event where you will be creating a fault or event tree
illustrating what makes up the fault or event. With each of these, you will
need to discuss the process and results of your tree.
The risks or events you use will be from the project you used in the part
one. You will need to start the report with a short introduction of that
project so that there is continuity and the reader will understand the
events and risks being discussed. You do not have to include part one in
your part two report.

16. Details:
Create one decision tree with an expected value and a fault or event tree
that would support the exploration of risk for the project you used for
part one of the course project. (That is two trees in all.) Provide a one
paragraph project description of the part 1 project but you do not have
to repeat all the other information in this part.
·The decision tree must be created to support a major risk-related
decision likely to be faced by the project. The calculation of expected
values is a requirement of this project.
·The fault or event tree should offer at a minimum a listing of potential
risks and impacts in the event of a smaller failure.
For example, a smaller failure could be the loss of water pressure or a
fire in a construction project rather than examining what risk was
involved with the collapse of the construction project.
Write a discussion of the risks that supports the fault tree, event tree, or
decision tree that has been created. Make a separate write up for each
of these smaller risks associated with the fault tree or event trees. Your
paper should have a general introduction that should introduce the
decision tree and fault or event trees that will be discussed, and then the
paper should have a discussion regarding each tree. See the sample
outline below for details.
The part 2 paper regarding the identified risks and decision trees should
be from six to ten pages in length. Note that this page length is a
guideline.
At leastthree authoritative, outside references are required (anonymous
authors or web pages are not acceptable). These should be referenced
where used in the paper and listed on the last page titled, Works Cited.
Risks such as “project is over budget” or “project does not meet
schedule” are too broad. Be specific.

17. Comments on how to create an acceptable tree and project paper
Each fault or event tree should offer at a minimum a listing of two or
more potential risks and impacts in the event of two smaller failures.
(This means for each tree you will have at a minimum two sub-faults
with multiple causes for each of them.)
Use “and” and “or” gates properly. Understand the difference. When
you use an ‘and’ gate it indicates that it take both of the conditions for
the fault to occur. If either of the conditions could cause a problem this
indicates the use of an ‘or’ gate.
There are examples and templates in doc sharing.
You need to select specific faults to use in the tree. General examples of
faults are too broad for the fault tree to provide a comprehensive
evaluation of the possible causes.
The graphics for the tree do not have to be artist professional quality but
they do need to be student professional. A table is not sufficient. If you
use screen shots be sure you crop them so that only the tree is included
not all the computer menus and etc.
You should have at least two options under each gate. There is no
reason for a gate if there is only one option.
When a template is provided or an example it is not meant to be copied.
If you are not doing a construction project, your headings should not be
“construction project” just because the example says that.
This is a risk management course. The engineering solutions to the
problems on these projects are not the answer that you should be
developing. The development is of the risk management system and
process for your specific project.

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