Free Access to PMI.CAPM.v2022-10-10.q958 with Valid Practice Test (Page 20)

Question 91

Which process is usually a rapid and cost-effective means of establishing priorities for Plan Risk Responses?

A.Identify Risks
B.Plan Risk Management
C.Perform Qualitative Risk Analysis
D.Perform Quantitative Risk Analysis

Correct Answer: C

Section: Volume B
Explanation:
Perform Qualitative Risk Analysis assesses the priority of identified risks using their relative probability or likelihood of occurrence, the corresponding impact on project objectives if the risks occur, as well as other factors such as the time frame for response and the organization's risk tolerance associated with the project constraints of cost, schedule, scope, and quality. Such assessments reﬂect the risk attitude of the project team and other stakeholders. Effective assessment therefore requires explicit identification and management of the risk approaches of key participants in the Perform Qualitative Risk Analysis process. Where these risk approaches introduce bias into the assessment of identified risks, attention should be paid to identifying bias and correcting for it.
Establishing definitions of the levels of probability and impact can reduce the inﬂuence of bias. The time criticality of risk-related actions may magnify the importance of a risk. An evaluation of the quality of the available information on project risks also helps to clarify the assessment of the risk's importance to the project.
Perform Qualitative Risk Analysis is usually a rapid and cost-effective means of establishing priorities for Plan Risk Responses and lays the foundation for Perform Quantitative Risk Analysis, if required.
The Perform Qualitative Risk Analysis process is performed regularly throughout the project life cycle, as defined in the project's risk management plan. This process can lead into Perform Quantitative Risk Analysis (Section 11.4) or directly into Plan Risk Responses (Section 11.5).
Process: 11.3 Perform Qualitative Risk Analysis
Definition: The process of prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact.
Key Benefit: The key benefit of this process is that it enables project managers to reduce the level of uncertainty and to focus on high-priority risks.
Inputs
1. Risk management plan
2. Scope baseline
3. Risk register
4. Enterprise environmental factors
5. Organizational process assets
Tools & Techniques
1. Risk probability and impact assessment
2. Probability and impact matrix
3. Risk data quality assessment
4. Risk categorization
5. Risk urgency assessment
6. Expert judgment
Outputs
1. Project documents updates

Question 92

Whose approval may be required for change requests after change control board (CCB) approval?

A.Functional managers
B.Business partners
C.Customers or sponsors
D.Subject matter experts

Question 93

Which of the following methods of performance review examines project performance over time to determine if performance is improving or deteriorating?

A.Earned value performance
B.Trend analysis
C.Cost-benefit analysis
D.Variance analysis

Question 94

What is the responsibility of the project manager and the functional manager respectively?

A.Oversight for an administrative area; a facet of the core business
B.Achieving the project objectives; providing management oversight for an administrative area
C.A facet of the core business; achieving the project objectives
D.Both are responsible for achieving the project objectives.

Question 95

What are the project management processes associated with project quality management?

A.Plan Quality Management, Manage Quality, and Control Quality
B.Plan Quality Management, Manage Quality, and Cost of Quality
C.Manage Quality, Customer Satisfaction, and Control Quality
D.Customer Satisfaction, Control Quality, and Continuous Improvement

Question 91

Question 92

Question 93

Question 94

Question 95

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