Quiz Monitoring-Risk

During the project, your team identifies a new risk with significant cost and schedule impact that they believe requires preventative action. What course of action should be followed to address the new issues identified?

You are managing a gas pipeline river crossing project. The project involves drilling piles in the river bed to build a bridge to cross the gas pipeline over the river. The biggest risk you have identified and planned a response for, is a delay in the shipping and import of steel piles from abroad. There were two shipments planned a few months apart. The first shipment was received at the docks on time. Three large trailers took off from the docks to the site, carrying enough piles for three weeks of work. It will take them one week to reach the site from the docks. All the teams and installation equipment were ready on the south bank of the river on the day the shipment was to arrive. The shipment reached the site on time but on the north side of the river. It would take a whole week to bring it to the south side, as the bridge that can accommodate the large trailers is very far from the site. No one in the project team had imagined this as a risk. What do you think will be the best way to handle this situation?

As a project manager, you have recently discovered that despite implementing responses to risks, the project’s overall risk exposure has not changed. Which of the following would best assist you in understanding why this is so?

The project schedule has slipped off its deadline by 5% due to new requirements introduced that caused deviations in the expected levels of productivity of the team. These deviations were not planned for earlier and are now risks to the project. Which of the following types of risks could the project manager have missed considering while planning the project?

Which of the following processes includes identifying new risks and monitoring residual risks?

The sponsor has challenged the project manager to design the project processes, structure, and team in a way that would help to provide the internal ability to positively respond and withstand the impact of unknowable-unknown risks. What action should the project manager take next?

During a Monitor Risks meeting, the project team identifies a risk, with significant cost and schedule impact that they believe requires preventative action. What course of action should be followed to address the new risk identified?

Lincoln’s project had planned for risks, created contingencies and, as the project progressed, effectively addressed the risks that arose. Midway through the sixth month of the project, the team successfully responded to the last risk that had been identified and marked the end of the risk management processes. Which of the following best describes what is incorrect with the situation?

What term is used to describe the approaches and contingencies that project leaders build into their project’s risk processes that increase the team’s ability to respond positively and productively to emergent unknowable-unknown risks?

To most effectively manage risks on a project, what is the most appropriate approach the project manager should follow?