Subtitles of the Movie

We have our final set of five practice questions to review in this movie; numbers 121 through 125. Question 121 is already on your screen. It says risk process improvement is an important part of risk management. Information utilized to perform risk audits that contribute towards continuous improvement of the risk management processes includes A, variance and trend analysis; B, performance reports; C, technical performance measurement or D, reserve analysis. We already have the answer shown on your screen. It's B; performance reports. Here the question is asking you for the input used as part of the risk audit, which is what makes performance reports the correct answer. By the way, options A, C and D are tools and techniques of the monitor and control risk process but again, what you're looking for is an input that'll provide the information needed to perform risk audits. And so the only plausible option was B. Next, number 122, the project management team has just created the risk register. What risk management process are they currently in? A, plan risk management; B, identify risk; C, perform qualitative risk analysis or D, plan risk responses. I hope this question was an easy one. If not, the wording may have thrown you off so be sure to read it carefully. The risk register is created as a result of the identify risk process; D, the second process of the risk management knowledge area. Moving right along, number 123 says the project manager of a new kitchen dicer product is in the process of identifying realistic and achievable costs and schedule targets. To do this, she conducts a variety of numerical analysis techniques. What process is the project currently in? A, plan risk management; B, perform qualitative risk analysis; C, perform quantitative risk analysis or D, plan risk responses. The key words here in the question are numerical analysis. This is a giveaway that we are performing quantitative risk analysis; C. Perform quantitative risk analysis takes a numerical approach to making decisions and involves techniques that present a variety of potential outcomes that can be quantified. Next, moving on to 124, during risk management planning, one of the key stakeholders involved in a previous similar project noticed that the project manager did not bring any of the risk templates used during the previous project mentioned. What has the project manager most likely failed to do? A, meet with the key stakeholders since they would have relevant information and experience that the project manager can use; B, review information within the organization process assets; C, review Enterprise environmental factors information or D, meet with the project manager of the previous similar project. As part of the first risk management process, the project or risk manager should review and utilize organization process assets which contain valuable information and templates from previous projects. This is where the project or risk manager would have obtained the templates that the stakeholder was referring to. So again, the answer is B. And finally we have question 125. A project manager of a new kitchen dicer product is having a difficult time evaluating the risk impact on a cost level. What should the project manager do instead to analyze the risk? A, evaluate the risk on a qualitative basis; B, utilize information from previous projects to get an idea of the potential impact; C, evaluate the risk on a quantitative basis or D, do nothing. If the risk cannot be evaluated on a cost level, it must not be that important. The answer is A; evaluate the risk on a qualitative basis. Analyzing the risk on a qualitative basis allows the project manger to rate the risk on a qualitative scale, such as high, medium or low. Option C is not correct since quantitative risk analysis would require the numerical information that cannot be obtained at this time. And just as an additional note, option B would have already taken place and the final option, D, is not a valid strategy. That was our final question within our practice exam and that brings this movie and this section to a close.