lin identify risk process, the current assessment techniques rely on careful selection of comparable situation which are genuinely similar to the current project, and filtering of data to ensure that only relevant previou risks are considered. In each case, the risks identified in the current assessment situation should be considered, asking whether they or similar risks might arise in this project. O True False You are the project manager for a project that will last six months and has a budget of $580,000. In this project a high-risk has been identified with the new materials the project will be using. You would like to assign one person, X, to be responsible to monitor this risk. You assign X the authority to respond to the risk event if it appears in the risk events that is likely to happen. In addition, you hire a consultant to work with X on this area of the project. In this instance, who is the risk response owner? O You, because he is the project manager OX, because she has the authority to respond to the risk event O X and the consultant are the risk owners The consultant working with X, because this is transference When analyzing the risk qualitatively, you are considering a lot of historical data through the use of organizational process records. Which of the following may not be the right choice to select the history data? Studies of similar projects by risk specialists O Risk databases that may be available from industry sources O Review of vendor contracts to examine risks in past projects Information on prior, similar projects Brainstorming is a group creativity technique by which efforts are made to conclude a specific problem by gathering a list of ideas spontaneously contributed by its members. In other words, brainstorming is when a group of people meets to generate new ideas and solutions around a specific domain of interest by removing inhibitions. People can think more freely and they suggest as many spontaneous new ideas as possible. All the ideas are noted down without criticism, and after the brainstorming session, the ideas are evaluated. However, this technique have some weaknesses; which one is not a weakness? O Requires attendance of key stakeholders at a workshop, therefore can be difficult to arrange and expensive O May produce biased results if dominated by a strong person (often management) O Generates non-risks and duplicates, requires filtering Allows all participants to speak their mind and contribute to the discussion You are the project manager and you will use the information from the past project to help yourself and the project team to identify the risks that may be present in the project. Management agrees that this checklist approach is ideal and will save time in the project. Which of the following statement is most accurate about the limitations of the checklist analysis approach? The checklist analysis approach is fast but it is impossible to build and exhaustive checklist. The checklist analysis approach saves time, but can cost more. The checklist analysis approach only uses qualitative analysis. The checklist is also known as top down risk assessment You are the project manager of a Project and you started the risk identification process for the project. You need to ensure that correct stakeholders are interviewed as part of risk identification. What document will help you to communicate and solicit inputs of the project stakeholders during risk identification? O Project charter O Risk register O Requirements management plan Stakeholder register The key benefit of identify risk process is to document the existing individual project risks and overall project risk sources. It also brings together information so the project team can respond appropriately to identified risks. This process is performed throughout the project. However, each identified project risk should relate to only one project objective (time, cost, quality, and scope). O True O False The risk report presents information on sources of overall project risk, summary information on identified individual project risks, individual risk, and additional information. O True False You are the project manager and in the current project the organization has a very low tolerance for risk events that will affect the project schedule. Management has asked you to consider the affect of all the risks on the project schedule. What approach can you take to create a bias against risks that will affect the schedule of the project? O Create an overall project rating scheme to reflect the bias towards risks that affect the project schedule. O Filter all risks based on their affect on schedule versus other project objectives. O Have the project team pad their time estimates to alleviate delays in the project schedule. Shift risk-laden activities that affect the project schedule from the critical path as much as possible