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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)
TCO G) Describe and discuss when one should use an FPEPA
contract. Compare and contrast this to a typical FP contract.
(Points: 20)

3. (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

5. stakeholder 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 FPEPAcontract. 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

7. risks in your project. The stakeholders are becoming concerned
about these concepts. 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 : 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.

9. (TCO A) When is a risk register created? What is its importance of
a risk register to a project?
Question 8.
(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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10. 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)

11. 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 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 2
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PROJ 595 Week 3 Risk Paper 1 (2 Papers)
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12. This Tutorial contains 2 Papers of this Assignment
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
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.
5. Perform risk response planning for your project by creating
detailed risk response plans for those risks needing responses. This

14. should include both proactive responses and reactive contingency
plans as appropriate.
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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

15. 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
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.

16. 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.
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.

17. 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.
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.

18. 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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