Lesson 7 - Defining the Project Budget and Risk Plans

Your project task is complex, and you decide to use a three‐point estimating technique. Which of the following options determine the three‐point estimate?

Each correct answer represents a complete solution. Choose three

Most likely estimate

Optimistic estimate

Pessimstric estimate

Your project has the potential for a future risk event. The sponsor has told you that the organization cannot sustain the consequences of this risk. You recommend purchasing insurance so that if the risk event occurs, the organization can recoup its expenditures for the impacts of the risk. What risk strategy is this known as?

Transfer

A discretionary fund used by the project manager to cover the cosr of opossible adverse events during the project is known as which of the following?

Contingency fund

The difference between planned expenditures and actual expenditures is known as which of the following

Variance

The total time it will take for one person to complete a task from beginning to end without taking into account holidays, time off, or other project work is known as ______ estimate

wokr-effort

You are developing a bottom‐up cost estimate for the first phase of your project. Which of the following is the most important input to complete this task?

WBS

You are asked to prepare an estimate for a project that involves planting new trees in the parking lot. The trees cost $800 each, and the labor to install them is $75 per hour. You are planting 10 new trees, and each tree takes one hour of labor to plant, stake, and water. What is the estimated cost of the labor for this project, and which technique are you using to determine this estimate?

Each correct answer represents a part of the solution. Choose two.

Parametric method

$750

what is considered the most accurate estimate

bottom-up estimate

Your organization is involved in the research and development of botanical cleaning products. Your recent product has just received approval to display the ® (registered) symbol. All potential employees must undergo a background check before being hired and again yearly on the anniversary of their hire date. One of the laboratories contains top‐secret research and only certain employees have access to this lab. One of the employees on the project team has just been promoted and will be leaving the team to join their new functional area. This team member previously had access to the top‐secret lab, but their new role no longer requires this access. Which of the following is not true regarding this question?

The new product has not been registered at the U.S. Patent and Trademark Office.

You are determining the risk score for each of the risks in your risk register. You need which of the following to determine this score?

Each correct answer represents a part of the solution. Choose two.

The probability the risk will occur

Impact if the risk occurs

Which technique can be used to help identify risks?

SWOT

A stranger comes to your door, posing as a census taker. They look official in their bright orange vest and have some type of tag or badge hanging from the vest, but you can't read what it says. They begin to ask questions that become rather personal, including your household income on an annual basis, your birthdate, your health status, and more. You become suspicious of this person and stop to think through what to do next. Which of the following statements are true regarding this question?

Due to your suspicion of this individual, you are classifying your answers as PHI and refuse to answer.

Due to your suspicion of this individual, you ask to see their badge before you decide to answer.

Due to your suspicion of this individual, you are classifying your answers as need‐to‐know basis and refuse to answer.

Due to your suspicion of this individual, you are classifying your answers as PII and refuse to answer.

The clouds are rolling in over the horizon and the wind is picking up. Your outdoor event is about to get rained out. What is this an example of?

Risk trigger

which of the following is used in a burn rate calcuartion

CPI

You are creating a document that describes the access rights to the financial system in your organization. It defines access by roles and responsibilities and describes the approval process for obtaining access. One of the rules stated in the document dictates that remote access to systems requires MFA. Which of the following are true regarding this question?

Each correct answer represents a complete solution. Choose two.

This question describes a digital security policy.

This question describes a process of verifying identity by requiring two or more forms of identification at sign‐in.

All of the following are strageties for dealing with negative risks, expect for wich one?

Share

You are asked to present and explain your project cost baseline. All of the following are true, except for which one

The baseline is calculated and approved by the project manager.

The risk register typically contains several pieces of information. Which of the following would you expect to see on a risk register?

Each correct answer represents a complete solution. Choose three.

Risk score

Description of risk

Risk owner

Cost baselines, when displayed graphically over time, represent which of the following?

S curve

You have identified a risk on your project, and the team decides they won't create a response plan; if the risk happens, they'll deal with consequences when they occur. This is an example of which risk strategy?

Accept