MAN 4583 EXAM 3 QUESTIONS AND VERIFIED
ANSWERS
Parametric Techniques - Answers - Before you being your project, you want to identify
any potential risks that you may run into. All technIques would help you identify risk
EXCEPT
Transfer - Answers - You are the project manager of a trade show that will be held in
Orlando during the summer. While reviewing your project schedule, you realize that
there is possibility that a storm will affect the area, which can drastically reduce the
number of people participating in the event. you decide to buy an insurance policy that
will cover your costs in case the event is a failure.
What risk management approach are you using?
Vendors are used when you know exactly what you want - Answers - Whats difference
between vendors and partners
RFQ - Answers - Which procurement document is best to use when you are looking to
purchase new hard hats of a specific brand with known specifications and don't need
additional information from the vendors or partner?
actual cost - Answers - ___ ____ is how much the completed work cost
earned value - Answers - ___ ___ is the amount of work that is done
high degree of certainty - Answers - Waterfall project management differs from agile
project management in that it requires ___ ___ ___ ____
primary customer - Answers - Point in time when project execution gives way to project
closing is when the ___ ___ accepts the project deliverable.
throughout project - Answers - It's important to document "lessons learned" from every
project. When is the best time to begin collecting lessons learned?
project risk - Answers - probability of event occurring that will have an impact
(positive/negative) on project
Managing risk - Answers - 1. identify risk
2. Assess likelihood and risks to address
3. determine action
ANSWERS
Parametric Techniques - Answers - Before you being your project, you want to identify
any potential risks that you may run into. All technIques would help you identify risk
EXCEPT
Transfer - Answers - You are the project manager of a trade show that will be held in
Orlando during the summer. While reviewing your project schedule, you realize that
there is possibility that a storm will affect the area, which can drastically reduce the
number of people participating in the event. you decide to buy an insurance policy that
will cover your costs in case the event is a failure.
What risk management approach are you using?
Vendors are used when you know exactly what you want - Answers - Whats difference
between vendors and partners
RFQ - Answers - Which procurement document is best to use when you are looking to
purchase new hard hats of a specific brand with known specifications and don't need
additional information from the vendors or partner?
actual cost - Answers - ___ ____ is how much the completed work cost
earned value - Answers - ___ ___ is the amount of work that is done
high degree of certainty - Answers - Waterfall project management differs from agile
project management in that it requires ___ ___ ___ ____
primary customer - Answers - Point in time when project execution gives way to project
closing is when the ___ ___ accepts the project deliverable.
throughout project - Answers - It's important to document "lessons learned" from every
project. When is the best time to begin collecting lessons learned?
project risk - Answers - probability of event occurring that will have an impact
(positive/negative) on project
Managing risk - Answers - 1. identify risk
2. Assess likelihood and risks to address
3. determine action
