Test - CLM 017 Risk Management Exam Study Guide

Which of the following is a good example of a framing assumption (FA)? - -Schedule timeframe will be adequate to develop prototype and final product. -Requirements will remain stable. -System deficiencies will be identified and fixed. -*Contractors will offer mature designs that allow prototypes to be delivered in five months.* Which of the following are attributes of a framing assumption (FA) in an acquisition program? (Select all that apply.) - -*No "work-arounds"* -*Critical* -*Foundational* -*Program-specific* Who may write the Program Risk Process (PRP) Document? - -*The program manager (PM) or a dedicated risk manager* -The Program Executive Officer (PEO) or the Risk Management Board (RMB) -The Risk Working Group or the Risk Management Board (RMB) -The Program Executive Officer (PEO) or the Integrated Product Team (IPT) management board The following describes which sources of potential risk: The software programming team is supposed to begin work in two months. The team has already been hired, but half of the team does not yet have their security clearance, and will not be able to start work on site until they do. - -External factors and requirements -*Management and security* -Logistics and external factors -Human systems integration and security Which of the following is a responsibility of the Integrated Product Team (IPT) during the risk management (RM) process? (I GOT THIS ANSWER WRONG) - -Coordinate RM efforts for risks affecting multiple IPTs. -*Approve risk closure for IPT-level risks and notify the program RMB for closure.* -Ensure the development of and approve the Program Risk Process (PRP) Document. -Brief the risk mitigation plan to the program or IPT Risk Management Board (RMB) for approval. Which of the following are the components of opportunity management (OM)? - -Likelihood, level, consequence -Level, priority, benefit -*Future root cause, probability, benefit* -Probability, cost, future root cause During Engineering and Manufacturing Development (EMD), risks should be identified related to critical manufacturing process and key product characteristics in which of the following risk areas? (Select all that apply.) - -Cost/Funding -Threat -*Manufacturing* -*Supply Chain* Based on the results of a simulation, there is a 50% chance that the project will end three weeks behind schedule. Using the table provided, what would the cumulative schedule risk be, based on a three-week schedule delay? Level Probability of Occurrence Schedule Impact 1 0% to 19% 0 to 5 days 2 20% to 39% 6 to 12 days 3 40% to 59% 13 to 19 days 4 60% to 79% 20 to 28 days 5 80% to 100% 29 to 35 days - -Probability 5; Schedule Impact 2 -Probability 2; Schedule Impact 2 -*Probability 3; Schedule Impact 4* -Probability 3; Schedule Impact 2 You are reporting on the status of key risks to date at a progress meeting. Which of the following tools provides a visual display of the progress made to reduce key risks? - -Risk information management system -(NOT THIS ONE)Earned value analysis -*Waterfall effect* -Risk identification template What would be the appropriate corrective action for the following issue: One of the orders for materials is going to run 75% over budget because the order will have to be shipped by air to meet schedule requirements. The budgeting team may be able to find funds from other sources. - -Ignore -Control -Avoid -*Transfer* Why are Monte Carlo simulations used in program schedule analysis? - -To determine the shortest path to complete the project -*To find the cumulative effect of multiple risks on total project schedule duration or total project cost* -To identify the various decision points of the project so you know which tasks need more attention than others -To determine the most logical path for task completion for a successful project