MAN 4583 EXAM 3 QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026

MAN 4583 EXAM 3 QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026 All of the following are ways to control risk EXCEPT - Answers Have one team member be responsible for monitoring big risks You are holding a document that analyzes and identifies risks on your project, categorizes them, and provides a scale to help you figure out the probability of the risk. What is the name of this document? - Answers Risk Management Plan Adopting proven technology instead of experimental technology in order to eliminate technical failure would be an example of which risk response? - Answers Avoiding Which of the following procurement documents 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 vendor or partner? - Answers RFQ For your project, you want to purchase smart phones for the team to use. What type of contract would expose the project to the least risk? - Answers Fixed Contract In which of the following types of projects would agile project management be appropriate? - Answers Video game development Waterfall project management differs from agile project management in that __________. - Answers it requires is a high degree of certainty When planning for a sprint, what do you do to gain commitment from the project team? - Answers Get team members to voluntarily commit to what they think they can complete out of the highest priority tasks The point in time when project execution gives way to project closing is when the _____________ accept(s) the project deliverable. - Answers Primary customer When you are facing a decision, it is important to make sure you identify and assess all the facts about the ethical issues involved. According to the ethical decision making model, what is the next thing you should do? - Answers Consider alternatives Known Unknowns - Answers Things like weather delays or resources being unavailable Risks - Answers - Technology - Widely dispersed project team - Miscommunication - Lack of teamwork - Lack of detail (deliverables) - Limited options Risk Information Form Includes: - Answers - What objectives are in danger? - What events can cause the risk to occur? - What do you do about the risks you can't predict? - What the consequences are? - Who owns the risk? Unknown Unknowns - Answers The risks you CAN'T predict. Situations that are so unlikely (ex. 9/11) unforeseeable events How to plan for unknown risks: - Answers set aside contingency funds & time (use a percentage of the projects budget) Risk Management Plan - Answers Documents which risks your going to worry about & how you plan to handle them. (helps protect your project from thing that can go wrong) 1. evaluate risks (how likely & serious) 2. Rate Risks (use scale 1-5, 1=low, 5=high) (you need to plan for any risks with score of 9 or more) 3. plan how you'll handle each risk 4. defining how to monitor risks and measure responses (create a risk log to summarize the risks you'll manage) The goal of risk response is: - Answers to plan the you would take to reduce adverse consequences a risk might have on your project Some risk responses you can use: - Answers - easiest option: is to accept the consequences (low probability and impact) - avoiding risk (changing project scope) - mitigate risk (reducing impact) - transferring risk (handing risk to someone else, like insurance) Your response to risk should: - Answers reflect the impact of the risk For each risk include: - Answers - a description of the risk - events or circumstances that trigger the risk - the probability and impact - the response you've chosen - who will monitor the risk - the result you expect from the response if you have to use it - the risk status Review and update the: - Answers risk management plan regularly in the risk management plan, each risk you decide to monitor: - Answers has an owner assigned to watch their assigned risk and regularly update its status Risk Owner Responsibilities - Answers 1. Implement proactive risk responses 2. Watch for high-priority risks unfolding 3. Monitor events that trigger contingency plans 4. Launch risk response 5. Report on risk status Monitor lower priority risks - Answers true watch for new risks - Answers true Procurement Plan - Answers 1. Identify purchase needs (skills, additional resources, products, materials) 2. Document procurement processes (identify/select vendors & manage contracts) 3. Describe the make or buy decision process (understand needs, determine if products are available, determine suitability) 4. List potential vendors Procurement Plan Definition - Answers is an annual document which defines the products and services that a Public Body will obtain from external suppliers For resources outside your organization, the procurement process has a few more steps: - Answers solicitation, evaluation, selection, contracting, and ongoing management Solicitation often begins with a request for proposal, abbreviated as: - Answers RFP (a typical way to ask vendors for proposals or bids) RFP (Request for Proposal) - Answers the services or resources you need, when need them and your budget for the work Round 1 - Answers - vendor 1 - vendor 2 - vendor 3 Contracting - Answers Prepare & sign a contract for services, products, or resources needed Contract Components - Answers - Statement of work - Terms & conditions - Deliverables - Deadlines - Price Fixed-Priced Contract - Answers - ideal for well-defined projects - vendor is paid a fixed price Time and Materials Contract - Answers - pay for time worked and expenses incurred - often includes "not to exceed value"