Test - CLM 017 Risk Management Exam
Which of the following are typical sources of framing assumptions (FAs)? (Select all that apply.)
-*Cost, schedule, and requirements tradeoffs* -*Interdependencies with other programs* -*Technological and engineering challenges* -New acquisition regulations
Which of the following is a critical success factor to ensure effective risk management (RM)? (Select all that apply.)
-Aligning government and contractor risk management -Managing team communications to mitigate risk -Establishing priority risk categories -(NOT THIS ONE) Clearly and completely outlining project requirements in the Request for Quotation (RFQ)
Which of the following is the difference between an opportunity and a risk? (I GOT THIS ANSWER WRONG!)
-(I THINK THIS IS THE CORRECT ANSWER) An opportunity can only have a positive impact on a project; a risk can only have a negative -An opportunity is highly likely to occur; a risk's likelihood must be calculated.* -An opportunity is usually realized through resource allocation; a risk is usually realized through scheduling change -*An opportunity cannot be managed; a risk requires management through analysis and tracking*
The following describes which type of category of risk: Certification for a new weapons system is scheduled for January. The test is dependent on temperatures below freezing. If the temperature is too warm, the system cannot be certified.
-(NOT THIS ONE)Technical -*Business* -Programmatic
Which of the following is important for good government/contractor coordination of risk management (RM)?
-(NOT THIS ONE)Weekly meetings to coordinate RM efforts. -*A shared RM database.* -(NOT THIS ONE)Shared responsibilities to manage identified risks. -Common approaches to addressing risk.
You are managing a program for the U.S. Navy to develop a new diving helmet with enhanced visualization capabilities. The materials engineers inform you that there is a 5% chance that condensation from breathing may cause the screen to become unreadable, but that an anti-fogging film may be used if that issue arises during testing. Which risk mitigation technique should you choose?
-*Control* -Avoidance -Acceptance -Transfer
During Technology Maturation and Risk Reduction (TMRR), Engineering and Manufacturing Development (EMD), and Production and Deployment (P&D) phases, which schedule-related activity is conducted?
-*Ensuring the program schedule includes sufficient time for integration activities and corrective actions* -Reviewing the program schedule to revalidate the program tasks and timelines -Developing an acceptable risk program schedule -Ensuring that task schedule slip is identified early
Which of the following is a responsibility of the Integrated Product Team (IPT) during the risk management (RM) process?
-*Identify internal and external risks in accordance with the Program Risk Process (PRP)* -Lead development of proposed mitigation plan and options for assigned risks. -Manage the risk process and tools and prepares materials for program reviews. -Establish and execute an integrated RM process with the contractor and key subcontractors.
A Monte Carlo simulation has indicated a 45% chance that the prototype development tasks of a new high-tech Navy diver's helmet will result in a 4-month delay to the program schedule. Based on the likelihood and consequence table, which of the following represents the appropriate location on the risk matrix?
-*L = 3; C = 4* -L = 4; C = 4 -L = 4; C = 3 -L = 2; C = 3
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*
Which step of the Department of Defense (DoD) Risk Management Process consists of the activities to develop, implement, and document the risk
-*Planning* - - -
Which of the following is a critical success factor to ensure effective risk management (RM)? (Select all that apply.)
-*Program Risk Process (PRP) Document* -Priority risk categories -Risk prioritization -*Framing assumptions and ground rules*
Within a program, which of the following entities is responsible for overseeing the management of risks, opportunities, and issues?
-*Program manager (PM)* -Risk Working Group -Integrated Product Team (IPT) -Risk Management Board (RMB)
Within a program, which of the following entities is responsible for ensuring the risk management (RM) process is executed according to the Program Risk Process (PRP) Document?
-*Risk Management Board (RMB)* -Risk Working Group -Program Executive Officer (PEO) -Risk Owner
Which of the following is NOT a step of the Department of Defense (DoD) Risk Management Process?
-*Sourcing* -Planning -Analysis -Monitoring
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
Which of the following is the difference between a risk and an issue?
-A risk is the potential of occurring; an issue has occurred or is certain to occur. -The likelihood of a risk occurring is under a set threshold; an issue is above a set threshold. -A risk is an undefined occurrence; an issue is well defined. -A risk can be analyzed, recorded, and tracked; an issue does not require analysis.
A moderate issue with staffing shortages on your program is being tracked. New developers were estimated to be on staff by March 8, but it appears that this deadline will not be reached. What is an appropriate action to monitor this issue?
-Analyze the issue again to determine if the correct issue sources were identified. -*Update and review the issue regularly, and analyze potential changes to the issue level and potential associated risks.* -Ask the manager to enter the closing date and actual cost into the issue register when the new personnel are on staff. -(NOT THIS ONE)Review related projects to identify possible risks, decide if changing the corrective action strategy is warranted.
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.
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*
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 an objective of risk process planning?
-Identifies the plan for testing the Integrated Product Team (IPT) members in RM techniques -Outlines the RM organization to the customer -*Ensures sound risk management (RM) principles, tools, and techniques are applied to the RM program* -Answers why you must execute the RM process
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*
What is a good method for using risk identification tools to identify risks?
-Include a program-level method and a project-level method. -*Combine a top-level method with a lower-level method.* -Select methods that combine team participation with historical data. -Employ methods that combine historical data with current program data.
Which stage of the issue management (IM) process is characterized by the following scenario: A test of the new portable Doppler-based wind measuring system demonstrates that the system works well, but the battery drains out after the system is left in Stand-by mode for 5 hours.
-Issue monitoring -*Issue identification* -Issue analysis -Issue planning
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
The new high-tech deep-sea vessel that your program requires five separate research and development projects to create new materials and components. Each component relies on the others to inform how it will be designed. Is this a risk or an opportunity?
-Neither risk nor opportunity -Not enough information -Opportunity -*Risk*
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 have contracted a university research team to create a new optic lens as a part of your program's satellite system. Your group has never worked with this team before, and has included a new potential risk stemming from their development and testing procedures. What type of analysis could you use to identify and reduce specific risks from their processes?
-Product Work Breakdown Structure (WBS) Risk Analysis -Expert interviews -Lessons learned -*Process Risk Analysis*
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
You want to analyze your program's contract performance to date. You hope that, by identifying areas where the scope, cost, and schedule did not meet performance expectations, you can identify negative trends and, thereby, work to prevent risk and issue recurrences. Which tool will help you perform that type of analysis?
-Schedule health assessment (SHA) -*Earned value management (EVM)* -Cost risk analysis (CRA) -Work Breakdown Structure (WBS)
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.*
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