PMT 0170 Risk Management Exam

During the Materiel Solution Analysis (MSA) phase, it is important to assess risks to achieve exit criteria for which review?

-*Alternative System Review (ASR)* -System Functional Review (SFR) -Preliminary Design Review (PDR) -System Requirements Review (SRR)

Since risks should be closely tied to individual tasks and deliverables, which of the following should be used as a cross-reference to each risk?

-Earned value management (EVM) number -*Work Breakdown Structure (WBS) number* -Integrated Master Plan (IMP) number -Schedule risk analysis number

Which of the following is a step of the Department of Defense (DoD) Risk Management Process?

-Registration -Sourcing -*Mitigation* -Tracking

Which of the following are Management Level responsibilities during the risk management (RM) process? (Select two that apply.)

-*Approve risk closure for IPT-level risks and notify the program RMB for closure.* -Leads the development of and approve the mitigations plan and options. -*Reviews risks affecting and owned by multiple IPTs.* -Brief the risk mitigation plan to the program or IPT Risk Management Board (RMB) for approval.

Which of the following are ways to create a good operating relationship between the government and the contractor? (Select two that apply.)

-*Conduct an initial meeting with the contractor to describe the program's objectives and the approach to managing risk.* -Request that the contractor describe their approach to managing risk in former contracts. -*Using a common Risk Management (RM) database.* -Assign a role to oversee risk management (RM) at the contractor level.

Which of the following is an objective of risk process planning?

-*Ensures sound risk management (RM) principles, tools, and techniques are applied to the RM program* -Identifies the plan for testing the Integrated Product Team (IPT) members in RM techniques -Answers why you must execute the risk management (RM) process -Outlines the risk management (RM) organization to the customer

Which stage of the issue management (IM) process is characterized by the following scenario: One of the components of the new communications system has failed in testing; the sound can only be heard from the right side.

-*Issue identification* -Issue corrective action -Issue planning -Issue analysis

Which of the following are typical sources of framing assumptions (FAs)? (Select three that apply.)

-*Technological and engineering challenges* -*Interdependencies with other programs* -New acquisition regulations -*Cost, schedule, and requirements tradeoffs*

Monte Carlo simulations use computational algorithms to simulate the behavior of various systems in a nondeterministic manner. Why are these "nondeterministic" results important to program schedule analysis?

-Because the results show the average length of the tasks needed to complete the program for the PM to use when building the schedule -Because the results show a clear path to project completion for the program manager (PM) to follow -Because it means there is no way to tell which way is the correct way to run the program -*Because there are one or more points in the simulation where a choice is made between different paths, without any specific guidance on which one will be chosen*

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 that task schedule slip is identified early -Establish an affordability goal and schedule and performance margins. -Reviewing the program schedule to identify the program tasks and timelines -*Ensuring the program schedule includes sufficient time for integration activities and corrective actions*

Which of the following are the most common sources of risk in acquisition?

-Human systems integration, regulations compliance, and contract management -Communications, regulations compliance, and technology -Cost, politics, and communications -*Cost, schedule, and human systems integration*

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.* -Employ methods that combine historical data with current program data. -Select methods that combine team participation with historical data.

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? Level Probability of Schedule Impact Cost Impact Occurrence 1 >1% to ≤20% Minimal or no schedule <$20,000 impact ( <5 days) 2 >20% to ≤40% Able to meet key $20,000 - <$100,000 dates (1 - 4 weeks) 3 >40% to ≤60% Minor schedule slip, able $100,000-<$150,000 to meet key milestones (≥4 weeks - 3 months) 4 >40% to ≤60% Significantly impacts ability $150,000-<$200,000 to meet key milestones (≥3 months - 4 months) 5 >80% to ≤99% Schedule slip requires major ≥$200,000 schedule rebaselining (>4 months)

-L = 4; C = 4 -*L = 3; C = 4* -L = 4; C = 3 -L = 2; C = 3

Which of the following is a good example of a framing assumption (FA)?

-Legal, diplomatic, or political issues will not delay or prevent site selection or fielding schedule. -The schedule buffer can account for any schedule delays. -All requirements will be evenly distributed across multiple contracts. (WRONG ANSWER) -Material costs will not vary due to fluctuating market demand.

Your program requirements call for contractors to use the same customized web development software that is used in all of the other programs within your division. However, one of your contractors demonstrated competing off-the-shelf software with more features that can produce the same quality of product and achieve the same required end product specifications while cutting development time in half, and costs a tenth of the price. Is this a risk or an opportunity?

-Not enough information -Neither risk nor opportunity -*Opportunity* -Risk

Based on the results of a simulation, there is a 70% chance that the project will end two weeks behind schedule. Using the table provided, what would the cumulative schedule risk be, based on a two week schedule delay? Level Probability of Occurrence Schedule Impact 1 0% to 19% 0 to 7 days 2 20% to 39% 8 to 14 days 3 40% to 59% 15 to 21 days 4 60% to 79% 22 to 28 days 5 80% to 100% 29 to 35 days

-Probability 4; Schedule Impact 4 -Probability 2; Schedule Impact 2 -Probability 2; Schedule Impact 4 -*Probability 4; Schedule Impact 2*

Which of the following are the components of opportunity management (OM)?

-Probability, cost, future root cause -Likelihood, level, consequence -Level, priority, benefit -*Future root cause, probability, benefit*

You are managing the implementation of an aircraft for the Marines that was originally designed for and implemented by the Navy. What type of analysis would help you identify potential risks to your program?

-Process Risk Analysis -*Lessons learned* (I THINK THIS IS RIGHT) -Crawford Slip Method -Quantified Schedule Risk Analysis (WRONG ANSWER)

Which of the following is a critical success factor to ensure effective risk management (RM)?

-Researching best practices -Assembling the most qualified personnel for the team -Establishing priority risk categories -*Program Risk Process (PRP) Document*

Your program includes teams in six different locations. These teams need access to different pieces of risk monitoring data in order to monitor, manage, and report risk. Which of the following risk monitoring tools would be most appropriate?

-Risk Management (RM) information systems -Risk reporting matrix (WRONG ANSWER) -Technical performance measurements (TPMs) -Waterfall effect

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 Owner -Risk Working Group -*Risk Management Board (RMB)* -Program Executive Officer (PEO)

The following describes which type of category of risk: Certification for a new weapons system is scheduled for January. To conduct a meaningful test, temperatures must be below freezing. If the temperature is too warm, the test cannot be conducted.

-Technical -*Business* -Programmatic

Who may write the Program Risk Process (PRP) Document?

-The Program Executive Officer (PEO) or the Risk Management Board (RMB) -*The program manager (PM) or a dedicated risk manager* -The Program Executive Officer (PEO) or the Integrated Product Team (IPT) management board -The Risk Working Group or the Risk Management Board (RMB)

Which of the following is the difference between a risk and an issue?

-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 is the potential of occurring; an issue has occurred or is certain to occur.*

Your program is planning to visit a cooperating country to participate in an information-sharing event with military counterparts. While it would be desirable to meet face to face, it is not necessary. The host government is strategically allied with the U.S.; however, popular opposition to U.S. policies has been growing in strength and has turned to increasingly violent demonstrations on the streets. Which risk mitigation technique should you choose for this security risk?

-Transfer -*Avoidance* -Acceptance -Control

A shortage of steel has caused a delay in one of the tasks until the material is available. The original plan estimated the material to be available in 6 weeks, but the shortage continues. What would be an appropriate step to tracking and managing this issue?

-Transfer the issue to another team. -*Adjust the corrective action plan and issue level as warranted.* -Continue monitoring until the task is completed. -Update the consequence value in the program's issue tracking register.