Task 3: Assess and manage risks

A project manager is dealing with two different risks. For Risk A (potential hardware theft), they purchase an insurance policy. For Risk B (potential failure of a new technology), they build a prototype to test feasibility. Which TWO risk response strategies are being used?

A project manager is using a predictive methodology. During the execution phase, a major supplier goes bankrupt. This risk was identified in the risk register, and the response plan was to use a backup supplier. However, the backup supplier is now charging double the original price. What should the PM do?

A project manager is using a 'Risk Burndown Chart'. What is this tool tracking?

A project manager is leading a project to develop a new AI algorithm. The project is high risk. The PM decides to use an 'Agile Spike'. What is this?

A project manager identifies a risk that a critical vendor might go bankrupt. The project team decides to contract with a secondary vendor to be on standby for a retainer fee. Which risk response strategy is this?

During project execution, a team member reports that the server room was flooded due to a burst pipe, destroying the development servers. This event was not identified in the risk register. What should the project manager do FIRST?

An agile team is building a fintech application. Regulatory compliance requirements are unclear and evolving. The project manager wants to ensure risks are managed iteratively. Which actions are appropriate? (Select TWO)

A project has a 30% chance of a delay costing $20,000 and a 20% chance of a scope reduction saving $10,000. What is the Expected Monetary Value (EMV) of these uncertainties?

A project manager is creating a risk management plan for a complex infrastructure project. The sponsor asks why the project manager is spending so much time on this when the project hasn't even started execution. What is the BEST response?

A project manager is creating a Risk Management Plan. Which of the following represents the CORRECT sequence of risk processes?

An agile team identifies a risk that a new technology might not scale. Which TWO actions represent an appropriate agile risk response?