Walter is the project manager of a large construction project. He’ll be working with several vendors
on the project. Vendors will be providing materials and labor for several parts of the project. Some
of the works in the project are very dangerous so Walter has implemented safety requirements for
all of the vendors and his own project team. Stakeholders for the project have added new
requirements, which have caused new risks in the project. A vendor has identified a new risk that
could affect the project if it comes into fruition. Walter agrees with the vendor and has updated the
risk register and created potential risk responses to mitigate the risk. What should Walter also
update in this scenario considering the risk event?

What are the three PRIMARY steps to be taken to initialize the project?
Each correct answer represents a complete solution. Choose all that apply.

You are the risk official in Techmart Inc. You are asked to perform risk assessment on the impact
of losing a network connectivity for 1 day. Which of the following factors would you include?

Beth is a project team member on the JHG Project. Beth has added extra features to the project
and this has introduced new risks to the project work. The project manager of the JHG project
elects to remove the features Beth has added. The process of removing the extra features to
remove the risks is called what?

You are the project manager of the GHT project. This project will last for 18 months and has a
project budget of $567,000. Robert, one of your stakeholders, has introduced a scope change
request that will likely have an impact on the project costs and schedule. Robert assures you that
he will pay for the extra time and costs associated with the risk event. You have identified that
change request may also affect other areas of the project other than just time and cost. What
project management component is responsible for evaluating a change request and its impact on
all of the project management knowledge areas?

While developing obscure risk scenarios, what are the requirements of the enterprise?
Each correct answer represents a part of the solution. Choose two.

You are the project manager of GHT project. During the data extraction process you evaluated the
total number of transactions per year by multiplying the monthly average by twelve. This process
of evaluating total number of transactions is known as?

You are the project manager of the KJH Project and are working with your project team to plan the
risk responses. Consider that your project has a budget of $500,000 and is expected to last six
months. Within the KJH Project you have identified a risk event that has a probability of .70 and
has a cost impact of $350,000. When it comes to creating a risk response for this event what is the
risk exposure of the
event that must be considered for the cost of the risk response?

Jane, the Director of Sales, contacts you and demands that you add a new feature to the software
your project team is creating for the organization. In the meeting she tells you how important the
scope change would be. You explain to her that the software is almost finished and adding a

change now could cause the deliverable to be late, cost additional funds, and would probably
introduce new risks to the project. Jane stands up and says to you, “I am the Director of Sales and
this change will happen in the project.” And then she leaves the room. What should you do with
this verbal demand for a change in the project?

You are the risk professional in Bluewell Inc. A risk is identified and enterprise wants to quickly
implement control by applying technical solution that deviates from the company’s policies. What
you should do?