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Mary is the project manager of the HGH Project for her company. She and her project team have agreed that if the vendor is late by more than ten days they will cancel the order and hire the NBG Company to fulfill the order. The NBG Company can guarantee orders within three days, but the costs of their products are significantly more expensive than the current vendor. What type of a response strategy is this?

A. Internal risk management strategy

B. Contingent response strategy

C. External risk response

D. Expert judgment

You are the project manager of the NHQ project for your company. You are working with your project team to complete a risk audit. A recent issue that your project team responded to, and management approved, was to increase the project schedule because there was risk surrounding the installation time of a new material. Your logic was that with the expanded schedule there would be time to complete the installation without affecting downstream project activities. What type of risk response is being audited in this scenario?

A. Parkinson's Law

B. Mitigation

C. Avoidance

D. Lag Time

You work as a project manager for TechSoft Inc. You are preparing to plan risk responses for your project with your project team. How many risk responses are available for a positive risk event in the project?

A. Three

B. Four

C. Seven

D. One

The project manager of a project in trouble actively participates in a project risk assessment. After the assessment is complete, the project manager receives the final results.

What is the best recommended action to be taken from this point onward?

A. Schedule a meeting and present the assessment results.

B. Use the assessment results in the day-to-day management of project risks.

C. Schedule a meeting with the project sponsor and discuss the assessment results.

D. Use the assessment results to review the project hand over plan to operations.

An organization performs an annual strategies and initiatives workshop during which a strengths, weaknesses, opportunities, and threats (SWOT) analysis is being conducted. As part of this process the functional managers identify the opportunities and threats.

What should the risk manager do next?

A. Add only the threats to the risk register

B. Utilize different tools to identify the risks

C. Plan risk responses to the threats

D. Update the risk register with the identified risks