The AACE Project Risk Management Professional (PRMP) certification is BEST characterized as:
Aace Certifications
Question · Easy
ISO 31000:2018 'Risk management - Guidelines' positions risk management as:
Overall Risk Management Terminology
A Risk in project management is BEST defined as:
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The Risk Management Process per ISO 31000 / PMBOK includes which sequence?
General And Specific Processes
Risk identification techniques include all of the following EXCEPT:
The Probability-Impact (P-I) Matrix is used in:
Expected Monetary Value (EMV) for a discrete risk with probability 0.20 and impact $500,000 (threat) is:
Threat response strategies per the AACE/PMBOK framework are:
Opportunity response strategies are:
Risk Avoidance differs from Risk Mitigation in that Avoidance:
Risk Transfer via insurance is BEST suited for:
Question · Medium
A risk register entry should include AT MINIMUM:
A 'risk' described as 'permitting delay' is BEST reformulated as:
A Risk Breakdown Structure (RBS) is BEST used to:
Quantitative risk analysis uses Monte Carlo simulation to:
If a Monte Carlo simulation yields a P80 cost of $115M and the deterministic estimate is $100M, the contingency to achieve P80 confidence is:
Risk Acceptance can be:
Contingency Reserve and Management Reserve differ in that Contingency:
AACE Recommended Practice 41R-08 'Risk Analysis and Contingency Determination Using Range Estimating' uses:
AACE Recommended Practice 44R-08 'Risk Analysis and Contingency Determination Using Expected Value' uses:
AACE 57R-09 'Integrated Cost and Schedule Risk Analysis' emphasizes joint modeling because:
Question · Hard
Risk monitoring during project execution requires:
A risk's TRIGGER (or warning sign) is BEST defined as:
A risk owner differs from a risk response owner in that the risk owner:
A residual risk is BEST defined as:
Secondary risk is:
A risk threshold (or risk appetite statement) defines:
A Sensitivity Analysis Tornado Diagram is used to:
A risk audit is conducted to:
AACE 60R-10 'Developing the Project Risk Management Plan' calls for:
Cost estimating fundamentals supporting risk analysis (AACE 18R-97 / 17R-97 family) include:
Supporting Functional Skills
Schedule fundamentals supporting risk analysis include:
Procurement and contract types affect risk allocation. Which contract places most cost risk on the seller?
Earned Value Management (EVM) fundamentals supporting risk-adjusted forecasting include:
Per AACE Canons of Ethics, a PRMP should:
If a project's identified risks have a combined EMV of -$200,000 and the project is using EMV-based contingency (per AACE 44R-08), the contingency reserve should be approximately:
A hybrid contingency approach (AACE 113R-20) combines:
Risk identification at PROJECT INITIATION typically uses:
Reference Class Forecasting (Flyvbjerg) is used to:
An 'optimism bias' in cost estimating refers to:
Strategic Misrepresentation differs from optimism bias in that strategic misrepresentation is:
Risk closure happens when:
An opportunity register (parallel to the risk register) tracks:
Risk Communication to executives should typically use:
AACE 40R-08 'Contingency Estimating - General Principles' guides:
The Risk Management Plan (RMP) should be developed:
A Probability-Impact (P-I) matrix typically distinguishes risks as:
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