Quantitative risk analysis does all of the following, except (Points : 5)

PROJ 595 Final Exam Set 2 NEW

1.      (TCOs A and B) Quantitative risk analysis does all of the following, except (Points : 5) 
 
 Question 2. 2.  (TCO G) You need to ensure your project is completed by July 1 of next year. You do not have time to do all the design work yourself, so you decide to contract out that work. Which type of contract would likely be best in this situation? (Points : 5) 
 
 
 
Question 3. 3.  (TCO D) Which risk response strategy is most appropriate for risks on the watch list? (Points : 5) 
 
 
Question 4. 4.  (TCOs A and B) You have been appointed as a project manager for a high-dollar project for the public sector, and you have been asked by your boss to identify the stakeholder groups and the individuals who make up those groups in order to start the stakeholder analysis. Identify at least six groups of stakeholders and the individuals who comprise those groups, and explain when the stakeholder identification process should take place during the planning of the project. (Points : 20) 
 
 
Question 5. 5.  (TCO B) Due to globalization within your industry, you have been appointed as the project manager for an R & D project. Your task is to create a new technologically advanced solar cell. You want to employ the PMBOK® Guide risk management process. Senior management would like you to briefly describe the process and all its steps. Please create a short briefing for senior management below. (Points : 40) 
 
 
Question 6. 6.  (TCO C) You are the project manager for a large health information technology project. You are confronted with an important decision on your project: How much posttesting of the design is appropriate for this project? Employ decision tree analysis to provide senior management with the best course of action for this decision.
 
 
Question 7. 7.  (TCO D) You are the project manager for an important healthcare project. You are performing qualitative risk analysis. Below are the values of probability and impact for the top six risks that were given to you by project team. Assuming a neutral stakeholder tolerance, which risks must be addressed proactively if possible?
 
 
Question 8. 8.  (TCO E) Senior management is very interested in creating an effective risk monitoring and control system that is tied to a performance monitoring system for your project. Describe what a good monitoring and control and performance measurement system for your project would look like. Be sure to include an example to help illustrate your answer. (Points : 20) 
 
 
Question 9. 9.  (TCO F) You are a project manager for a large healthcare R & D project. Senior management has asked you to utilize a sensitivity analysis and a tornado diagram to quantify risks on your project. Senior management’s major concern is the price of raw materials in the development of the new drug. Describe how to perform a sensitivity analysis and use a tornado diagram to quantify risks to your project. (Points : 25) 
 
 
Question 10. 10.  (TCO G) Describe and discuss when one should use an FPEPA contract. Compare and contrast this to a typical FP contract. (Points : 20) 
 
 
Question 11. 11.  (TCO H) You are in a status meeting with key project stakeholders. You are discussing residual and secondary risks in your project. The stakeholders are becoming concerned about these concepts. The key stakeholders ask for an explanation and example of each. How would you describe each? Provide an example of a residual and a secondary risk. (Points : 20) 
 
 
Question 12. 12.  (TCO I) You are the project manager on a complete overhaul of your corporation’s IT infrastructure. You have decided to employ fault-tree analysis on your project. What is fault-tree analysis, and how can it be applied to your project? (Points : 25)  

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