Please answer these questions with puting the number of questions, only correct
ID: 327091 • Letter: P
Question
Please answer these questions with puting the number of questions, only correct answer will be rated.You have identified disaster situations (e.g. floods, earthquakes etc.) as potential risks to your project. When discussing with your project sponsor, she mentioned that at the project level, no steps can be taken to deal with such risk and suggested creating a contingency reserve (5% of the project budget) to be used in case of disaster situations. This is an example of O Risk Mitigation O Risk Avoidance Bad policy decision O Risk Acceptance
Explanation / Answer
1) Answer: Option (D) - Risk Acceptance
Explanation: Risk acceptance is a type of risk response strategy in which the organizations acknowledge the existence of risk in the system and make necessary arrangements to accommodate risks. By creating a contingency reserve to be used in case of disaster situations, necessary resources such as time, money and other resources are dedicatedly allocated to handle risks.
2) Answer: Option (A) - Communication Planning
Explanation: By identifying the specific communication needs of various stakeholders, the communication plan determines the list, content and methods of information distribution on a project. Also, the time and process of the delivery of the information.
3) Answer: Option (C) - Advise that there is a two-month delay because of some rework on the project
Explanation: The project managers must always ensure that all the stakeholders of the organization are always on the same page with regards to the progress of a project. The CEO being the top leader and highest decision taking authority must always be made aware about the certain changes or reworks on the project and the corresponding delays in the timelines of the project.
4) Answer: Option (D) - Activity duration estimates
Explanation: Estimating activity duration is a component of project time management process, while rest of the alternatives are a part of the plan human resource management process.
5) Answer: Option (D) - Ensure that the schedule baseline has been updated
Explanation: Before closing a project, a project manager must ensure that all of the activities such as the scope of the project is completed, a formal acceptance of the deliverables from the customer is taken, the product acceptance criteria has been met.