A risk with a high probability and medium consequence to a project has been identified. In response, the project manager has purchased an insurance plan with the intent to provide additional funds if the risk is realized.
There is no risk to the schedule or scope. Which of the following types of risk strategies is this an example of?

A. Accept risk
B. Transfer risk
C. Mitigate risk
D. Exploit risk
E. Avoid risk

A project manager has received a change order that will reduce a project's timeline and budget. However, the change order also indicates the goals and deliverables of the project must remain unchanged. Which of the following is the MOST logical impact to the project?

A. The reduced timeline will impact the quality of the deliverables because the amount of time to test will be reduced.
B. The reduced budget will result in reduced resources, which will lead to a strong matrix organizational structure being used.
C. The reduced timeline will decrease risk, resulting in an increased contingency reserve.
D. The reduced budget will cause the project manager to reject the change order.

A change must be made to a project to comply with municipal code. The project manager updates the relevant shared project documents. The key stakeholders subsequently update the documents with new information.
When the project deliverables are reinspected, they fail the inspection. Which of the following is the MOST likely reason for the failed inspection?

A. There were insufficient resources assigned to the task.
B. The prior document version was not reviewed.
C. Version control processes were not applied.
D. The CCB was not contacted.

A project manager is trying to explain to a stakeholder why projects are progressively elaborated upon. Which of the following is the BEST explanation?

A. In the beginning, projects entail a degree of uncertainty that needs to be specified.
B. In the beginning, projects have start and finish dates that require elaboration.
C. In the beginning, projects are part of a program that requires coordination.
D. In the beginning, projects start with detailed inputs that need to be explained.

In which of the following categories does a business process change fit?

A. Project change
B. Organizational change
C. General change
D. Departmental change

A project team added a new member who has proprietary information about a competitor's product. The team member was suddenly removed from the project. Which of the following MOST likely occurred?

A. The company received a C&D.
B. A higher-priority project needed the expertise.
C. The new member did not sign an NDA.
D. An SLA prevented new team members.

A project manager is releasing resources and archiving documents. Which of the following phases is the project MOST likely in?

A. Initiation
B. Planning
C. Monitor and control
D. Closing

A project has a of $850,000. The project manager has identified and documented that certain key applications were not included in the scope management plan. As reported, the CPI is 0.8, and the PMO allows only a 5% additional increment to the planned budget. Which of the following should the project manager do NEXT?

A. Add the required work to complete the project behind $892,500.
B. Evaluate the impact and justify adding new work to the project.
C. Obtain approval from the CCB.
D. Request a budget increase of $170,000.

A team has been assembled and assigned a project to reduce recent, unanticipated production cost overruns.
Which of the following tools should the project team select to determine the possible origins of the increased costs?

A. Pareto chart
B. Fishbone diagram
C. Process diagram
D. Run chart

A project team has finished creating a WBS and started developing a schedule. The team should FIRST determine the:

A. durations.
B. tasks.
C. critical path.
D. resources.