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The Risk Test
You can't be a competent project manager without being a good risk manager. So what's your risk management IQ? Take this 10-question test and compare your results with the answers and explanations provided by a founding member of PMI's Risk Special Interest Group.
The following knowledge test is excerpted from Risk Management, Tricks of the Trade for Project Managers, by Rita Mulcahy, PMP, a founding member of the Project Management Institute's Risk Special Interest Group and president of training specialist RMC Project Management in Minneapolis. The answers and accompanying explanations are provided after the final question.
QUESTION 1:
A project manager is in the planning stages of a project when management agrees to allocate to the project 75 hours of their time as requested by the project manager to support the project. The project manager has also learned that one of their top choices for team members has been provided and they have been given all eight of the needed resources. Management has approved $200,000 for the project instead of the $324,000 requested and the project must be completed within eight months. Which of the following should the project manager do as a result of this situation?
A) Include the risk of not enough budget as an identified risk
B) Cut scope of work
C) Include a plan for the cost risk in risk response planning
D) Look for …
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"History may not repeat itself, but it does rhyme a lot." - Mark Twain |