Test - CLM 017 Risk Management Exam UPDATED ACTUAL
Questions and CORRECT Answers
Which of the following is a good example of a framing -Schedule timeframe will be adequate to develop prototype and final product.
assumption (FA)? -Requirements will remain stable.
-System deficiencies will be identified and fixed.
-Contractors will offer mature designs that allow prototypes to be delivered in
five months.
Which of the following are attributes of a framing -No "work-arounds"
assumption (FA) in an acquisition program? (Select all -Critical
that apply.) -Foundational
-Program-specific
Who may write the Program Risk Process (PRP) -The program manager (PM) or a dedicated risk manager
Document? -The Program Executive Officer (PEO) or the Risk Management Board (RMB)
-The Risk Working Group or the Risk Management Board (RMB)
-The Program Executive Officer (PEO) or the Integrated Product Team (IPT)
management board
The following describes which sources of potential risk: -External factors and requirements
The software programming team is supposed to begin -Management and security
work in two months. The team has already been hired, but -Logistics and external factors
half of the team does not yet have their security -Human systems integration and security
clearance, and will not be able to start work on site until
they do.
Which of the following is a responsibility of the Integrated -Coordinate RM efforts for risks affecting multiple IPTs.
Product Team (IPT) during the risk management (RM) -Approve risk closure for IPT-level risks and notify the program RMB for
process? (I GOT THIS ANSWER WRONG) closure.
-Ensure the development of and approve the Program Risk Process (PRP)
Document.
-Brief the risk mitigation plan to the program or IPT Risk Management Board
(RMB) for approval.
Which of the following are the components of -Likelihood, level, consequence
opportunity management (OM)? -Level, priority, benefit
-Future root cause, probability, benefit
-Probability, cost, future root cause
During Engineering and Manufacturing Development -Cost/Funding
(EMD), risks should be identified related to critical -Threat
manufacturing process and key product characteristics in -Manufacturing
which of the following risk areas? (Select all that apply.) -Supply Chain
, Based on the results of a simulation, there is a 50% -Probability 5; Schedule Impact 2
chance that the project will end three weeks behind -Probability 2; Schedule Impact 2
schedule. Using the table provided, what would the -Probability 3; Schedule Impact 4
cumulative schedule risk be, based on a three-week -Probability 3; Schedule Impact 2
schedule delay?
Level Probability of Occurrence Schedule Impact
1 0% to 19% 0 to 5 days
2 20% to 39% 6 to 12 days
3 40% to 59% 13 to 19 days
4 60% to 79% 20 to 28 days
5 80% to 100% 29 to 35 days
You are reporting on the status of key risks to date at a -Risk information management system
progress meeting. Which of the following tools provides -(NOT THIS ONE)Earned value analysis
a visual display of the progress made to reduce key risks? -Waterfall effect
-Risk identification template
What would be the appropriate corrective action for the -Ignore
following issue: One of the orders for materials is going -Control
to run 75% over budget because the order will have to be -Avoid
shipped by air to meet schedule requirements. The -Transfer
budgeting team may be able to find funds from other
sources.
Why are Monte Carlo simulations used in program -To determine the shortest path to complete the project
schedule analysis? -To find the cumulative effect of multiple risks on total project schedule
duration or total project cost
-To identify the various decision points of the project so you know which tasks
need more attention than others
-To determine the most logical path for task completion for a successful project
You have contracted a university research team to create -Product Work Breakdown Structure (WBS) Risk Analysis
a new optic lens as a part of your program's satellite -Expert interviews
system. Your group has never worked with this team -Lessons learned
before, and has included a new potential risk stemming -Process Risk Analysis
from their development and testing procedures. What
type of analysis could you use to identify and reduce
specific risks from their processes?
Which of the following is important for good -(NOT THIS ONE)Weekly meetings to coordinate RM efforts.
government/contractor coordination of risk management -A shared RM database.
(RM)? -(NOT THIS ONE)Shared responsibilities to manage identified risks.
-Common approaches to addressing risk.
Questions and CORRECT Answers
Which of the following is a good example of a framing -Schedule timeframe will be adequate to develop prototype and final product.
assumption (FA)? -Requirements will remain stable.
-System deficiencies will be identified and fixed.
-Contractors will offer mature designs that allow prototypes to be delivered in
five months.
Which of the following are attributes of a framing -No "work-arounds"
assumption (FA) in an acquisition program? (Select all -Critical
that apply.) -Foundational
-Program-specific
Who may write the Program Risk Process (PRP) -The program manager (PM) or a dedicated risk manager
Document? -The Program Executive Officer (PEO) or the Risk Management Board (RMB)
-The Risk Working Group or the Risk Management Board (RMB)
-The Program Executive Officer (PEO) or the Integrated Product Team (IPT)
management board
The following describes which sources of potential risk: -External factors and requirements
The software programming team is supposed to begin -Management and security
work in two months. The team has already been hired, but -Logistics and external factors
half of the team does not yet have their security -Human systems integration and security
clearance, and will not be able to start work on site until
they do.
Which of the following is a responsibility of the Integrated -Coordinate RM efforts for risks affecting multiple IPTs.
Product Team (IPT) during the risk management (RM) -Approve risk closure for IPT-level risks and notify the program RMB for
process? (I GOT THIS ANSWER WRONG) closure.
-Ensure the development of and approve the Program Risk Process (PRP)
Document.
-Brief the risk mitigation plan to the program or IPT Risk Management Board
(RMB) for approval.
Which of the following are the components of -Likelihood, level, consequence
opportunity management (OM)? -Level, priority, benefit
-Future root cause, probability, benefit
-Probability, cost, future root cause
During Engineering and Manufacturing Development -Cost/Funding
(EMD), risks should be identified related to critical -Threat
manufacturing process and key product characteristics in -Manufacturing
which of the following risk areas? (Select all that apply.) -Supply Chain
, Based on the results of a simulation, there is a 50% -Probability 5; Schedule Impact 2
chance that the project will end three weeks behind -Probability 2; Schedule Impact 2
schedule. Using the table provided, what would the -Probability 3; Schedule Impact 4
cumulative schedule risk be, based on a three-week -Probability 3; Schedule Impact 2
schedule delay?
Level Probability of Occurrence Schedule Impact
1 0% to 19% 0 to 5 days
2 20% to 39% 6 to 12 days
3 40% to 59% 13 to 19 days
4 60% to 79% 20 to 28 days
5 80% to 100% 29 to 35 days
You are reporting on the status of key risks to date at a -Risk information management system
progress meeting. Which of the following tools provides -(NOT THIS ONE)Earned value analysis
a visual display of the progress made to reduce key risks? -Waterfall effect
-Risk identification template
What would be the appropriate corrective action for the -Ignore
following issue: One of the orders for materials is going -Control
to run 75% over budget because the order will have to be -Avoid
shipped by air to meet schedule requirements. The -Transfer
budgeting team may be able to find funds from other
sources.
Why are Monte Carlo simulations used in program -To determine the shortest path to complete the project
schedule analysis? -To find the cumulative effect of multiple risks on total project schedule
duration or total project cost
-To identify the various decision points of the project so you know which tasks
need more attention than others
-To determine the most logical path for task completion for a successful project
You have contracted a university research team to create -Product Work Breakdown Structure (WBS) Risk Analysis
a new optic lens as a part of your program's satellite -Expert interviews
system. Your group has never worked with this team -Lessons learned
before, and has included a new potential risk stemming -Process Risk Analysis
from their development and testing procedures. What
type of analysis could you use to identify and reduce
specific risks from their processes?
Which of the following is important for good -(NOT THIS ONE)Weekly meetings to coordinate RM efforts.
government/contractor coordination of risk management -A shared RM database.
(RM)? -(NOT THIS ONE)Shared responsibilities to manage identified risks.
-Common approaches to addressing risk.
