discussion board question

I don’t understand this Management question and need help to study.

There are 4 questions, answers is already provided. i just need to explain why i choose that answer. i have to provide reason to choose that answer.

This assignment is about which option did I pick and why I picked that option? Please provide reason/opinion why you choose that option for your answers but did not choose any other options. please send me about more specific reason in contrast to pick that answer? thank you You can use any references like google or Book name which is provided below.

4)

You are working for a cruise company as a project manager. Your company offers luxury tours to couples at a reasonable price. Currently, the company is considering adding more tours to a few other popular destinations during the holiday season in order to increase traffic and profitability. Which risk response strategy is in the use?

A.

Share

B.

Exploit

C.

Accept

D.

Enhance

I choose D: Enhance

20)

You are the project manager assigned to a critical project that requires you to handle project risk intentionally and methodically, so you have assembled only the project team. The team has identified thirty-two potential project risks, determined what would trigger the risks, and have rated and ranked each risk using a risk rating matrix. You have also reviewed and verified all documented assumptions from the project team and verified the sources of data used in the process of identifying and rating the risks. You are continuing to move through the risk management process. Which one of the following important steps have you missed?


A. Engage other stakeholders.

B. Conduct a Monte Carlo simulation.

C. Determine which risks are transferable.

D. Determine the overall riskiness of the project.

I choose A: Engage other stakeholders.

30)

Senior management is concerned that the project will not be completed on time and within budget. They asked you to create a detailed project schedule as soon as possible. Management confirmed to you that they will approve the additional funds for the project if needed. Which of the following items must have to create a detailed project schedule?

A.

A detailed Risk Register with all identified risks and response strategies

B.

A detailed Project Management Plan

C.

A Project Cost Baseline

D.

A Work Breakdown Structure (WBS)

I choose D: A work breakdown structure (wbs)

32)

While identifying risk in your project, your team cannot find any efficient ways to reduce the impact and probability or to insure against one of the risks. The relevant work is integral to the project; thus, you cannot simply remove the work package, and there is no suitable company to outsource the work to either. What is the best course of action in this situation?


A. Identify ways to transfer the risk.

B. Accept the risk and have contingency reserves.

C. Identify ways to avoid the risk.

D. Keep looking for ways to mitigate the probability and impact of the risk.

I choose A, identify ways to transfer the risk.

31) Steve, a project manager, has a robust risk response plan for his ERP implementation project.The team has utilized all of the appropriate tools & techniques and has executed the predefined preventive and contingency actions to respond to identified project risks.He finds out that some of the risks have been reduced in impact but still remain as potential threats.Steve decides to develop additional contingency and fallback plans for these risks are called:

a. Secondary risks

b. Residual risks

c. Primary risks

d. Workarounds

I picked B. residual risks.

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