HOTSPOTScenarioA photographer from Portraits Ltd, a professional photographic company, has taken on the role of Team Manager after taking some time to understand the requirements of the project. A contract for their services has been set up and is being monitored by the Purchasing Manager and a Work Package has been agreed. This contract specifies that the photographer must arrange a meeting with the Engineering Manager to establish a schedule for the photo sessions to minimize the impact on the Engineering staff. This meeting should have occurred by now.The Engineering Manager was made aware of this requirement but when asked he reported that he has received no communication from the photographer. The Project Manager has tried to call the photographer and has had no response. The Project Manager believes there is a risk that Portraits Ltd are overbooking work and prioritizing other clients' work. If Portraits ltd do not deliver on schedule the project will be delayed and the expected benefits will be reduced.The contract is to be reviewed and Portraits Ltd reminded of their agreement.The project is now in stage 2. The Project Manager has heard about the possibility of a competitor also producing a calendar to be delivered earlier than the target date for this project. There is a threat that the early release of a competitor's calendar may weaken the impact of the MNO Manufacturing Company calendar, thereby reducing the anticipated benefits of the Calendar project.Using the Project Scenario answer the following question. The Plan for stage 3 has been approved and work has commenced.Column 1 contains a number of issues for this project. Select from Column 2 the appropriate category for each issue. Each selection from Column 2 can be used once, more than once or not at all.Drop down the right answer from column 1 to column 2.
Answer(s): A
HOTSPOTScenarioA photographer from Portraits Ltd, a professional photographic company, has taken on the role of Team Manager after taking some time to understand the requirements of the project. A contract for their services has been set up and is being monitored by the Purchasing Manager and a Work Package has been agreed. This contract specifies that the photographer must arrange a meeting with the Engineering Manager to establish a schedule for the photo sessions to minimize the impact on the Engineering staff. This meeting should have occurred by now.The Engineering Manager was made aware of this requirement but when asked he reported that he has received no communication from the photographer. The Project Manager has tried to call the photographer and has had no response. The Project Manager believes there is a risk that Portraits Ltd are overbooking work and prioritizing other clients' work. If Portraits ltd do not deliver on schedule the project will be delayed and the expected benefits will be reduced.The contract is to be reviewed and Portraits Ltd reminded of their agreement.The project is now in stage 2. The Project Manager has heard about the possibility of a competitor also producing a calendar to be delivered earlier than the target date for this project. There is a threat that the early release of a competitor's calendar may weaken the impact of the MNO Manufacturing Company calendar, thereby reducing the anticipated benefits of the Calendar project.There is a major concern over an apparent lack of control of project documentation.For each concern listed in Column 1, select from Column 2 the configuration management task that could help address the problem. Each selection from Column 2 can be used once, more than once or not at all.
Which of the following statements is False regarding the Risk Management Strategy?
A) Incorrect: The Risk Management Strategy does not claim to capture and maintain all relevant information on identified threats and opportunities; this function is more fully addressed by the Risk Log and ongoing risk management processes. It defines approach, roles, timing, and tolerances, not exhaustive data capture.B) True: The strategy documents risk tolerances per PRINCE2, guiding assessment and decision thresholds.C) True: It sets the overall approach to risk, including methods, responsibilities, and timing.D) True: It assigns responsibilities for risk management activities within the project.
There are four steps in the Risk Management procedure, what are they?
Answer(s): C
A concise explanation of the correct answer and why others are wrong.C) Identify, Assess, Plan, ImplementIdentify establishes risk contexts and sources; Assess evaluates likelihood and impact; Plan defines risk responses and actions; Implement executes the responses. This aligns with PRINCE2 risk management procedure.A) Identify, Assess, Resource, Implement - includes Resource which is not a named step.B) Identify, Evaluate, Resource, Implement - uses Evaluate and Resource instead of Plan and correct terminology.D) Identify, Evaluate, Plan, Implement - uses Evaluate instead of Assess.
Which of the following risk responses can be used for either an opportunity or a threat?
Answer(s): B
A brief summary: Sharing is a risk response that can apply to both opportunities and threats by transferring ownership or risk to another party to exploit or mitigate.A) Reduce? Only mitigates threats or reduces impact of negative risks; not applicable to opportunities.B) Share? Correct; common to both directions—transfer or allocate risk to others to exploit the opportunity or mitigate the threat.C) Reject? Typically a threat response; not used for opportunities.D) Enhance? Specific to opportunities to increase probability/benefit, not applicable to threats.
Which of the following reports does not contain any information on risk?
A) The Issue Report does not contain information on risk. The Issue Report records problems, concerns, or changes that need management action, not risk data. B) Highlight Report does contain risk information, highlighting current risks and issues to ensure senior management awareness. C) Lessons Report covers learnings from previous stages, including risk management performance and risk responses. D) End Stage Report includes assessment of risk outcomes and overall risk exposure for the stage. Therefore only A omits risk information.
Which of the following statements best describes what a risk owner is?
A risk owner is responsible for management, monitoring and control of all aspects of a risk.A) Incorrect: "Best placed" describes a duty holder’s position, not the full ownership scope required for risk management.B) Incorrect: Carrying out response actions is one activity; ownership entails responsibility across all aspects, not just action execution.C) Correct: Aligns with PRINCE2 definition of risk ownership, encompassing responsibility for all aspects of a risk.D) Incorrect: Reporting to the project manager is a communication task, not the core accountability of risk ownership.
Who is responsible for reviewing the risk management practices to ensure they are in line with the project's risk management strategy?
Answer(s): D
, Change Theme
Post your Comments and Discuss PRINCE2 PRINCE2 7 Practitioner exam prep with other Community members:
Our website is free, but we have to fight against AI bots and content theft. We're sorry for the inconvenience caused by these security measures. You can access the rest of the PRINCE2 7 Practitioner content, but please register or login to continue.