1. Gary has identified a project risk that could injure project team members. He does not want to accept any risk where someone could become injured on this project so he hires a professional vendor to complete this portion of the project work. This workaround to the risk event is known as what type of risk response?

A) Avoidance
B) Mitigation
C) Acceptance
D) Transference



2. Management has asked you to perform a risk audit and report back on the results.Bonny, a project team member asks you what a risk audit is. What do you tell Bonny?

A) A risk audit is a review of the effectiveness of the risk responses in dealing with identified risks and their root causes, as well as the effectiveness of the risk management process.
B) A risk audit is a review of all the risks that have yet to occur and what their probability of happening are.
C) A risk audit is an audit of all the risks that have occurred in the project and what their true impact on cost and time has been.
D) A risk audit is a review of all the risk probability and impact for the risks, which are still present in the project but which have not yet occurred.



3. Wendy is the project manager of the FBL project for your company. She has identified several risks within her project and has created a risk contingency reserve of $45,000 total. Her project is nearly complete and many of the risks have not happened in the project. What should Wendy do with the funds in the contingency reserve?

A) The funds for the risks that have passed and have not happened are transferred to the project budget.
B) The funds remain in the contingency reserve until all of the risks have passed.
C) The funds remain in the contingency reserve until the project is closed.
D) The funds for the risks that have passed and have not happened are released.



4. Which of the following frameworks defines ERM as a process, effected by an entity's board of directors, management, and other personnel, applied in strategy setting and across the enterprise?

A) COBIT
B) COSO ERM framework
C) Casualty Actuarial Society framework
D) Val IT



5. The IT strategy formulation process consists of four steps to provide guidance to all who are involved. Which of the following steps are performed in the IT strategy formulation process? Each correct answer represents a complete solution. Choose all that apply.(Select 3answers)

A) Decide how to get from here to there.
B) Evaluate changes.
C) Assess process maturity.
D) Map out the big picture.