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1.  Decision tree analysis is used to calculate the average outcome when the future includes scenarios that may or may not happen. What is the input and output in a decision node?

   A) Input: Cost of each decision Output: Probability of occurrence
   B) Input: Cost of each decision Output: Decision made
   C) Input: Scenario probability Output: Expected Monetary Value (EMV)
   D) Input: Cost of each decision Output: Payoff
   

2.  Sensitivity analysis helps to determine which risks have the most potential impact on the project. A project manager prepared a display chart of sensitivity analysis for his project. The diagram contained a series of bars with the length of the bars corresponding to the risk impact on the project. The longer the bars, the greater was the risk presented. Such a diagram is likely to be:

   A) An assessment diagram
   B) A triangular distribution
   C) A tornado diagram
   D) A funnel distribution
   

3.   As part of a strategy to handle negative risk, a project manager decided to adopt less complex processes, conduct more tests and choose a more stable supplier. What strategy would this be classified as?

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

4.  A number of identified risks occurred early in a project. As a result, most of the project objectives ended up in jeopardy. The project manager decided to present a case to management that the project be closed down. This is an example of:

   A) Risk Acceptance
   B) Risk Mitigation
   C) Risk Avoidance
   D) Risk Transfer
   

5.   A project manager is considering risk in a project. When does risk come into play in a project?

   A) During the SWOT (strengths, weaknesses, opportunities, and threats) analysis.
   B) During the Identify Risks phase.
   C) As soon as the Plan Risk Management phase begins
   D) As soon as a project is conceived