Questions and Answers: 166
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NEW QUESTION: 1
Often in working as a project manager, it is easy to overlook key stakeholders. Assume you work for a device manufacturer and are working as the project manager for the next generation valve replacement.
Your company has been a leader in this market, which means you have a lot of lessons learned available to you. Your project is scheduled to last four years. As a best practice, you should______________
A. Work actively with your company's Knowledge Management Officer
B. Work actively with members of your Governance Board
C. Work actively with members of your company's Portfolio Review Board
D. Consult regularly with your program manager
Answer: B
Explanation:
Explanation/Reference:
Explanation:
New product development organizations are noted for setting up Governance Boards to oversee projects.
Additionally in this situation, it is a long project that is important to the company. Project governance ensures the alignment of the project with stakeholder needs and expectations and is critical to the management of stakeholder expectations and to the achievement of organizational objectives.
NEW QUESTION: 2
The following statements illustrate the use of different rating methods by health plans:
The Dover health plan established rates for small groups by using a rating method which requires that the average premium in each group cannot be more than 120% of the average premium for any other group. Under this method, all members of each group pay the same premium, which is based on the experience of the group.
Under the rating method used by the Rolling Hills health plan, the health plan calculates the ratio of a group's experience to the group's historical manual rate. Rolling Hills then multiplies this ratio by the group's future manual rate. Rolling Hills cannot consider the group's experience in determining premium rates.
From the following answer choices, select the response that correctly indicates the rating methods used by Dover and Rolling Hills.
A. Dover = community rating by class (CRC)
Rolling Hills = factored rating
B. Dover = community rating by class (CRC)
Rolling Hills = adjusted community rating (ACR)
C. Dover = modified community rating
Rolling Hills = adjusted community rating (ACR)
D. Dover = modified community rating
Rolling Hills = factored rating
Answer: B
Explanation:
Explanation/Reference:
26
NEW QUESTION: 3
An organization would like to bid on a project, but they don't have enough employees available to complete the work. The organization approaches a competitor with the opportunity to partner on the project to win the work. What type of risk response is used in this instance?
A. Enhancing
B. Transference
C. Mitigation
D. Sharing
Answer: D
Explanation:
Explanation/Reference:
Answer option D is correct.
This is an example of sharing as the organization is sharing the opportunity with another firm. Without the other firm's cooperation the company wouldn't be able to win the contract. Both parties share the risk and the reward for the work.
Answer option A is incorrect. Enhancing is a positive risk event that aims to enhance the conditions that would make a positive risk event likely to occur. For example, a company could add more workers to a project to beat a deadline and win a bonus from the customer.
Answer option C is incorrect. Transference is a negative risk response that transfers the risk to a third party, usually for a fee.
Answer option B is incorrect. Mitigation is a risk response to reduce the probability and/or impact of a negative risk event.
Reference: PHR Exam prep, Pearson Education, ISBN: 978-0-7897-3677-2. Chapter 8: Risk Management.
Official PHR and SPHR Certification Guide, HR Certification Institute, ISBN: 978-1-586-44149-4, Section III, The US HR Body of Knowledge.
Chapter: Risk Management
Objective: Risk Management