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GAQM Associate In Project Management - Exam Topics Sample Questions

Careful and explicit planning enhances the probability of success for other risk management processes. Which of the following is important for providing sufficient resources and time for risk management activities and to establish an agreed- upon basis for evaluating risks?   





Correct Answer:
planning


the correct answer is "planning." planning is a critical component of risk management as it lays the groundwork for all subsequent activities related to identifying, analyzing, and mitigating risks. effective planning serves multiple crucial purposes in risk management.

firstly, careful and explicit planning helps in allocating adequate resources—both time and money—necessary for carrying out risk management activities. without sufficient resources, the risk management process may be underfunded or rushed, leading to poor identification and mitigation of risks. proper planning ensures that adequate resources are available, and risk management activities are given the attention they require.

secondly, planning establishes an agreed-upon basis for evaluating risks. this involves setting the criteria for risk assessment and the methodology to be used, which are essential for consistency and objectivity in the risk management process. this basis helps in the systematic analysis of risks and aids stakeholders in understanding the risks in the same light, which is crucial for effective risk management.

the process of planning for risk management should start as early as when the project is conceived. early planning allows for a comprehensive understanding of the potential risks during the initial phases of the project, where the ability to influence the outcome is highest and the costs for changes are relatively low. completing the planning early in the project lifecycle ensures that risk management is integrated into the overall project plan, rather than being a reactionary measure.

thus, planning is not just one of the many elements of risk management; it is the backbone that supports other processes in identifying, analyzing, and responding to project risks. the effectiveness of risk management is significantly dependent on the quality and thoroughness of the planning phase.

The business case or similar document describes the necessary information from a business standpoint to determine whether or not the project is worth the required investment. It is commonly used for decision making by managers or executives above the project level. Typically, the business need and the cost-benefit analysis are contained in the business case to justify and establish boundaries for the project, and such analysis is usually completed by a business analyst using various stakeholder inputs. The sponsor should agree to the scope and limitations of the business case. The business case is created as a result of all of the following except:





Correct Answer:
not the organizational needs

the business case or similar document describes the necessary information from a business standpoint to determine whether or not the project is worth the required investment. it is commonly used for decision making by managers or executives above the project level. typically, the business need and the cost-benefit analysis are contained in the business case to justify and establish boundaries for the project, and such analysis is usually completed by a business analyst using various stakeholder inputs. the sponsor should agree to the scope and limitations of the business case. the business case is created as a result of market demand (e.g., a car company authorizing a project to build more fuel-efficient cars in response to gasoline shortages). it includes organizational need (e.g., due to high overhead costs a company may combine staff functions and streamline processes to reduce costs.), and customer request (e.g., an electric utility authorizing a project to build a new substation to serve a new industrial park).  technological advance is also created from the business need such as an airline authorizing a new project to develop electronic tickets instead of paper tickets based on technological advances.