CompTIA Updated PK0-005 Exam Questions and Answers by elyas

Transfer is a risk management strategy that involves shifting the responsibility or impact of a risk to a third party, such as an insurance company, a vendor, or a contractor1. By buying an extended warranty for a set of servers, the project manager is transferring the risk of server failure or malfunction to the warranty provider, who will cover the cost of repair or replacement in case of a risk event. This way, the project manager reduces the exposure and liability of the project to the risk, while still retaining some level of accountability and oversight2. References = CompTIA Project+ PK0-005 Certification Study Guide, Chapter 8: Planning Projects Part 4, page 245; 4 Risk Management Strategies for Successful Project Execution, Risk transferring section; How to Manage Project Risk: A 5-Step Guide, Risk treatment section.

Identifying business needs and product descriptions is a crucial first step in project initiation, as it defines the project's purpose and scope. This step is in line with CompTIA Project+ practices for understanding and documenting project requirements.

A project manager did not release the resources. A project manager not releasing the resources could most likely be the cause of this issue where several employees’ allocations from the past month appear to be 200% even though they are only assigned to a particular project. Releasing resources is a process of freeing up or reallocating any human or material resources that were used for a project after its completion or closure. Releasing resources can help to update the resource availability and utilization records and avoid any conflicts or errors in resource allocation or reporting.

 The project manager should make an impact assessment after being informed that the delivery of required IT equipment will be delayed. An impact assessment is a process of analyzing and evaluating how a change or an issue may affect the scope, schedule, cost, quality, or risks of a project. An impact assessment can help to determine the severity and implications of the delay on the project objectives and deliverables and identify any possible alternatives or corrective actions to minimize or avoid its negative effects.