Exam 8: Managing Risk

Risks ____ should be given higher priority because if the risk occurs, it would have a greater impact on the schedule than if it was associated with activities on a path that has a large positive value of total slack.

Track and document which risks ____ and the impact of those risks.

A risk is

If the risks seem ____, the contractor may decide to not bid on a proposed project.

The most common method of identifying the sources of risks is:

____ can be to avoid the risk, mitigate the risk, or accept the risk.

The possible impact for rain or snow on the day of an event is

____ is a rating of low, medium, or high based upon the expected probability of a risk occurring during the project.

Establishing risk categories may help to identify and evaluate risks.Some categories to help identify risks include all the following except:

Risks may change as the project progresses and should be reflected in

____ includes taking action to prevent or minimize the likelihood of occurrence or the impact of such unfavorable events.

The possible response plan for vendor delay in delivery of critical equipment is

____ is a rating of low, medium, or high based on the expected level of change in completing the project's objective if the risk were to occur during the project.

Waiting for unfavorable events to occur and then reacting to them

Some level of risk planning should be done during ____ of the project life cycle to make sure that a contractor understands the risks involved with bidding on a proposed project.With knowledge of potential risks, the contractor can include contingency or management reserve amounts in the bid price.

The project team should not change the estimated impacts of previously identified risks as the project progresses.

Waiting for problematic events to occur and then reacting to them can result in panic and costly responses.

Regularly review and evaluate ____ to determine if there are any changes to the likelihood of occurrence or the potential impact of any of the risks.

Addressing risks proactively will increase the chances of accomplishing the project objective.

Historical information from past projects is another source that can be helpful in identifying possible risks.