Question 1

A possible action trigger for rain or snow on the day of an event is

Accepted Answer

A)  reserve an indoor space for the event. 
B)  low attendance at the event. 
C)  review the weather report two days before the event. 
D)  move the event to the rain date scheduled. 
A)  reserve an indoor space for the event. 
B)  low attendance at the event. 
C)  review the weather report two days before the event. 
D)  move the event to the rain date scheduled.

Question 2

A defined set of actions to prevent or reduce the likelihood of occurrence or the impact of risk is the

Accepted Answer

A)  risk assessment matrix 
B)  the action trigger 
C)  risk identification brainstorming session 
D)  risk response plan 
A)  risk assessment matrix 
B)  the action trigger 
C)  risk identification brainstorming session 
D)  risk response plan

Question 3

____ is a defined set of actions to prevent or reduce the likelihood of occurrence or the impact of a risk, or to implement if the risk event occurs.

Accepted Answer

A)  A risk response plan 
B)  A risk assessment 
C)  A risk management strategy 
D)  A risk impact statement 
A)  A risk response plan 
B)  A risk assessment 
C)  A risk management strategy 
D)  A risk impact statement

Question 4

The risks should be those that are somewhat likely to occur and/or can have a significant positive impact on accomplishing the project objective.

Accepted Answer

A) True 
 B)False

Question 5

____ is the warning flag for when to implement the action plan for the risk.

Accepted Answer

A)  The action trigger 
B)  The priority order 
C)  The mitigation plan 
D)  The degree of impact 
A)  The action trigger 
B)  The priority order 
C)  The mitigation plan 
D)  The degree of impact

Question 6

The agenda for project status review meetings should include an item for:

Accepted Answer

A)  risk assessment 
B)  risk identification 
C)  risk monitoring 
D)  risk contingency matrix 
A)  risk assessment 
B)  risk identification 
C)  risk monitoring 
D)  risk contingency matrix

Question 7

A risk assessment matrix is a tool for

Accepted Answer

A)  making a person responsible for the risk. 
B)  stating if the risk will be avoided, accepted, or mitigated. 
C)  examining the results of the project. 
D)  assessing and managing risks. 
A)  making a person responsible for the risk. 
B)  stating if the risk will be avoided, accepted, or mitigated. 
C)  examining the results of the project. 
D)  assessing and managing risks.

Question 8

A realistic approach to managing risk is to

Accepted Answer

A)  wait until the risk occurs then manage it. 
B)  brainstorm possible risks and assess their likelihood of occurrence and level of impact. 
C)  determine all the possible risks that could occur and add in contingencies into the project. 
D)  have a staff member assigned to only work on mitigating risks for projects. 
A)  wait until the risk occurs then manage it. 
B)  brainstorm possible risks and assess their likelihood of occurrence and level of impact. 
C)  determine all the possible risks that could occur and add in contingencies into the project. 
D)  have a staff member assigned to only work on mitigating risks for projects.

Question 9

As the project progresses, the project team should

Accepted Answer

A)  expect the risks to remain the same throughout to project. 
B)  incorporate a new technology system to manage risks even if the system wasn't on their project plan. 
C)  regularly review the risk management matrix to evaluate any changes. 
D)  change the project scope just in case the remaining identified risks occur. 
A)  expect the risks to remain the same throughout to project. 
B)  incorporate a new technology system to manage risks even if the system wasn't on their project plan. 
C)  regularly review the risk management matrix to evaluate any changes. 
D)  change the project scope just in case the remaining identified risks occur.

Question 10

Which of the following statements about risks is true?

Accepted Answer

A)  Risks only occur in projects that are long term projects. 
B)  Risks are higher in long term projects. 
C)  The consequence of a risk can be positive for the project. 
D)  Only risks that impact the critical path of the project are important to mitigate. 
A)  Risks only occur in projects that are long term projects. 
B)  Risks are higher in long term projects. 
C)  The consequence of a risk can be positive for the project. 
D)  Only risks that impact the critical path of the project are important to mitigate.

Question 11

When assigning responsibility for a risk, it is best to

Accepted Answer

A)  assign responsibility to more than one person. 
B)  assign responsibility to a single person. 
C)  assign responsibility to the project team. 
D)  not assign responsibility to those risks with low risk of occurrence. 
A)  assign responsibility to more than one person. 
B)  assign responsibility to a single person. 
C)  assign responsibility to the project team. 
D)  not assign responsibility to those risks with low risk of occurrence.

Question 12

The trigger point in the risk response plan is when the project team should

Accepted Answer

A)  implement the action plan for each risk. 
B)  stop working on the project because it cannot be completed. 
C)  avoid the risk by moving onto the next activity. 
D)  brainstorm for ideas on how to manage the risk. 
A)  implement the action plan for each risk. 
B)  stop working on the project because it cannot be completed. 
C)  avoid the risk by moving onto the next activity. 
D)  brainstorm for ideas on how to manage the risk.

Question 13

Risk ____ involves identifying, assessing, and responding to project risks in order to minimize the likelihood and impact of the consequences of adverse events on the achievement of the project objective.

Accepted Answer

A)  management 
B)  assessment 
C)  identification 
D)  response generation 
A)  management 
B)  assessment 
C)  identification 
D)  response generation

Question 14

Risks on the critical path should be

Accepted Answer

A)  given lower priority than those activities with positive total slack. 
B)  given equal priority than those activities with positive total slack. 
C)  given higher priority than those activities with positive total slack. 
D)  given higher priority than those activities with no total slack. 
A)  given lower priority than those activities with positive total slack. 
B)  given equal priority than those activities with positive total slack. 
C)  given higher priority than those activities with positive total slack. 
D)  given higher priority than those activities with no total slack.

Question 15

A risk response plan can

Accepted Answer

A)  ignore the risk or pay for the risk. 
B)  examine the risk. 
C)  avoid the risk, mitigate the risk, or accept the risk. 
D)  record the risk for lessons learned. 
A)  ignore the risk or pay for the risk. 
B)  examine the risk. 
C)  avoid the risk, mitigate the risk, or accept the risk. 
D)  record the risk for lessons learned.

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

Risk management involves identifying, assessing, and responding to project risks in order to minimize the likelihood of occurrence and/or potential impact of adverse events on the accomplishment of the project objective.

Accepted Answer

A) True 
 B)False

Question 18

The _______ should be those that are somewhat likely to occur and/or can have a significant negative impact on accomplishing the project objective.

Accepted Answer

A)  risk response plans 
B)  action triggers 
C)  impacts 
D)  risks 
A)  risk response plans 
B)  action triggers 
C)  impacts 
D)  risks

Question 19

Risk identification is determining which risks may adversely affect the development of the project work breakdown structure and what the impact of each risk might be if it occurs.

Accepted Answer

A) True 
 B)False

Question 20

Risks can be identified by using all the following except:

Accepted Answer

A)  historical information. 
B)  progressive elaboration. 
C)  previously identified risks. 
D)  ignoring potential problems. 
A)  historical information. 
B)  progressive elaboration. 
C)  previously identified risks. 
D)  ignoring potential problems.

A possible action trigger for rain or snow on the day of an event is

A defined set of actions to prevent or reduce the likelihood of occurrence or the impact of risk is the

____ is a defined set of actions to prevent or reduce the likelihood of occurrence or the impact of a risk, or to implement if the risk event occurs.

The risks should be those that are somewhat likely to occur and/or can have a significant positive impact on accomplishing the project objective.

____ is the warning flag for when to implement the action plan for the risk.

The agenda for project status review meetings should include an item for:

A risk assessment matrix is a tool for

A realistic approach to managing risk is to

As the project progresses, the project team should

Which of the following statements about risks is true?

When assigning responsibility for a risk, it is best to

The trigger point in the risk response plan is when the project team should

Risk ____ involves identifying, assessing, and responding to project risks in order to minimize the likelihood and impact of the consequences of adverse events on the achievement of the project objective.

Risks on the critical path should be

A risk response plan can

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

Risk management involves identifying, assessing, and responding to project risks in order to minimize the likelihood of occurrence and/or potential impact of adverse events on the accomplishment of the project objective.

The _______ should be those that are somewhat likely to occur and/or can have a significant negative impact on accomplishing the project objective.

Risk identification is determining which risks may adversely affect the development of the project work breakdown structure and what the impact of each risk might be if it occurs.

Risks can be identified by using all the following except:

Project Management Concepts

Identifying and Selecting Projects

Developing Project Proposals

Defining Scope, Quality, Responsibility, and Activity Sequence

Developing the Schedule

Resource Utilization

Determining Costs, Budget and Earned Value

Closing the Project

The Project Manager

The Project Team

Project Communication and Documentation

Project Management Organizational Structures

Filters

Exam 8: Managing Risk

A possible action trigger for rain or snow on the day of an event is

A defined set of actions to prevent or reduce the likelihood of occurrence or the impact of risk is the

____ is a defined set of actions to prevent or reduce the likelihood of occurrence or the impact of a risk, or to implement if the risk event occurs.

The risks should be those that are somewhat likely to occur and/or can have a significant positive impact on accomplishing the project objective.

____ is the warning flag for when to implement the action plan for the risk.

The agenda for project status review meetings should include an item for:

A risk assessment matrix is a tool for

A realistic approach to managing risk is to

As the project progresses, the project team should

Which of the following statements about risks is true?

When assigning responsibility for a risk, it is best to

The trigger point in the risk response plan is when the project team should

Risk ____ involves identifying, assessing, and responding to project risks in order to minimize the likelihood and impact of the consequences of adverse events on the achievement of the project objective.

Risks on the critical path should be

A risk response plan can

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

Risk management involves identifying, assessing, and responding to project risks in order to minimize the likelihood of occurrence and/or potential impact of adverse events on the accomplishment of the project objective.

The _______ should be those that are somewhat likely to occur and/or can have a significant negative impact on accomplishing the project objective.

Risk identification is determining which risks may adversely affect the development of the project work breakdown structure and what the impact of each risk might be if it occurs.

Risks can be identified by using all the following except:

Project Management Concepts

Identifying and Selecting Projects

Developing Project Proposals

Defining Scope, Quality, Responsibility, and Activity Sequence

Developing the Schedule

Resource Utilization

Determining Costs, Budget and Earned Value

Closing the Project

The Project Manager

The Project Team

Project Communication and Documentation

Project Management Organizational Structures

Filters