Question 1

____ involves determining the likelihood that the risk event will occur and the degree of impact the event will have on the project objective.

Accepted Answer

A)  Priority alignment 
B)  Responding to a risk 
C)  Assessing each risk 
D)  Risk planning 
A)  Priority alignment 
B)  Responding to a risk 
C)  Assessing each risk 
D)  Risk planning

Question 2

A good forum for regularly reviewing, updating, and addressing risks is

Accepted Answer

A)  phone conversation with project stakeholders. 
B)  project meeting. 
C)  during social events to get inside information from others. 
D)  the meeting for addressing the risk after it has occurred. 
A)  phone conversation with project stakeholders. 
B)  project meeting. 
C)  during social events to get inside information from others. 
D)  the meeting for addressing the risk after it has occurred.

Question 3

Establishing risk categories may help to identify and evaluate risks.List some categories to help identify risks.

Accepted Answer

Some categories are

Question 4

____ 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)  Risk response 
B)  Risk management 
C)  Risk responsibility 
D)  Risk acceptance and avoidance 
A)  Risk response 
B)  Risk management 
C)  Risk responsibility 
D)  Risk acceptance and avoidance

Question 5

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

Accepted Answer

A)  reactively 
B)  inactively 
C)  hyperactively 
D)  proactively 
A)  reactively 
B)  inactively 
C)  hyperactively 
D)  proactively

Question 6

A risk is an uncertain event that, if it occurs,

Accepted Answer

A)  must be accepted. 
B)  can jeopardize accomplishing the project objective. 
C)  must be avoided. 
D)  helps to achieve the project objective. 
A)  must be accepted. 
B)  can jeopardize accomplishing the project objective. 
C)  must be avoided. 
D)  helps to achieve the project objective.

Question 7

A risk is an uncertain event that, if it occurs, can jeopardize accomplishing the project objective.

Accepted Answer

A) True 
 B)False

Question 8

How do the initial risks identified change as the project progresses?

Accepted Answer

A)  The risks are the same as the project progresses. 
B)  Some risks at the start of the project are no longer risks as the project progresses. 
C)  The sponsor identified all the risks while writing the project charter. 
D)  The risks always increase as the project progresses. 
A)  The risks are the same as the project progresses. 
B)  Some risks at the start of the project are no longer risks as the project progresses. 
C)  The sponsor identified all the risks while writing the project charter. 
D)  The risks always increase as the project progresses.

Question 9

A contingency or management reserve to pay for additional costs associated with implementing response plans should be

Accepted Answer

A)  absorbed as a cost of doing business. 
B)  planned into the project prices and budgets. 
C)  requested to be paid by the project sponsor in addition to the costs of doing the project. 
D)  added to the budget of the next project with the same sponsor. 
A)  absorbed as a cost of doing business. 
B)  planned into the project prices and budgets. 
C)  requested to be paid by the project sponsor in addition to the costs of doing the project. 
D)  added to the budget of the next project with the same sponsor.

Question 10

Risk management involves identifying, assessing, and responding to project risks to

Accepted Answer

A)  add extra costs to the project 
B)  pass the expense of the risks to the customer 
C)  reduce the likelihood of occurrence and their potential impact 
D)  inform the project team so they can ignore the consequences 
A)  add extra costs to the project 
B)  pass the expense of the risks to the customer 
C)  reduce the likelihood of occurrence and their potential impact 
D)  inform the project team so they can ignore the consequences

Question 11

____ involves regularly reviewing the risk management matrix throughout the project.

Accepted Answer

A)  Risk assessing 
B)  Risk planning 
C)  Risk monitoring 
D)  Risk avoidance 
A)  Risk assessing 
B)  Risk planning 
C)  Risk monitoring 
D)  Risk avoidance

Question 12

The project team can progressively elaborate and identify new risks as more information is known or becomes clear.

Accepted Answer

A) True 
 B)False

Question 13

A common approach to identifying the sources of risks is

Accepted Answer

A)  brainstorming. 
B)  developing a contingency plan. 
C)  elaboration. 
D)  evaluating the probability. 
A)  brainstorming. 
B)  developing a contingency plan. 
C)  elaboration. 
D)  evaluating the probability.

Question 14

Project prices and budgets should include ____ to pay for additional costs associated with implementing response plans.

Accepted Answer

A)  a padded budget 
B)  a contingency or management reserve 
C)  expenses for other charges in the office to help 
D)  extra overhead 
A)  a padded budget 
B)  a contingency or management reserve 
C)  expenses for other charges in the office to help 
D)  extra overhead

Question 15

Risks are prioritized based on

Accepted Answer

A)  the likelihood of occurrence and degree of impact. 
B)  the order they are identified. 
C)  the gut feeling of the project team. 
D)  the priorities set in a different project. 
A)  the likelihood of occurrence and degree of impact. 
B)  the order they are identified. 
C)  the gut feeling of the project team. 
D)  the priorities set in a different project.

Question 16

To be able to communicate risks to the contractor, sometimes a sponsor identifies major risks for the project in

Accepted Answer

A)  the lessons learned after the project. 
B)  the project charter when the project is authorized. 
C)  the contract for service. 
D)  the project evaluation meeting. 
A)  the lessons learned after the project. 
B)  the project charter when the project is authorized. 
C)  the contract for service. 
D)  the project evaluation meeting.

Question 17

____ are a good forum for regularly reviewing, updating, and addressing risks.

Accepted Answer

A)  Social gatherings of the team 
B)  Project meetings 
C)  Problem solving meetings 
D)  Project planning meetings 
A)  Social gatherings of the team 
B)  Project meetings 
C)  Problem solving meetings 
D)  Project planning meetings

Question 18

The project manager needs to set the tone for encouraging open and timely discussion of risks among the project team.

Accepted Answer

A) True 
 B)False

Question 19

____ risk involves determining the likelihood that the risk event will occur and the degree of impact the event will have on the project objective.

Accepted Answer

A)  Assessing 
B)  Identifying 
C)  Response planning 
D)  Monitoring 
A)  Assessing 
B)  Identifying 
C)  Response planning 
D)  Monitoring

Question 20

With knowledge of potential risks, the contractor can include contingency or management reserve amounts in the bid price.

Accepted Answer

A) True 
 B)False

____ involves determining the likelihood that the risk event will occur and the degree of impact the event will have on the project objective.

A good forum for regularly reviewing, updating, and addressing risks is

Establishing risk categories may help to identify and evaluate risks.List some categories to help identify risks.

____ 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.

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

A risk is an uncertain event that, if it occurs,

A risk is an uncertain event that, if it occurs, can jeopardize accomplishing the project objective.

How do the initial risks identified change as the project progresses?

A contingency or management reserve to pay for additional costs associated with implementing response plans should be

Risk management involves identifying, assessing, and responding to project risks to

____ involves regularly reviewing the risk management matrix throughout the project.

The project team can progressively elaborate and identify new risks as more information is known or becomes clear.

A common approach to identifying the sources of risks is

Project prices and budgets should include ____ to pay for additional costs associated with implementing response plans.

Risks are prioritized based on

To be able to communicate risks to the contractor, sometimes a sponsor identifies major risks for the project in

____ are a good forum for regularly reviewing, updating, and addressing risks.

The project manager needs to set the tone for encouraging open and timely discussion of risks among the project team.

____ risk involves determining the likelihood that the risk event will occur and the degree of impact the event will have on the project objective.

With knowledge of potential risks, the contractor can include contingency or management reserve amounts in the bid price.

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

____ involves determining the likelihood that the risk event will occur and the degree of impact the event will have on the project objective.

A good forum for regularly reviewing, updating, and addressing risks is

Establishing risk categories may help to identify and evaluate risks.List some categories to help identify risks.

____ 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.

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

A risk is an uncertain event that, if it occurs,

A risk is an uncertain event that, if it occurs, can jeopardize accomplishing the project objective.

How do the initial risks identified change as the project progresses?

A contingency or management reserve to pay for additional costs associated with implementing response plans should be

Risk management involves identifying, assessing, and responding to project risks to

____ involves regularly reviewing the risk management matrix throughout the project.

The project team can progressively elaborate and identify new risks as more information is known or becomes clear.

A common approach to identifying the sources of risks is

Project prices and budgets should include ____ to pay for additional costs associated with implementing response plans.

Risks are prioritized based on

To be able to communicate risks to the contractor, sometimes a sponsor identifies major risks for the project in

____ are a good forum for regularly reviewing, updating, and addressing risks.

The project manager needs to set the tone for encouraging open and timely discussion of risks among the project team.

____ risk involves determining the likelihood that the risk event will occur and the degree of impact the event will have on the project objective.

With knowledge of potential risks, the contractor can include contingency or management reserve amounts in the bid price.

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