Exam 8: Managing Risk

___ is the possibility that an unwarranted circumstance will occur that can result in some loss.

Risks can be prioritized based on

Some level of risk planning should be done during the initiating phase of the project life cycle to make sure that a contractor understands the risks involved with bidding on a proposed project.

This involves taking action to reduce the likelihood that the risk event will occur or reducing the potential impact.

____ is a list of the potential outcomes if the risk were to occur.

____ contains the steps for how to mitigate the risk if it should occur during the project.

Risk response planning involves all the following except

____ includes determining which risks may adversely affect the project objective and what the impact of each risk might be if it occurs.

____ involves developing an action plan to reduce the likelihood of occurrence or potential impact of each risk, establishing a trigger point for when to implement the actions to address each risk, and assigning responsibility to specific individuals for implementing each response plan.

For risks that have occurred in a project, the team should

Which of the following is not an example of a risk?

Managing risk includes taking action to foster the likelihood of occurrence or the impact of such unfavorable events.