Question 1

Contingency funding is made up of contingency reserves and management reserves.

Accepted Answer

A) True 
 B)False

Question 2

A Risk Response Matrix contains all of the following EXCEPT

Accepted Answer

A)  a contingency plan. 
B)  a trigger. 
C)  who is responsible. 
D)  a response. 
E)  when the risk will occur. 
A)  a contingency plan. 
B)  a trigger. 
C)  who is responsible. 
D)  a response. 
E)  when the risk will occur.

Question 3

One of the choices below refers to major unforeseen risks and endeavors to supply funds for the same. Which choice is it?

Accepted Answer

A)  Project reserves 
B)  Management reserves 
C)  Time buffers 
D)  Activity reserves 
E)  Contingency reserves 
A)  Project reserves 
B)  Management reserves 
C)  Time buffers 
D)  Activity reserves 
E)  Contingency reserves

Question 4

The event or point in time when a contingency plan will be implemented is called a(n) _________.

Accepted Answer

A)  trigger 
B)  milestone 
C)  threshold 
D)  contingency event 
E)  execute event 
A)  trigger 
B)  milestone 
C)  threshold 
D)  contingency event 
E)  execute event

Question 5

The risk management tool that is divided into three color-coded zones representing major, moderate, and minor risks is the risk

Accepted Answer

A)  assessment form. 
B)  responsibility matrix. 
C)  scenario assessment. 
D)  impact assessment. 
E)  severity matrix. 
A)  assessment form. 
B)  responsibility matrix. 
C)  scenario assessment. 
D)  impact assessment. 
E)  severity matrix.

Question 6

Adopting proven technology instead of experimental technology in order to eliminate technical failure would be an example of which risk response?

Accepted Answer

A)  Mitigating 
B)  Retaining 
C)  Escalating 
D)  Transferring 
E)  Avoiding 
A)  Mitigating 
B)  Retaining 
C)  Escalating 
D)  Transferring 
E)  Avoiding

Question 7

Although most risks are presented as something not desirable, there can also be desirable risks called Opportunities.

Accepted Answer

A) True 
 B)False

Question 8

A list of questions that address traditional areas of uncertainty on a project is termed a

Accepted Answer

A)  risk profile. 
B)  questionnaire. 
C)  research matrix. 
D)  query. 
E)  checklist. 
A)  risk profile. 
B)  questionnaire. 
C)  research matrix. 
D)  query. 
E)  checklist.

Question 9

Including the change control system within the ________ is a key to a successful project.

Accepted Answer

A)  work breakdown structure 
B)  project baseline 
C)  risk management plan 
D)  work breakdown structure and project baseline 
E)  project baseline and risk management plan 
A)  work breakdown structure 
B)  project baseline 
C)  risk management plan 
D)  work breakdown structure and project baseline 
E)  project baseline and risk management plan

Question 10

When considering risk response development, changing the plan to eliminate the risk or condition is known as ____________ the risk.

Accepted Answer

A)  transferring 
B)  escalating 
C)  avoiding 
D)  retaining 
E)  diminishing 
A)  transferring 
B)  escalating 
C)  avoiding 
D)  retaining 
E)  diminishing

Question 11

The table that shows each risk event as rows while columns will identify the name of the risk, the response to the risk, the contingency plan and the trigger is called what?

Accepted Answer

A)  Responsibility assignment matrix 
B)  Risk response matrix 
C)  Risk identification table 
D)  Risk characterization table 
E)  Risk assessment matrix 
A)  Responsibility assignment matrix 
B)  Risk response matrix 
C)  Risk identification table 
D)  Risk characterization table 
E)  Risk assessment matrix

Question 12

Performance bonds, warranties, and guarantees are financial instruments used to share risk.

Accepted Answer

A) True 
 B)False

Question 13

What kind of plan goes into place should a risk event actually occur?

Accepted Answer

A)  A project plan 
B)  A risk response 
C)  A mitigation plan 
D)  A contingency plan 
E)  An escalation and enhancement plan 
A)  A project plan 
B)  A risk response 
C)  A mitigation plan 
D)  A contingency plan 
E)  An escalation and enhancement plan

Question 14

An uncertain event or condition that, if it occurs, has a positive or negative effect on project objectives is known as a __________.

Accepted Answer

A)  milestone 
B)  risk 
C)  happening 
D)  instant in time 
E)  event whose probability of occurrence is unknown 
A)  milestone 
B)  risk 
C)  happening 
D)  instant in time 
E)  event whose probability of occurrence is unknown

Question 15

This response is used when an identified opportunity is not actively pursued.

Accepted Answer

A)  Exploit 
B)  Share 
C)  Enhance 
D)  Accept 
E)  Escalate 
A)  Exploit 
B)  Share 
C)  Enhance 
D)  Accept 
E)  Escalate

Question 16

A ____________ is an alternative that will be used if a possible foreseen risk event becomes a reality.

Accepted Answer

A)  management plan 
B)  risk management plan 
C)  contingency plan 
D)  alternative plan 
E)  alternative risk plan 
A)  management plan 
B)  risk management plan 
C)  contingency plan 
D)  alternative plan 
E)  alternative risk plan

Question 17

________ reserves are controlled by the project manager and the owner of the project and are used to cover major unforeseen risks to the entire project.

Accepted Answer

A)  Management 
B)  Contingency 
C)  Budgetary 
D)  Unforeseen 
E)  Incidental 
A)  Management 
B)  Contingency 
C)  Budgetary 
D)  Unforeseen 
E)  Incidental

Question 18

The risk associated with the unlikelihood that one of the key members will be struck by lightning would most likely be handled by which of the following?

Accepted Answer

A)  Mitigating 
B)  Retaining 
C)  Escalating 
D)  Transferring 
E)  Avoiding 
A)  Mitigating 
B)  Retaining 
C)  Escalating 
D)  Transferring 
E)  Avoiding

Question 19

Which of the following is NOT one of the steps in the risk management process?

Accepted Answer

A)  Risk response development 
B)  Risk assessment 
C)  Risk identification 
D)  Risk tracking 
E)  Risk response control 
A)  Risk response development 
B)  Risk assessment 
C)  Risk identification 
D)  Risk tracking 
E)  Risk response control

Question 20

The first step in the risk management process is risk assessment.

Accepted Answer

A) True 
 B)False

Contingency funding is made up of contingency reserves and management reserves.

A Risk Response Matrix contains all of the following EXCEPT

One of the choices below refers to major unforeseen risks and endeavors to supply funds for the same. Which choice is it?

The event or point in time when a contingency plan will be implemented is called a(n) _________.

The risk management tool that is divided into three color-coded zones representing major, moderate, and minor risks is the risk

Adopting proven technology instead of experimental technology in order to eliminate technical failure would be an example of which risk response?

Although most risks are presented as something not desirable, there can also be desirable risks called Opportunities.

A list of questions that address traditional areas of uncertainty on a project is termed a

Including the change control system within the ________ is a key to a successful project.

When considering risk response development, changing the plan to eliminate the risk or condition is known as ____________ the risk.

The table that shows each risk event as rows while columns will identify the name of the risk, the response to the risk, the contingency plan and the trigger is called what?

Performance bonds, warranties, and guarantees are financial instruments used to share risk.

What kind of plan goes into place should a risk event actually occur?

An uncertain event or condition that, if it occurs, has a positive or negative effect on project objectives is known as a __________.

This response is used when an identified opportunity is not actively pursued.

A ____________ is an alternative that will be used if a possible foreseen risk event becomes a reality.

________ reserves are controlled by the project manager and the owner of the project and are used to cover major unforeseen risks to the entire project.

The risk associated with the unlikelihood that one of the key members will be struck by lightning would most likely be handled by which of the following?

Which of the following is NOT one of the steps in the risk management process?

The first step in the risk management process is risk assessment.

Modern Project Management

Organization Strategy and Project Selection

Organization: Structure and Culture

Defining the Project

Estimating Project Times and Costs

Developing a Project Schedule

Scheduling Resources and Costs

Reducing Project Duration

Being an Effective Project Manager

Managing Project Teams

Outsourcing: Managing Interorganizational Relations

Progress and Performance Measurement and Evaluation

Project Closure

Agile Project Management

International Projects

Filters

Exam 7: Managing Risk

Contingency funding is made up of contingency reserves and management reserves.

A Risk Response Matrix contains all of the following EXCEPT

One of the choices below refers to major unforeseen risks and endeavors to supply funds for the same. Which choice is it?

The event or point in time when a contingency plan will be implemented is called a(n) _________.

The risk management tool that is divided into three color-coded zones representing major, moderate, and minor risks is the risk

Adopting proven technology instead of experimental technology in order to eliminate technical failure would be an example of which risk response?

Although most risks are presented as something not desirable, there can also be desirable risks called Opportunities.

A list of questions that address traditional areas of uncertainty on a project is termed a

Including the change control system within the ________ is a key to a successful project.

When considering risk response development, changing the plan to eliminate the risk or condition is known as ____________ the risk.

The table that shows each risk event as rows while columns will identify the name of the risk, the response to the risk, the contingency plan and the trigger is called what?

Performance bonds, warranties, and guarantees are financial instruments used to share risk.

What kind of plan goes into place should a risk event actually occur?

An uncertain event or condition that, if it occurs, has a positive or negative effect on project objectives is known as a __________.

This response is used when an identified opportunity is not actively pursued.

A ____________ is an alternative that will be used if a possible foreseen risk event becomes a reality.

________ reserves are controlled by the project manager and the owner of the project and are used to cover major unforeseen risks to the entire project.

The risk associated with the unlikelihood that one of the key members will be struck by lightning would most likely be handled by which of the following?

Which of the following is NOT one of the steps in the risk management process?

The first step in the risk management process is risk assessment.

Modern Project Management

Organization Strategy and Project Selection

Organization: Structure and Culture

Defining the Project

Estimating Project Times and Costs

Developing a Project Schedule

Scheduling Resources and Costs

Reducing Project Duration

Being an Effective Project Manager

Managing Project Teams

Outsourcing: Managing Interorganizational Relations

Progress and Performance Measurement and Evaluation

Project Closure

Agile Project Management

International Projects

Filters