Question 1

Risks are evaluated in terms of

Accepted Answer

A)  likelihood and cost. 
B)  cost and schedule. 
C)  impact and cost. 
D)  time and impact. 
E)  likelihood and impact. 
A)  likelihood and cost. 
B)  cost and schedule. 
C)  impact and cost. 
D)  time and impact. 
E)  likelihood and impact.

Question 2

The cost impact of a risk event occurring as a project proceeds through its life cycle tends to

Accepted Answer

A)  rise sharply. 
B)  drop sharply and then level out. 
C)  rise sharply and then level out. 
D)  remain about the same. 
E)  slowly drop. 
A)  rise sharply. 
B)  drop sharply and then level out. 
C)  rise sharply and then level out. 
D)  remain about the same. 
E)  slowly drop.

Question 3

Choosing to move a concert indoors to eliminate the threat of bad weather is an example of ____________ a risk.

Accepted Answer

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

Question 4

One common mistake made early in the risk identification process is to

Accepted Answer

A)  not consider all possibilities. 
B)  encourage participants be over optimistic. 
C)  support participants being over pessimistic. 
D)  focus on consequences and not on the events that could produce consequences. 
E)  give too much attention to past events. 
A)  not consider all possibilities. 
B)  encourage participants be over optimistic. 
C)  support participants being over pessimistic. 
D)  focus on consequences and not on the events that could produce consequences. 
E)  give too much attention to past events.

Question 5

Risk events that occur in the early stages of a project will have a greater cost impact than those that occur in later stages.

Accepted Answer

A) True 
 B)False

Question 6

Identify and briefly describe the four steps in the risk management process.

Accepted Answer

Risk Response Control-the actu

Question 7

What is the risk value of a risk whose impact score is 5, whose probability score is 5 and whose detection score is 1?

Accepted Answer

A)  5 
B)  25 
C)  125 
D)  11 
E)  10 
A)  5 
B)  25 
C)  125 
D)  11 
E)  10

Question 8

Flooding would be devastating to the project; however, it is very unlikely. The project manager is most likely to __________ this risk.

Accepted Answer

A)  prepare for 
B)  retain 
C)  diminish 
D)  distribute 
E)  acknowledge 
A)  prepare for 
B)  retain 
C)  diminish 
D)  distribute 
E)  acknowledge

Question 9

Contingency reserves are set up to cover identified risks associated with specific segments of a project while management reserves are set up to cover unidentified risks associated with the total project.

Accepted Answer

A) True 
 B)False

Question 10

The likelihood of a risk occurring _____ as a project goes through its life cycle.

Accepted Answer

A)  increases 
B)  decreases 
C)  moderates 
D)  amplifies 
E)  becomes more probable 
A)  increases 
B)  decreases 
C)  moderates 
D)  amplifies 
E)  becomes more probable

Question 11

Having an environment where identified risks are treated professionally will lead to better control of risks.

Accepted Answer

A) True 
 B)False

Question 12

The risk assessment form contains all of the following EXCEPT

Accepted Answer

A)  likelihood of the risk event occurring. 
B)  potential impact of the risk event. 
C)  who will detect the occurrence of the risk event. 
D)  difficulty of detecting the occurrence of the risk event. 
E)  when the risk event may occur. 
A)  likelihood of the risk event occurring. 
B)  potential impact of the risk event. 
C)  who will detect the occurrence of the risk event. 
D)  difficulty of detecting the occurrence of the risk event. 
E)  when the risk event may occur.

Question 13

Which of the following risks are likely to be retained?

Accepted Answer

A)  Risks of high consequence 
B)  Risks of low likelihood 
C)  Risks of high likelihood 
D)  Risks that are escalated 
E)  Risks that are transferred 
A)  Risks of high consequence 
B)  Risks of low likelihood 
C)  Risks of high likelihood 
D)  Risks that are escalated 
E)  Risks that are transferred

Question 14

What is the difference between contingency reserves and management reserves?

Accepted Answer

Contingency reserves are controlled by t

Question 15

Which of the following is NOT included in a Failure Mode and Effects Analysis?

Accepted Answer

A)  Impact 
B)  Probability 
C)  Detection 
D)  Risk value 
E)  All of these are included 
A)  Impact 
B)  Probability 
C)  Detection 
D)  Risk value 
E)  All of these are included

Question 16

The project being delayed is an example of a major risk that should be assessed.

Accepted Answer

A) True 
 B)False

Question 17

The attempt to recognize and manage potential and unforeseen trouble spots that may occur when a project is implemented is known as

Accepted Answer

A)  risk forecasting. 
B)  risk management. 
C)  contingency planning. 
D)  scenario analysis. 
E)  disaster protection. 
A)  risk forecasting. 
B)  risk management. 
C)  contingency planning. 
D)  scenario analysis. 
E)  disaster protection.

Question 18

Adopting proven technology instead of experimental technology is an example of mitigating a risk.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following is NOT one of the potential responses to a specific risk event?

Accepted Answer

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

Question 20

Most changes on a project are related to

Accepted Answer

A)  scope changes. 
B)  improvement changes. 
C)  implementing contingency plans. 
D)  customer-driven changes to requirements. 
E)  All of these alternatives are correct. 
A)  scope changes. 
B)  improvement changes. 
C)  implementing contingency plans. 
D)  customer-driven changes to requirements. 
E)  All of these alternatives are correct.

Risks are evaluated in terms of

The cost impact of a risk event occurring as a project proceeds through its life cycle tends to

Choosing to move a concert indoors to eliminate the threat of bad weather is an example of ____________ a risk.

One common mistake made early in the risk identification process is to

Risk events that occur in the early stages of a project will have a greater cost impact than those that occur in later stages.

Identify and briefly describe the four steps in the risk management process.

What is the risk value of a risk whose impact score is 5, whose probability score is 5 and whose detection score is 1?

Flooding would be devastating to the project; however, it is very unlikely. The project manager is most likely to __________ this risk.

Contingency reserves are set up to cover identified risks associated with specific segments of a project while management reserves are set up to cover unidentified risks associated with the total project.

The likelihood of a risk occurring _____ as a project goes through its life cycle.

Having an environment where identified risks are treated professionally will lead to better control of risks.

The risk assessment form contains all of the following EXCEPT

Which of the following risks are likely to be retained?

What is the difference between contingency reserves and management reserves?

Which of the following is NOT included in a Failure Mode and Effects Analysis?

The project being delayed is an example of a major risk that should be assessed.

The attempt to recognize and manage potential and unforeseen trouble spots that may occur when a project is implemented is known as

Adopting proven technology instead of experimental technology is an example of mitigating a risk.

Which of the following is NOT one of the potential responses to a specific risk event?

Most changes on a project are related to

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

Risks are evaluated in terms of

The cost impact of a risk event occurring as a project proceeds through its life cycle tends to

Choosing to move a concert indoors to eliminate the threat of bad weather is an example of ____________ a risk.

One common mistake made early in the risk identification process is to

Risk events that occur in the early stages of a project will have a greater cost impact than those that occur in later stages.

Identify and briefly describe the four steps in the risk management process.

What is the risk value of a risk whose impact score is 5, whose probability score is 5 and whose detection score is 1?

Flooding would be devastating to the project; however, it is very unlikely. The project manager is most likely to __________ this risk.

Contingency reserves are set up to cover identified risks associated with specific segments of a project while management reserves are set up to cover unidentified risks associated with the total project.

The likelihood of a risk occurring _____ as a project goes through its life cycle.

Having an environment where identified risks are treated professionally will lead to better control of risks.

The risk assessment form contains all of the following EXCEPT

Which of the following risks are likely to be retained?

What is the difference between contingency reserves and management reserves?

Which of the following is NOT included in a Failure Mode and Effects Analysis?

The project being delayed is an example of a major risk that should be assessed.

The attempt to recognize and manage potential and unforeseen trouble spots that may occur when a project is implemented is known as

Adopting proven technology instead of experimental technology is an example of mitigating a risk.

Which of the following is NOT one of the potential responses to a specific risk event?

Most changes on a project are related to

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