Exam 7: Managing Risk

The significance of a risk is assessed in terms of the _____ and the ______ of the risk.

When considering risk response development, passing risk to another party instead of changing it is known as ____________ the risk.

The probability that a risk event will occur is higher during the initial stages of a project.

Which of the following responses best characterizes how to respond to a risk that has considerable upside, or opportunity?

When considering risk response development, assuming the risk because the chance of such an event is slim is known as _________ the risk.

What is a "trigger" and why is it important when planning contingencies?

Tools such as a risk assessment form and a risk severity matrix are used to

_____________ systems involve reporting, controlling, and recording changes to the project baseline.

Organizations use __________ in conjunction with work breakdown structures to help management teams identify and eventually analyze risk.

Performance bonds, warranties, and insurance are examples of ________ a risk.

Which of the following is the first step to risk management?

This response is used to remove any uncertainty associated with an identified opportunity.

If, during risk response development, you successfully identify how you will respond to a risk, contingency planning is unnecessary.

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

Which verb best characterizes the concept of 'Escalate' when used as a risk response.

A key distinction between a risk response and a contingency plan is

Purchasing an accident insurance policy would be an example of responding to a risk by _____________ it.

A ____________ (responsible for the work package) involved in risk assessment and mitigation will help focus attention on all aspects of risk management.

The ________ matrix is divided into red, yellow, and green zones representing major, moderate, and minor risks.

The measurement of how easy it would be to detect that the event was going to occur in time to take mitigating action (i.e., how much warning time we would have) is known as __________.