Question 1

One of the following five choices is NOT involved in risk control. Which choice is it?

Accepted Answer

A)  Executing the risk response strategy 
B)  Initiating contingency plans 
C)  Establishing a change control system 
D)  Establishing contingency funds 
E)  Watching for new risks 
A)  Executing the risk response strategy 
B)  Initiating contingency plans 
C)  Establishing a change control system 
D)  Establishing contingency funds 
E)  Watching for new risks

Question 2

The ________ form identifies each risk event, the likelihood of it occurring, the potential impact, when it may occur, and the degree of difficulty in detecting it.

Accepted Answer

A)  risk measurement 
B)  mitigation 
C)  detection difficulty 
D)  risk assessment 
E)  risk alleviation 
A)  risk measurement 
B)  mitigation 
C)  detection difficulty 
D)  risk assessment 
E)  risk alleviation

Question 3

_______________ focuses on how to respond to events that have a positive impact on a project.

Accepted Answer

A)  Risk management 
B)  Opportunity management 
C)  Value management 
D)  Contingency management 
E)  Prospect management 
A)  Risk management 
B)  Opportunity management 
C)  Value management 
D)  Contingency management 
E)  Prospect management

Question 4

This response is used to increase the potential effect of an identified opportunity.

Accepted Answer

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

Question 5

Risk management is a reactive approach that is designed to ensure that surprises are reduced and that negative consequences associated with undesirable events are minimized.

Accepted Answer

A) True 
 B)False

Question 6

Change management systems are designed to accomplish all of the following EXCEPT

Accepted Answer

A)  track all changes that are to be implemented. 
B)  review, evaluate, and approve / disapprove proposed changes formally. 
C)  identify expected effects of proposed changes on schedule and budget. 
D)  reflect scope changes in baseline and performance measures. 
E)  All of these are examples of what change management systems are designed to accomplish. 
A)  track all changes that are to be implemented. 
B)  review, evaluate, and approve / disapprove proposed changes formally. 
C)  identify expected effects of proposed changes on schedule and budget. 
D)  reflect scope changes in baseline and performance measures. 
E)  All of these are examples of what change management systems are designed to accomplish.

Question 7

Just as contingency funds are established to absorb unplanned costs, managers use ______to cushion against potential delays.?

Accepted Answer

A)  Management reserves 
B)  Time buffers 
C)  Budget reserves 
D)  Project buffers 
E)  Project reserves 
A)  Management reserves 
B)  Time buffers 
C)  Budget reserves 
D)  Project buffers 
E)  Project reserves

Question 8

A fixed price contract is an example of

Accepted Answer

A)  avoiding risk. 
B)  transferring risk. 
C)  accepting risk. 
D)  escalating risk. 
E)  mitigating risk. 
A)  avoiding risk. 
B)  transferring risk. 
C)  accepting risk. 
D)  escalating risk. 
E)  mitigating risk.

Question 9

What is Change Control Management and what function does it perform?

Accepted Answer

Change Control Management is the formal

Question 10

When considering risk response development, reducing the likelihood that an event will occur and / or reducing the impact that an adverse event would have on a project is known as _________ the risk.

Accepted Answer

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

Question 11

An unanticipated event that occurs which is beneficial to a project is known as a(n)

Accepted Answer

A)  Management Reserve 
B)  Success Factor 
C)  Opportunity 
D)  Risk 
E)  Desirable event 
A)  Management Reserve 
B)  Success Factor 
C)  Opportunity 
D)  Risk 
E)  Desirable event

Question 12

When developing a response to a risk by scheduling outdoor work in the summer, investing in up-front safety training, or choosing high-quality materials, these are examples of retaining a risk.

Accepted Answer

A) True 
 B)False

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

The risk identification process should be limited to just the core project team.

Accepted Answer

A) True 
 B)False

Question 15

The chances of a risk event occurring as a project proceeds through its life cycle tend to

Accepted Answer

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

Question 16

Fixed-price contracts are an example of transferring risk from an owner to a contractor.

Accepted Answer

A) True 
 B)False

Question 17

A risk is an uncertain event that, if it occurs, can have a positive or negative effect on project objectives.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following groups should NOT be a part of the risk identification process?

Accepted Answer

A)  Project team 
B)  Customers 
C)  Subcontractors 
D)  Vendors 
E)  All of these groups can be included in the risk identification process 
A)  Project team 
B)  Customers 
C)  Subcontractors 
D)  Vendors 
E)  All of these groups can be included in the risk identification process

Question 19

The initial step in the risk management process is to

Accepted Answer

A)  determine the level of acceptable risk. 
B)  assess the risk potential. 
C)  identify the risks. 
D)  set aside funds for managing the risks. 
E)  appoint a risk manager. 
A)  determine the level of acceptable risk. 
B)  assess the risk potential. 
C)  identify the risks. 
D)  set aside funds for managing the risks. 
E)  appoint a risk manager.

Question 20

A risk profile is a list of questions that have been developed and refined from previous, similar projects.

Accepted Answer

A) True 
 B)False

One of the following five choices is NOT involved in risk control. Which choice is it?

The ________ form identifies each risk event, the likelihood of it occurring, the potential impact, when it may occur, and the degree of difficulty in detecting it.

_______________ focuses on how to respond to events that have a positive impact on a project.

This response is used to increase the potential effect of an identified opportunity.

Risk management is a reactive approach that is designed to ensure that surprises are reduced and that negative consequences associated with undesirable events are minimized.

Change management systems are designed to accomplish all of the following EXCEPT

Just as contingency funds are established to absorb unplanned costs, managers use ______to cushion against potential delays.?

A fixed price contract is an example of

What is Change Control Management and what function does it perform?

When considering risk response development, reducing the likelihood that an event will occur and / or reducing the impact that an adverse event would have on a project is known as _________ the risk.

An unanticipated event that occurs which is beneficial to a project is known as a(n)

When developing a response to a risk by scheduling outdoor work in the summer, investing in up-front safety training, or choosing high-quality materials, these are examples of retaining a risk.

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

The risk identification process should be limited to just the core project team.

The chances of a risk event occurring as a project proceeds through its life cycle tend to

Fixed-price contracts are an example of transferring risk from an owner to a contractor.

A risk is an uncertain event that, if it occurs, can have a positive or negative effect on project objectives.

Which of the following groups should NOT be a part of the risk identification process?

The initial step in the risk management process is to

A risk profile is a list of questions that have been developed and refined from previous, similar projects.

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

One of the following five choices is NOT involved in risk control. Which choice is it?

The ________ form identifies each risk event, the likelihood of it occurring, the potential impact, when it may occur, and the degree of difficulty in detecting it.

_______________ focuses on how to respond to events that have a positive impact on a project.

This response is used to increase the potential effect of an identified opportunity.

Risk management is a reactive approach that is designed to ensure that surprises are reduced and that negative consequences associated with undesirable events are minimized.

Change management systems are designed to accomplish all of the following EXCEPT

Just as contingency funds are established to absorb unplanned costs, managers use ______to cushion against potential delays.?

A fixed price contract is an example of

What is Change Control Management and what function does it perform?

When considering risk response development, reducing the likelihood that an event will occur and / or reducing the impact that an adverse event would have on a project is known as _________ the risk.

An unanticipated event that occurs which is beneficial to a project is known as a(n)

When developing a response to a risk by scheduling outdoor work in the summer, investing in up-front safety training, or choosing high-quality materials, these are examples of retaining a risk.

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

The risk identification process should be limited to just the core project team.

The chances of a risk event occurring as a project proceeds through its life cycle tend to

Fixed-price contracts are an example of transferring risk from an owner to a contractor.

A risk is an uncertain event that, if it occurs, can have a positive or negative effect on project objectives.

Which of the following groups should NOT be a part of the risk identification process?

The initial step in the risk management process is to

A risk profile is a list of questions that have been developed and refined from previous, similar projects.

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