Question 1

An uncertain event or condition that, if it occurs, has a positive or negative effect on project objectives is termed a

Accepted Answer

A) Random chance. 
B) Disaster. 
C) Risk. 
D) Hazard. 
E) Bad luck. 
A) Random chance. 
B) Disaster. 
C) Risk. 
D) Hazard. 
E) Bad luck.

Question 2

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 budget 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 budget funds for managing the risks. 
E) Appoint a risk manager.

Question 3

What is the difference between budget reserves and management reserves?

Accepted Answer

Budget reserves are controlled by team p

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

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

Accepted Answer

transferring
Explanation: Pass

Question 6

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 7

Identify and briefly describe the four ways to respond to identified risks.

Accepted Answer

(1)Mitigate the risk-involves reducing t

Question 8

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 9

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

Accepted Answer

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

Question 10

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

Question 11

The significance of a risk is assessed in terms of the ________ and the impact of the event.

Accepted Answer

likelihood
Explanation: Team m

Question 12

After your team has successfully identified potential risks that could affect the project, what is the next step?

Accepted Answer

A) Create a risk breakdown structure 
B) Assess identified risks 
C) Create contingency plans 
D) Decide how to respond to all risks 
E) Mitigate risks 
A) Create a risk breakdown structure 
B) Assess identified risks 
C) Create contingency plans 
D) Decide how to respond to all risks 
E) Mitigate risks

Question 13

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

Accepted Answer

A) Risk breakdown structures 
B) Contingency breakdown structures 
C) Scenario analysis 
D) Organizational breakdown structure 
E) Risk assessment 
A) Risk breakdown structures 
B) Contingency breakdown structures 
C) Scenario analysis 
D) Organizational breakdown structure 
E) Risk assessment

Question 14

When considering risk management, what is an opportunity? List and briefly describe 4 different responses to an opportunity.

Accepted Answer

An opportunity is an event that can have

Question 15

A Risk Response Matrix contains all of the following EXCEPT

Accepted Answer

A) Contingency plan. 
B) Trigger. 
C) Who is responsible. 
D) Response. 
E) When the risk will occur. 
A) Contingency plan. 
B) Trigger. 
C) Who is responsible. 
D) Response. 
E) When the risk will occur.

Question 16

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 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

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

Accepted Answer

risk profile
Explanation: A ri

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

One common mistake that is made early on in the risk identification process is to focus on consequences and not on the events that could produce consequences.

Accepted Answer

A) True 
 B)False

An uncertain event or condition that, if it occurs, has a positive or negative effect on project objectives is termed a

The initial step in the risk management process is to

What is the difference between budget reserves and management reserves?

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

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

Risks are evaluated in terms of

Identify and briefly describe the four ways to respond to identified risks.

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.

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

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?

The significance of a risk is assessed in terms of the ________ and the impact of the event.

After your team has successfully identified potential risks that could affect the project, what is the next step?

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

When considering risk management, what is an opportunity? List and briefly describe 4 different responses to an opportunity.

A Risk Response Matrix contains all of the following EXCEPT

The risk assessment form contains all of the following EXCEPT

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

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

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

One common mistake that is made early on in the risk identification process is to focus on consequences and not on the events that could produce consequences.

Modern Project Management

Organization Strategy and Project Selection

Organization: Structure and Culture

Defining the Project

Estimating Project Times and Costs

Developing a Project Plan

Scheduling Resources and Costs

Reducing Project Duration

Being an Effective Project Manager

Managing Project Team

Outsourcing: Managing Interorganizational Relations

Progress and Performance Measurement and Evaluation

Project Closure

International Projects

An Introduction to Agile Project Management

Filters

Exam 7: Managing Risk

An uncertain event or condition that, if it occurs, has a positive or negative effect on project objectives is termed a

The initial step in the risk management process is to

What is the difference between budget reserves and management reserves?

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

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

Risks are evaluated in terms of

Identify and briefly describe the four ways to respond to identified risks.

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.

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

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?

The significance of a risk is assessed in terms of the ________ and the impact of the event.

After your team has successfully identified potential risks that could affect the project, what is the next step?

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

When considering risk management, what is an opportunity? List and briefly describe 4 different responses to an opportunity.

A Risk Response Matrix contains all of the following EXCEPT

The risk assessment form contains all of the following EXCEPT

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

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

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

One common mistake that is made early on in the risk identification process is to focus on consequences and not on the events that could produce consequences.

Modern Project Management

Organization Strategy and Project Selection

Organization: Structure and Culture

Defining the Project

Estimating Project Times and Costs

Developing a Project Plan

Scheduling Resources and Costs

Reducing Project Duration

Being an Effective Project Manager

Managing Project Team

Outsourcing: Managing Interorganizational Relations

Progress and Performance Measurement and Evaluation

Project Closure

International Projects

An Introduction to Agile Project Management

Filters