Question 1

Funds that are for identified risks that have a low probability of occurring and that decrease as the project progresses are called ______ reserves.

Accepted Answer

A) Management 
B) Budget 
C) Contingency 
D) Padded 
E) Just in case 
A) Management 
B) Budget 
C) Contingency 
D) Padded 
E) Just in case

Question 2

Risks that can result in a system or process that will not work are known as

Accepted Answer

A) Technical risks. 
B) Funding risks. 
C) Schedule risks. 
D) Cost risks. 
E) Unnecessary risks. 
A) Technical risks. 
B) Funding risks. 
C) Schedule risks. 
D) Cost risks. 
E) Unnecessary risks.

Question 3

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

Accepted Answer

Change Control Management is the formal

Question 4

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 
A) Work Breakdown Structure 
B) Project Baseline 
C) Risk Management Plan 
D) Work Breakdown Structure and Project Baseline

Question 5

When considering risk value, the lower the value, the higher the level of risk.

Accepted Answer

A) True 
 B)False

Question 6

Why might an organization be opposed to developing and implementing a thorough risk management process?

Accepted Answer

Managing risk takes time and money, whic

Question 7

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

Accepted Answer

A) A risk response is established only for moderate risks while contingency plans are established for major risks. 
B) A risk response is part of the actual implementation plan and action is taken before the risk can materialize, while a contingency plan goes into effect only after the risk has transpired. 
C) A risk response is only effective when you are able to assess the likelihood of the risk and its impact on the project; all other risks are covered by contingency planning. 
D) A risk response is created by the project team and the project manager while the project manager and the customer agree on the contingency plan. 
E) A risk response is action that is the response to a risk once it has happened and the contingency plan is created by the customer if the risk response fails. 
A) A risk response is established only for moderate risks while contingency plans are established for major risks. 
B) A risk response is part of the actual implementation plan and action is taken before the risk can materialize, while a contingency plan goes into effect only after the risk has transpired. 
C) A risk response is only effective when you are able to assess the likelihood of the risk and its impact on the project; all other risks are covered by contingency planning. 
D) A risk response is created by the project team and the project manager while the project manager and the customer agree on the contingency plan. 
E) A risk response is action that is the response to a risk once it has happened and the contingency plan is created by the customer if the risk response fails.

Question 8

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 9

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

Accepted Answer

A) Identify risks. 
B) Control risks. 
C) Assess risks. 
D) Regulate risks. 
E) Respond to risks. 
A) Identify risks. 
B) Control risks. 
C) Assess risks. 
D) Regulate risks. 
E) Respond to risks.

Question 10

Which of the following is identified to cover major unforeseen risks and, hence, are applied to the total project?

Accepted Answer

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

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

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 13

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

mitigating
Explanation: Reducing risk is

Question 14

While a "can do" attitude is essential during implementation, project managers have to encourage critical thinking when it comes to risk identification.

Accepted Answer

A) True 
 B)False

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

The cost impact of a risk event occurring as a project proceeds through its life cycle tends 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 17

_______________ 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 18

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

Accepted Answer

risk
Explanation: In the context of proj

Question 19

Give a real life example of mitigating a risk, avoiding a risk, transferring a risk and retaining a risk.

Accepted Answer

Mitigating a risk: duplicate systems, ba

Question 20

The measurement of how easy it would be to detect that the event was going to occur in time to take mitigating action is known as __________.

Accepted Answer

detection difficulty
Explanation: Detect

Funds that are for identified risks that have a low probability of occurring and that decrease as the project progresses are called ______ reserves.

Risks that can result in a system or process that will not work are known as

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

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

When considering risk value, the lower the value, the higher the level of risk.

Why might an organization be opposed to developing and implementing a thorough risk management process?

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

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

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

Which of the following is identified to cover major unforeseen risks and, hence, are applied to the total project?

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

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

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.

While a "can do" attitude is essential during implementation, project managers have to encourage critical thinking when it comes to risk identification.

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

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

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

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

Give a real life example of mitigating a risk, avoiding a risk, transferring a risk and retaining a risk.

The measurement of how easy it would be to detect that the event was going to occur in time to take mitigating action is known as __________.

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

Funds that are for identified risks that have a low probability of occurring and that decrease as the project progresses are called ______ reserves.

Risks that can result in a system or process that will not work are known as

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

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

When considering risk value, the lower the value, the higher the level of risk.

Why might an organization be opposed to developing and implementing a thorough risk management process?

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

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

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

Which of the following is identified to cover major unforeseen risks and, hence, are applied to the total project?

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

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

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.

While a "can do" attitude is essential during implementation, project managers have to encourage critical thinking when it comes to risk identification.

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

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

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

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

Give a real life example of mitigating a risk, avoiding a risk, transferring a risk and retaining a risk.

The measurement of how easy it would be to detect that the event was going to occur in time to take mitigating action is known as __________.

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