Exam 7: Managing Risk

When considering risk response development, changing the plan to eliminate the risk or condition is known as ____________ the risk.

________ reserves are controlled by the project manager and the owner of the project and are used to cover major unforeseen risks to the entire project.

This response allocates some or all of the responsibility of realizing the identified Opportunity for the project.

A ____________ is an alternative that will be used if a possible foreseen risk event becomes a reality.

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.

_____________ is a measure of how easy it would be to notice that a risk event was going to occur in time to take mitigating action, that is, how much warning you would have.

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

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

What is the purpose of using tools such as a risk assessment form and a risk severity matrix?

Adopting proven technology instead of experimental technology in order to eliminate technical failure would be an example of which risk response?

Describe the relationship between the likelihood of a risk event occurring and the cost of fixing the risk event as a project proceeds through its life cycle.

The event or point in time when a contingency plan will be implemented is called a _________.

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

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

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

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.

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

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

A fixed price contract is an example of

The first step in the risk management process is ________.