Question 1

Which of the following is NOT involved in risk control?

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

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

Accepted Answer

A trigger is an event or point in time w

Question 3

Responses to all identifiable risks should be a top priority for the project manager.

Accepted Answer

A) True 
 B)False

Question 4

Most changes on a project are related to

Accepted Answer

A) Scope Changes. 
B) Improvement Changes. 
C) Implementing Contingency Plans. 
D) All of these choices are correct. 
A) Scope Changes. 
B) Improvement Changes. 
C) Implementing Contingency Plans. 
D) All of these choices are correct.

Question 5

According to the Failure Mode and Effects Analysis (FMEA), Impact x Probability x Detection = __________.

Accepted Answer

risk value
Explanation: Failur

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

Flooding would be devastating to the project; however, it is very unlikely.The project manager is most likely to __________ this risk.

Accepted Answer

retain
Explanation: Some risks are so la

Question 8

Based on the following, which event should you be most concerned about? Risk Event
Likelihood
Impact
Bad weather
2
3
Design flaw
3
5
Accident
1
5
Shipment delay
2
2
Power outage
1
5

Accepted Answer

A) Bad weather 
B) Design flaw 
C) Accident 
D) Shipment delay 
E) Power outage 
A) Bad weather 
B) Design flaw 
C) Accident 
D) Shipment delay 
E) Power outage

Question 9

This response is used to remove any uncertainly associated with an identified Opportunity.

Accepted Answer

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

Question 10

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

Accepted Answer

Change management
Explanation: Because c

Question 11

One common mistake made early in the risk identification process is to

Accepted Answer

A) Not consider all possibilities. 
B) Encourage participants be over optimistic. 
C) Support participants being over pessimistic. 
D) Focus on consequences and not on the events that could produce consequences. 
E) Give too much attention to past events. 
A) Not consider all possibilities. 
B) Encourage participants be over optimistic. 
C) Support participants being over pessimistic. 
D) Focus on consequences and not on the events that could produce consequences. 
E) Give too much attention to past events.

Question 12

Performance bonds, warranties, and guarantees are financial instruments used to share risk.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following activities might you consider adding a time buffer to?

Accepted Answer

A) Activities with severe risks 
B) Merge activities that are prone to delays 
C) Activities with scarce resources 
D) Noncritical activities with very little slack 
E) You might consider adding a time buffer to any of these activities. 
A) Activities with severe risks 
B) Merge activities that are prone to delays 
C) Activities with scarce resources 
D) Noncritical activities with very little slack 
E) You might consider adding a time buffer to any of these activities.

Question 14

________ reserves are identified for specific work packages and are distributed by the project manager and the team members.

Accepted Answer

Budget
Explanation: These reserves are i

Question 15

Contingency funding is made up of budget reserves and management reserves.

Accepted Answer

A) True 
 B)False

Question 16

Adopting proven technology instead of experimental technology is an example of mitigating a risk.

Accepted Answer

A) True 
 B)False

Question 17

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 18

The first step in the risk management process is risk assessment.

Accepted Answer

A) True 
 B)False

Which of the following is NOT involved in risk control?

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

Responses to all identifiable risks should be a top priority for the project manager.

Most changes on a project are related to

According to the Failure Mode and Effects Analysis (FMEA), Impact x Probability x Detection = __________.

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

Flooding would be devastating to the project; however, it is very unlikely.The project manager is most likely to __________ this risk.

Based on the following, which event should you be most concerned about? Risk Event Likelihood Impact Bad weather 2 3 Design flaw 3 5 Accident 1 5 Shipment delay 2 2 Power outage 1 5

This response is used to remove any uncertainly associated with an identified Opportunity.

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

One common mistake made early in the risk identification process is to

Performance bonds, warranties, and guarantees are financial instruments used to share risk.

Which of the following activities might you consider adding a time buffer to?

________ reserves are identified for specific work packages and are distributed by the project manager and the team members.

Contingency funding is made up of budget reserves and management reserves.

Adopting proven technology instead of experimental technology is an example of mitigating a risk.

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

The first step in the risk management process is risk assessment.

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

Which of the following is NOT involved in risk control?

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

Responses to all identifiable risks should be a top priority for the project manager.

Most changes on a project are related to

According to the Failure Mode and Effects Analysis (FMEA), Impact x Probability x Detection = __________.

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

Flooding would be devastating to the project; however, it is very unlikely.The project manager is most likely to __________ this risk.

Based on the following, which event should you be most concerned about? Risk Event Likelihood Impact Bad weather 2 3 Design flaw 3 5 Accident 1 5 Shipment delay 2 2 Power outage 1 5

This response is used to remove any uncertainly associated with an identified Opportunity.

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

One common mistake made early in the risk identification process is to

Performance bonds, warranties, and guarantees are financial instruments used to share risk.

Which of the following activities might you consider adding a time buffer to?

________ reserves are identified for specific work packages and are distributed by the project manager and the team members.

Contingency funding is made up of budget reserves and management reserves.

Adopting proven technology instead of experimental technology is an example of mitigating a risk.

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

The first step in the risk management process is risk assessment.

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