Exam 11: Project Risk Management

A _____ is a technique used to show the effects of changing one or more variables on an outcome.

Potential problems that might occur on the project and how they might impede project success are _____ risks.

_____ are indicators or symptoms of actual risk events.

A risk-seeking person prefers outcomes that are more uncertain and is often willing to pay a penalty to take risks.

_____ involves prioritizing risks based on their probability and impact of occurrence.

_____ involves doing whatever you can to make sure the positive risk happens.

The Delphi technique is a systematic, interactive forecasting procedure based on independent and anonymous input regarding future events.

_____ risks are risks that remain after all of the response strategies have been implemented.

Quantitative risk analysis need not be done for projects that are large and complex.

Identifying risks is a subprocess of the _____ process of project risk management.

What are the four basic response strategies for negative risks? Describe each strategy.

List and briefly describe the six major processes involved in risk management.

_____ are/is a qualitative risk analysis tool that maintains an awareness of risks throughout the life of a project in addition to identifying risks.

A(n) _____ is a document that contains results of various risk management processes.

A probability/impact matrix or chart lists the relative probability of a risk occurring on one side of a matrix or axis on a chart and the relative impact of the risk occurring on the other.

A(n) _____ is a diagramming analysis technique used to help select the best course of action in situations in which future outcomes are uncertain.

The _____ lists the relative probability of a risk occurring and the relative impact of the risk occurring.

The Monte Carlo analysis can predict the probability of finishing by a certain date or the probability that the cost will be equal to or less than a certain value.

_____ involves reducing the impact of a risk event by reducing the probability of its occurrence.

Risk utility rises at a decreasing rate for a _____ person.