Exam 11: Project Risk Management

_____ are numbers that represent the overall risk of specific events, based on their probability of occurring and the consequences to the project if they do occur.

The last step in project risk management is deciding how to address this knowledge area for a particular project by performing risk management planning.

_____ involves changing the size of the opportunity by identifying and maximizing key drivers of the positive risk.

Unenforceable conditions or contract clauses and adversarial relations are risk conditions associated with the project _____ management knowledge area.

Those who are _____ have a higher tolerance for risk, and their satisfaction increases when more payoff is at stake.

The degree of uncertainty an entity is willing to take on in anticipation of a reward is

_____ helps professionals to see the effects of changing one or more variables on an outcome.

The risk register can be created with a simple Microsoft Word or Excel file.

A project _____ is an uncertainty that can have a negative or positive effect on meeting project objectives.

The _____ is the person who will own or take responsibility for the risk.

_____ involves taking steps to enhance opportunities and reduce threats to meeting project objectives.

Performing qualitative and quantitative risk analyses are subprocesses of the _____ process of project risk management.

Contingency plans are predefined actions that the project team will take if an identified risk event occurs.

What is the first step in a Monte Carlo analysis?

Risk utility rises at a decreasing rate for a(n) _____ person.

_____ is the product of a risk event probability and the risk event's monetary value.

_____ involves numerically estimating the effects of risks on project objectives.

_____ applies to positive risks when the project team cannot or chooses not to take any actions toward a risk.

_____ risks refer to those that are direct results of implementing risk responses.

Risks can have both negative and positive effects on meeting project objectives.