Exam 11: Project Risk Management

List and briefly describe four methods for identifying risks.

Identified risks may not materialize, or their probabilities of occurrence or loss may diminish.

The lower the earned monetary value calculation for a project, the chances of project success is higher.

A _____ person achieves a balance between risk and payoff.

_____ is the amount of satisfaction or pleasure received from a potential payoff.

_____ are unplanned responses to risk events used when project teams do not have contingency plans in place.

The main output of qualitative risk analysis is updating the ________. .

A(n) _____ represents decision problems by displaying essential elements, including decisions, uncertainties, causality, and objectives, and how they influence each other.

_____ is a fact-finding technique that can be used for collecting information in face-to-face, phone, e-mail, or instant-messaging discussions.

_____ involves monitoring identified and residual risks, identifying new risks, carrying out risk response plans, and evaluating the effectiveness of risk strategies throughout the life of the project.

The psychology literature shows that individuals, working alone, produce fewer ideas than the same individuals produce through brainstorming in small, face-to-face groups.

Explain decision trees and expected monetary value.

_____ is a technique by which a group attempts to generate ideas or find a solution for a specific problem by amassing ideas spontaneously and without judgment.

Risk _____ refers to reducing the impact of a risk event by reducing the probability of its occurrence.

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

A(n) _____ is a hierarchy of potential risk categories for a project.

_____ involves eliminating a specific threat, usually by eliminating its causes.

_____ involves allocating ownership of the risk to another party.

_____ are provisions held by the project sponsor or organization to reduce the risk of cost or schedule overruns to an acceptable level.