Question 1

Delivery challenges,scaling of product or service,and complexity in processes are examples of functional risk.

Accepted Answer

A) True 
 B)False

Question 2

Not meeting time,scope,and resource requirements are examples of external risks.

Accepted Answer

A) True 
 B)False

Question 3

When using PFMEA,the suggested value for low possibility of detection is

Accepted Answer

A) 8) 
B) 6) 
C) 4) 
D) 2) 
A) 8) 
B) 6) 
C) 4) 
D) 2)

Question 4

FMEA is a process in product development and is used in managing operations by analysis of potential failure modes within a system.

Accepted Answer

A) True 
 B)False

Question 5

Risks that remain after the implementation of new or enhanced controls are called

Accepted Answer

A) implementation risks. 
B) planning risks. 
C) residual risks. 
D) design risks. 
A) implementation risks. 
B) planning risks. 
C) residual risks. 
D) design risks.

Question 6

PFMEA is based on computing a risk score based on occurrence of a risk,outcome of a project if the risk event occurs,and the possibility of detection of that risk event.

Accepted Answer

A) True 
 B)False

Question 7

The difference between the planned and the actual budget best defines

Accepted Answer

A) trend. 
B) variance. 
C) average. 
D) mode. 
A) trend. 
B) variance. 
C) average. 
D) mode.

Question 8

The determination of the quantitative or qualitative value of the risks in a project best defines

Accepted Answer

A) risk assessment. 
B) risk probability. 
C) risk investigation. 
D) risk feasibility. 
A) risk assessment. 
B) risk probability. 
C) risk investigation. 
D) risk feasibility.

Question 9

When using PFMEA,the suggested value for no significant impact on cost is

Accepted Answer

A) 10. 
B) 7) 
C) 1) 
D) 2) 
A) 10. 
B) 7) 
C) 1) 
D) 2)

Question 10

Quantitative risk assessment methods include

Accepted Answer

A) quantitative risk analysis. 
B) data gathering and representation techniques. 
C) expert judgment. 
D) all of the above. 
A) quantitative risk analysis. 
B) data gathering and representation techniques. 
C) expert judgment. 
D) all of the above.

Question 11

Accepting risk,transferring risk,and avoiding risks are ways of managing risk.

Accepted Answer

A) True 
 B)False

Question 12

Risks associated with scope can be reduced by each of the following except

Accepted Answer

A) setting deadlines and making sure to achieve those deadlines. 
B) defining the needs of each task clearly. 
C) defining the deliverables clearly. 
D) anticipating defects and problems during integration. 
A) setting deadlines and making sure to achieve those deadlines. 
B) defining the needs of each task clearly. 
C) defining the deliverables clearly. 
D) anticipating defects and problems during integration.

Question 13

A potential benefit of risk identification activities is that management can use the results to evaluate the performance of individuals.

Accepted Answer

A) True 
 B)False

Question 14

A risk register is an input to risk monitoring and control.

Accepted Answer

A) True 
 B)False

Question 15

Risk Priority Number is computed as

Accepted Answer

A) opportunity ∗ risk score ∗ threat. 
B) occurrence ∗ outcome. 
C) occurrence ∗ outcome ∗ detection. 
D) overall cost + (occurrence ∗ threat level score ∗ detection score). 
A) opportunity ∗ risk score ∗ threat. 
B) occurrence ∗ outcome. 
C) occurrence ∗ outcome ∗ detection. 
D) overall cost + (occurrence ∗ threat level score ∗ detection score).

Question 16

A computerized mathematical technique that furnishes the decision maker with a range of possible outcomes and the probabilities of occurrence for any choice of action best defines

Accepted Answer

A) Monte Carlo simulation. 
B) SWOT analysis. 
C) Six Sigma. 
D) DMAIC. 
A) Monte Carlo simulation. 
B) SWOT analysis. 
C) Six Sigma. 
D) DMAIC.

Question 17

How can qualitative risk assessment be accomplished?

Accepted Answer

Qualitative risk assessment is accomplis

Question 18

Risk factor refers to the overall risk or exposure of the project at a particular timeframe.

Accepted Answer

A) True 
 B)False

Question 19

A comparison of the contingency reserves of schedule,resources,and budget at a particular time during the progress of a project with the original schedule,resources,and budget to determine if there are enough reserves in schedule,resources,or budget best defines

Accepted Answer

A) total operating cost. 
B) feasibility study. 
C) reserve analysis. 
D) risk analysis. 
A) total operating cost. 
B) feasibility study. 
C) reserve analysis. 
D) risk analysis.

Question 20

Which of the following can be described as a systemized group of activities intended to recognize and evaluate the potential failure of a product or a process and its effects?

Accepted Answer

A) SWOT 
B) FMEA 
C) SDLC 
D) OOAD 
A) SWOT 
B) FMEA 
C) SDLC 
D) OOAD

Delivery challenges,scaling of product or service,and complexity in processes are examples of functional risk.

Not meeting time,scope,and resource requirements are examples of external risks.

When using PFMEA,the suggested value for low possibility of detection is

FMEA is a process in product development and is used in managing operations by analysis of potential failure modes within a system.

Risks that remain after the implementation of new or enhanced controls are called

PFMEA is based on computing a risk score based on occurrence of a risk,outcome of a project if the risk event occurs,and the possibility of detection of that risk event.

The difference between the planned and the actual budget best defines

The determination of the quantitative or qualitative value of the risks in a project best defines

When using PFMEA,the suggested value for no significant impact on cost is

Quantitative risk assessment methods include

Accepting risk,transferring risk,and avoiding risks are ways of managing risk.

Risks associated with scope can be reduced by each of the following except

A potential benefit of risk identification activities is that management can use the results to evaluate the performance of individuals.

A risk register is an input to risk monitoring and control.

Risk Priority Number is computed as

A computerized mathematical technique that furnishes the decision maker with a range of possible outcomes and the probabilities of occurrence for any choice of action best defines

How can qualitative risk assessment be accomplished?

Risk factor refers to the overall risk or exposure of the project at a particular timeframe.

A comparison of the contingency reserves of schedule,resources,and budget at a particular time during the progress of a project with the original schedule,resources,and budget to determine if there are enough reserves in schedule,resources,or budget best defines

Which of the following can be described as a systemized group of activities intended to recognize and evaluate the potential failure of a product or a process and its effects?

Projects and Project Management

Process and Methods

Project Management Tools

Project Initiation

Project Planning

Quality, Performance and Value

Project Scheduling

Resources, Costing, and Control

Project Closure

Project Organizational Structures

Project Success

Filters

Exam 6: Risk Management

Delivery challenges,scaling of product or service,and complexity in processes are examples of functional risk.

Not meeting time,scope,and resource requirements are examples of external risks.

When using PFMEA,the suggested value for low possibility of detection is

FMEA is a process in product development and is used in managing operations by analysis of potential failure modes within a system.

Risks that remain after the implementation of new or enhanced controls are called

PFMEA is based on computing a risk score based on occurrence of a risk,outcome of a project if the risk event occurs,and the possibility of detection of that risk event.

The difference between the planned and the actual budget best defines

The determination of the quantitative or qualitative value of the risks in a project best defines

When using PFMEA,the suggested value for no significant impact on cost is

Quantitative risk assessment methods include

Accepting risk,transferring risk,and avoiding risks are ways of managing risk.

Risks associated with scope can be reduced by each of the following except

A potential benefit of risk identification activities is that management can use the results to evaluate the performance of individuals.

A risk register is an input to risk monitoring and control.

Risk Priority Number is computed as

A computerized mathematical technique that furnishes the decision maker with a range of possible outcomes and the probabilities of occurrence for any choice of action best defines

How can qualitative risk assessment be accomplished?

Risk factor refers to the overall risk or exposure of the project at a particular timeframe.

A comparison of the contingency reserves of schedule,resources,and budget at a particular time during the progress of a project with the original schedule,resources,and budget to determine if there are enough reserves in schedule,resources,or budget best defines

Which of the following can be described as a systemized group of activities intended to recognize and evaluate the potential failure of a product or a process and its effects?

Projects and Project Management

Process and Methods

Project Management Tools

Project Initiation

Project Planning

Quality, Performance and Value

Project Scheduling

Resources, Costing, and Control

Project Closure

Project Organizational Structures

Project Success

Filters