Exam 11: Project Risk Management

 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.

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

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

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

 _____ are indicators or symptoms of actual risk events.

 Which process involves prioritizing risks based on their probability and impact of occurrence?

 _____ is a fact-finding technique for collecting information in face-to-face, phone, e-mail, or virtual discussions.

 Which action involves shifting the consequence of a risk and responsibility for its management to a third party?

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

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

 What is the first step in a Monte Carlo analysis?

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

 A(n) _____ documents the procedures for managing risk throughout the project.

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

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

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

 Which action applies to positive risks when the project team cannot or chooses not to take any actions toward a risk?

 Which action involves eliminating a specific threat, usually by eliminating its causes?

 Which action involves reducing the impact of a risk event by reducing the probability of its occurrence?