Exam 7: Risk Management

The marketing team would develop the advertising campaign to promote the newest product but the engineers wanted to keep all product details a secret during development.The service and operations branches of the company were also in the dark,so product rollout was going to be their initiation as well.This project has a very high:

The greatest project risk occurs when:

A common use of managerial contingency funds would be for:

Garman yawned as he sat at his kitchen table.His plans to corner the world's supply of peanut valves required detailed planning and an honest assessment of the risks involved in this highly speculative venture.He first identified the primary factors that might contribute to the project's failure.These factors were employee-related;market maturity-related;and health-related.The best estimates he could come up with for these probabilities were 0.6,0.2 and 0.3,respectively.The consequences of failure were less certain,but he finally decided that the cost consequences rated a 0.2,the schedule consequences rated a 0.4,the reliability consequences rated 0.1,and the company goodwill consequences were a robust 0.6.What is the overall project risk factor for this undertaking?

What are the four alternatives a project organization can adopt in deciding how to address their risks? What are the advantages and disadvantages of each? Which is best and why?

A method for conducting risk factor identification that consolidates the judgments of isolated anonymous respondents is:

One approach to risk mitigation is simply to accept it.

The tasks of reviewing and refining the manner in which we have classified risks for the project,determining if there are commonalities across the various risks we have uncovered are performed in the ________ of the project risk analysis and management model.

There are four alternatives a project organization can adopt in deciding how to address their risks.Develop four different scenarios,one each for which each of the alternatives would be appropriate.Justify your selections.

The task contingency reserves address higher-level risks.

Jim knew instinctively that his professor wouldn't appreciate it if he brought his single scoop of vanilla ice cream into the lecture hall with him.He could almost hear the inevitable question,"Did you bring enough for everyone?" To avert such an embarrassment,he practically inhaled his frozen confection as he raced down the hall.He had eaten ice cream in this fashion before and knew he would soon have an ice cream headache,which could be described as:

The terpsichorean was familiar with the risks associated with various moves,the accountant knew financial risks forwards and backwards,while the civil engineer could quantify the risks associated with distributed loads on the temporary stage.Their input was used as part of:

Responding to an unforeseen threat that you either did not have a planned response for or has not been dealt with effectively by implementing your planned response is best described as a(n)

The greatest project opportunity occurs when:

A serious risk factor probably has:

This scenario best describes a workaround:

The first phase of a comprehensive project risk assessment should be:

The firm set aside a little extra money just in case an unforeseen element of cost pushed the project beyond what they had budgeted.This extra money is called:

The overall project risk factor is known to be 0.6.The probability of dependency failure is twice the probability of complexity failure and four times the probability of maturity failure.The consequence of performance failure is twice the consequence of reliability failure,four times the consequence of schedule failure and eight times the consequence of cost failure.What is the probability of maturity failure? Maturity Cost Complexity Bchedule 2Y Dependency 4 Reliability 4Y Performance 8Y

The European Association for Project Management has developed an integrated program of risk management based on efforts to extend risk management to cover a project's entire life cycle.This program is known as: