Question 1

The act of pairing a junior project team member with a senior manager in order to help the junior team member to learn best practices is known as:

Accepted Answer

A) Mentoring. 
B) Cross-training. 
C) Supervising. 
D) Interning. 
A) Mentoring. 
B) Cross-training. 
C) Supervising. 
D) Interning.

Question 2

One phase of the project risk analysis and management program is concerned more with the project than the management of risk.The latter is facilitated by successful completion of this step,but not the focal point.This phase in the project risk analysis and management program is:

Accepted Answer

A) Estimate. 
B) Define. 
C) Focus. 
D) Manage. 
A) Estimate. 
B) Define. 
C) Focus. 
D) Manage.

Question 3

The Farm Fresh Egg project was too great for one person to pull off.The construction costs for the coop and chicken run were enormous and the sinister threat of avian flu hung over the area like a black cloud.It was only through the combined efforts of Matsushita Chickenworks and the City of Edmond that the project would be undertaken,since they would be able to:

Accepted Answer

A) Accept the risk. 
B) Minimize the risk. 
C) Transfer the risk. 
D) Share the risk. 
A) Accept the risk. 
B) Minimize the risk. 
C) Transfer the risk. 
D) Share the risk.

Question 4

What are the two types of contingency reserves and how are they handled?

Accepted Answer

Contingency reserves in financial and ma

Question 5

Each project team member had a backup that could fill in at a moment's notice should another team member fall by the wayside.The project was able to mitigate risks in this fashion thanks to an aggressive:

Accepted Answer

A) Mentoring program. 
B) Cross-training program. 
C) Duplication program. 
D) Featherbedding program. 
A) Mentoring program. 
B) Cross-training program. 
C) Duplication program. 
D) Featherbedding program.

Question 6

If the risk of a negative outcome is slight,the BEST course of action might be to:

Accepted Answer

A) Minimize it. 
B) Share it. 
C) Transfer it. 
D) Accept it. 
A) Minimize it. 
B) Share it. 
C) Transfer it. 
D) Accept it.

Question 7

A company developing a brand-new technology that has never been made before is under a significant:

Accepted Answer

A) Commercial risk. 
B) Technical risk. 
C) Execution risk. 
D) Contractual risk. 
A) Commercial risk. 
B) Technical risk. 
C) Execution risk. 
D) Contractual risk.

Question 8

Which of these statements about the project risk analysis and management program is BEST?

Accepted Answer

A) Risk management follows a life cycle much as a project follows a life cycle. 
B) The risk management strategy should be unwavering throughout the entire project life cycle. 
C) If a choice between accepting and transferring risk presents itself,risk should be transferred. 
D) Risk management is best handled using an ad hoc approach. 
A) Risk management follows a life cycle much as a project follows a life cycle. 
B) The risk management strategy should be unwavering throughout the entire project life cycle. 
C) If a choice between accepting and transferring risk presents itself,risk should be transferred. 
D) Risk management is best handled using an ad hoc approach.

Question 9

Allocation of client risks to named individuals is clarified in the ________ phase of PRAM.

Accepted Answer

A) focus 
B) structure 
C) ownership 
D) identify 
A) focus 
B) structure 
C) ownership 
D) identify

Question 10

If a project requires a large up-front investment of capital,it exposes the firm to commercial risk.

Accepted Answer

A) True 
 B)False

Question 11

While thrilling,there is a chance that you would have an accident if you elected to drive on the wrong side of a divided highway in Woodward,an outcome that could be described as:

Accepted Answer

A) High in consequence and high in probability. 
B) Low in consequence and low in probability. 
C) Low in probability and high in consequence. 
D) High in probability and low in consequence. 
A) High in consequence and high in probability. 
B) Low in consequence and low in probability. 
C) Low in probability and high in consequence. 
D) High in probability and low in consequence.

Question 12

The amount a company has at stake in a project rises above the dollar value of opportunity in the:

Accepted Answer

A) Execute phase. 
B) Develop phase. 
C) Conceive phase. 
D) Finish phase. 
A) Execute phase. 
B) Develop phase. 
C) Conceive phase. 
D) Finish phase.

Question 13

Project penalty clauses that initiate at mutually agreed-on points in the project's development and implementation are:

Accepted Answer

A) Liquidated damages. 
B) Milestone adjustments. 
C) Contingency clauses. 
D) Penalty points. 
A) Liquidated damages. 
B) Milestone adjustments. 
C) Contingency clauses. 
D) Penalty points.

Question 14

The PRAM step that occurs while the project work is being carried out is:

Accepted Answer

A) Ownership. 
B) Identify. 
C) Focus. 
D) Manage. 
A) Ownership. 
B) Identify. 
C) Focus. 
D) Manage.

Question 15

The budget safety measures that address higher risks than task contingency are known as:

Accepted Answer

A) CYA factors. 
B) Buffer stocks. 
C) Managerial contingency. 
D) Task offsets. 
A) CYA factors. 
B) Buffer stocks. 
C) Managerial contingency. 
D) Task offsets.

Question 16

Risks can be quantified by multiplying the likelihood a failure will occur by the severity of the failure.

Accepted Answer

A) True 
 B)False

Question 17

One source of information on future risks and the leading indicators that accompany risks is:

Accepted Answer

A) A brainstorming meeting. 
B) The Delphi method. 
C) Past history. 
D) Multiple assessments. 
A) A brainstorming meeting. 
B) The Delphi method. 
C) Past history. 
D) Multiple assessments.

Question 18

A project under strict terms and conditions to produce project deliverables on time or suffer late penalties is an example of a:

Accepted Answer

A) Execution risk. 
B) Technical risk. 
C) Commercial risk. 
D) Legal risk. 
A) Execution risk. 
B) Technical risk. 
C) Commercial risk. 
D) Legal risk.

Question 19

Risk management is a:

Accepted Answer

A) Three-stage process. 
B) Four-stage process. 
C) Five-stage process. 
D) Six-stage process. 
A) Three-stage process. 
B) Four-stage process. 
C) Five-stage process. 
D) Six-stage process.

Question 20

Sketch a 2 × 2 risk management assessment matrix and discuss the impact of each quadrant.

Accepted Answer

A risk management assessment matrix,as s

The act of pairing a junior project team member with a senior manager in order to help the junior team member to learn best practices is known as:

One phase of the project risk analysis and management program is concerned more with the project than the management of risk.The latter is facilitated by successful completion of this step,but not the focal point.This phase in the project risk analysis and management program is:

What are the two types of contingency reserves and how are they handled?

Each project team member had a backup that could fill in at a moment's notice should another team member fall by the wayside.The project was able to mitigate risks in this fashion thanks to an aggressive:

If the risk of a negative outcome is slight,the BEST course of action might be to:

A company developing a brand-new technology that has never been made before is under a significant:

Which of these statements about the project risk analysis and management program is BEST?

Allocation of client risks to named individuals is clarified in the ________ phase of PRAM.

If a project requires a large up-front investment of capital,it exposes the firm to commercial risk.

While thrilling,there is a chance that you would have an accident if you elected to drive on the wrong side of a divided highway in Woodward,an outcome that could be described as:

The amount a company has at stake in a project rises above the dollar value of opportunity in the:

Project penalty clauses that initiate at mutually agreed-on points in the project's development and implementation are:

The PRAM step that occurs while the project work is being carried out is:

The budget safety measures that address higher risks than task contingency are known as:

Risks can be quantified by multiplying the likelihood a failure will occur by the severity of the failure.

One source of information on future risks and the leading indicators that accompany risks is:

A project under strict terms and conditions to produce project deliverables on time or suffer late penalties is an example of a:

Risk management is a:

Sketch a 2 × 2 risk management assessment matrix and discuss the impact of each quadrant.

Introduction: Why Project Management

The Organizational Context: Strategy, Structure, and Culture

Project Selection and Portfolio Management

Leadership and the Project Manager

Scope Management

Project Team Building, Conflict, and Negotiation

Cost Estimation and Budgeting

Project Scheduling: Networks, Duration Estimation, and Critical Path

Project Scheduling: Lagging, Crashing, and Activity Networks

Advanced Topics in Planning and Scheduling: Agile and Critical Chain

Resource Management

Project Evaluation and Control

Project Closeout and Termination

Filters

Exam 7: Risk Management

The act of pairing a junior project team member with a senior manager in order to help the junior team member to learn best practices is known as:

One phase of the project risk analysis and management program is concerned more with the project than the management of risk.The latter is facilitated by successful completion of this step,but not the focal point.This phase in the project risk analysis and management program is:

What are the two types of contingency reserves and how are they handled?

Each project team member had a backup that could fill in at a moment's notice should another team member fall by the wayside.The project was able to mitigate risks in this fashion thanks to an aggressive:

If the risk of a negative outcome is slight,the BEST course of action might be to:

A company developing a brand-new technology that has never been made before is under a significant:

Which of these statements about the project risk analysis and management program is BEST?

Allocation of client risks to named individuals is clarified in the ________ phase of PRAM.

If a project requires a large up-front investment of capital,it exposes the firm to commercial risk.

While thrilling,there is a chance that you would have an accident if you elected to drive on the wrong side of a divided highway in Woodward,an outcome that could be described as:

The amount a company has at stake in a project rises above the dollar value of opportunity in the:

Project penalty clauses that initiate at mutually agreed-on points in the project's development and implementation are:

The PRAM step that occurs while the project work is being carried out is:

The budget safety measures that address higher risks than task contingency are known as:

Risks can be quantified by multiplying the likelihood a failure will occur by the severity of the failure.

One source of information on future risks and the leading indicators that accompany risks is:

A project under strict terms and conditions to produce project deliverables on time or suffer late penalties is an example of a:

Risk management is a:

Sketch a 2 × 2 risk management assessment matrix and discuss the impact of each quadrant.

Introduction: Why Project Management

The Organizational Context: Strategy, Structure, and Culture

Project Selection and Portfolio Management

Leadership and the Project Manager

Scope Management

Project Team Building, Conflict, and Negotiation

Cost Estimation and Budgeting

Project Scheduling: Networks, Duration Estimation, and Critical Path

Project Scheduling: Lagging, Crashing, and Activity Networks

Advanced Topics in Planning and Scheduling: Agile and Critical Chain

Resource Management

Project Evaluation and Control

Project Closeout and Termination

Filters