Question 1

Purchasing an accident insurance policy would be an example of responding to a risk by _____________ it.

Accepted Answer

A)  Mitigating 
B)  Retaining 
C)  Ignoring 
D)  Transferring 
E)  Avoiding 
A)  Mitigating 
B)  Retaining 
C)  Ignoring 
D)  Transferring 
E)  Avoiding

Question 2

When considering risk response development,assuming the risk because the chance of such an event is slim is known as _________ the risk.

Accepted Answer

retaining
Explanation: Some risks are so

Question 3

Organizations use __________ in conjunction with work breakdown structures to help management teams identify and eventually analyze risk.

Accepted Answer

A)  Risk breakdown structures 
B)  Contingency breakdown structures 
C)  Scenario analysis 
D)  Organizational breakdown structure 
E)  Risk assessment 
A)  Risk breakdown structures 
B)  Contingency breakdown structures 
C)  Scenario analysis 
D)  Organizational breakdown structure 
E)  Risk assessment

Question 4

A fixed price contract is an example of

Accepted Answer

A)  Avoiding risk. 
B)  Transferring risk. 
C)  Accepting risk. 
D)  Ignoring risk. 
E)  Mitigating risk. 
A)  Avoiding risk. 
B)  Transferring risk. 
C)  Accepting risk. 
D)  Ignoring risk. 
E)  Mitigating risk.

Question 5

A risk is an uncertain event that,if it occurs,can have a positive or negative effect on project objectives.

Accepted Answer

A) True 
 B)False

Question 6

When considering risk management,what is an opportunity? List and briefly describe 4 different responses to an opportunity.

Accepted Answer

The answer of When considering risk management,what is an opportunity?...

Question 7

A key distinction between a risk response and a contingency plan is

Accepted Answer

A)  A risk response is established only for moderate risks while contingency plans are established for major risks. 
B)  A risk response is part of the actual implementation plan and action is taken before the risk can materialize,while a contingency plan goes into effect only after the risk has transpired. 
C)  A risk response is only effective when you are able to assess the likelihood of the risk and its impact on the project;all other risks are covered by contingency planning. 
D)  A risk response is created by the project team and the project manager while the project manager and the customer agree on the contingency plan. 
E)  A risk response is action that is the response to a risk once it has happened and the contingency plan is created by the customer if the risk response fails. 
A)  A risk response is established only for moderate risks while contingency plans are established for major risks. 
B)  A risk response is part of the actual implementation plan and action is taken before the risk can materialize,while a contingency plan goes into effect only after the risk has transpired. 
C)  A risk response is only effective when you are able to assess the likelihood of the risk and its impact on the project;all other risks are covered by contingency planning. 
D)  A risk response is created by the project team and the project manager while the project manager and the customer agree on the contingency plan. 
E)  A risk response is action that is the response to a risk once it has happened and the contingency plan is created by the customer if the risk response fails.

Question 8

When considering risk response development,reducing the likelihood that an event will occur and/or reducing the impact that an adverse event would have on a project is known as _________ the risk.

Accepted Answer

mitigating
Explanation: Reducing risk is

Question 9

Which of the following is NOT involved in risk control?

Accepted Answer

A)  Executing the risk response strategy 
B)  Initiating contingency plans 
C)  Establishing a change control system 
D)  Establishing contingency funds 
E)  Watching for new risks 
A)  Executing the risk response strategy 
B)  Initiating contingency plans 
C)  Establishing a change control system 
D)  Establishing contingency funds 
E)  Watching for new risks

Question 10

A list of questions that address traditional areas of uncertainty on a project is termed a

Accepted Answer

A)  Risk profile. 
B)  Questionnaire. 
C)  Research matrix. 
D)  Query. 
E)  Checklist. 
A)  Risk profile. 
B)  Questionnaire. 
C)  Research matrix. 
D)  Query. 
E)  Checklist.

Question 11

The initial step in the risk management process is to

Accepted Answer

A)  Determine the level of acceptable risk. 
B)  Assess the risk potential. 
C)  Identify the risks. 
D)  Set aside budget funds for managing the risks. 
E)  Appoint a risk manager. 
A)  Determine the level of acceptable risk. 
B)  Assess the risk potential. 
C)  Identify the risks. 
D)  Set aside budget funds for managing the risks. 
E)  Appoint a risk manager.

Question 12

The first step in the risk management process is risk assessment.

Accepted Answer

A) True 
 B)False

Question 13

When developing a response to a risk by scheduling outdoor work in the summer,investing in up-front safety training,or choosing high-quality materials,these are examples of retaining a risk.

Accepted Answer

A) True 
 B)False

Question 14

The risk identification process should be limited to just the core project team.

Accepted Answer

A) True 
 B)False

Question 15

Responses to all identifiable risks should be a top priority for the project manager.

Accepted Answer

A) True 
 B)False

Question 16

The risk management tool that is divided into three color-coded zones representing major,moderate,and minor risks is the risk

Accepted Answer

A)  Assessment form. 
B)  Responsibility matrix. 
C)  Scenario assessment. 
D)  Impact assessment. 
E)  Severity matrix. 
A)  Assessment form. 
B)  Responsibility matrix. 
C)  Scenario assessment. 
D)  Impact assessment. 
E)  Severity matrix.

Question 17

One common mistake made early in the risk identification process is to

Accepted Answer

A)  Not consider all possibilities 
B)  Encourage participants be over optimistic 
C)  Support participants being over pessimistic 
D)  Focus on consequences and not on the events that could produce consequences 
E)  Give too much attention to past events 
A)  Not consider all possibilities 
B)  Encourage participants be over optimistic 
C)  Support participants being over pessimistic 
D)  Focus on consequences and not on the events that could produce consequences 
E)  Give too much attention to past events

Question 18

_____________ is a measure of how easy it would be to notice that a risk event was going to occur in time to take mitigating action,that is,how much warning you would have.

Accepted Answer

A)  Detection difficulty 
B)  Impact scaling 
C)  Probability analysis 
D)  Awareness level 
E)  Warning assessment 
A)  Detection difficulty 
B)  Impact scaling 
C)  Probability analysis 
D)  Awareness level 
E)  Warning assessment

Question 19

The measurement of how easy it would be to detect that the event was going to occur in time to take mitigating action is known as __________.

Accepted Answer

detection difficulty
Explanation: Detect

Question 20

Change management systems involve reporting,controlling,and recording changes to the project baseline.

Accepted Answer

A) True 
 B)False

Purchasing an accident insurance policy would be an example of responding to a risk by _____________ it.

When considering risk response development,assuming the risk because the chance of such an event is slim is known as _________ the risk.

Organizations use __________ in conjunction with work breakdown structures to help management teams identify and eventually analyze risk.

A fixed price contract is an example of

A risk is an uncertain event that,if it occurs,can have a positive or negative effect on project objectives.

When considering risk management,what is an opportunity? List and briefly describe 4 different responses to an opportunity.

A key distinction between a risk response and a contingency plan is

When considering risk response development,reducing the likelihood that an event will occur and/or reducing the impact that an adverse event would have on a project is known as _________ the risk.

Which of the following is NOT involved in risk control?

A list of questions that address traditional areas of uncertainty on a project is termed a

The initial step in the risk management process is to

The first step in the risk management process is risk assessment.

When developing a response to a risk by scheduling outdoor work in the summer,investing in up-front safety training,or choosing high-quality materials,these are examples of retaining a risk.

The risk identification process should be limited to just the core project team.

Responses to all identifiable risks should be a top priority for the project manager.

The risk management tool that is divided into three color-coded zones representing major,moderate,and minor risks is the risk

One common mistake made early in the risk identification process is to

_____________ is a measure of how easy it would be to notice that a risk event was going to occur in time to take mitigating action,that is,how much warning you would have.

The measurement of how easy it would be to detect that the event was going to occur in time to take mitigating action is known as __________.

Change management systems involve reporting,controlling,and recording changes to the project baseline.

Modern Project Management

Organization Strategy and Project Selection

Organization: Structure and Culture

Defining the Project

Estimating Project Times and Costs

Developing a Project Plan

Scheduling Resources and Costs

Reducing Project Duration

Leadership: Being an Effective Project Manager

Managing Project Teams

Outsourcing: Managing Interorganizational Relations

Progress and Performance Measurement and Evaluation

Project Closure

International Projects

Oversight

An Introduction to Agile Project Management

Project Management Career Paths

Filters

Exam 7: Managing Risk

Purchasing an accident insurance policy would be an example of responding to a risk by _____________ it.

When considering risk response development,assuming the risk because the chance of such an event is slim is known as _________ the risk.

Organizations use __________ in conjunction with work breakdown structures to help management teams identify and eventually analyze risk.

A fixed price contract is an example of

A risk is an uncertain event that,if it occurs,can have a positive or negative effect on project objectives.

When considering risk management,what is an opportunity? List and briefly describe 4 different responses to an opportunity.

A key distinction between a risk response and a contingency plan is

When considering risk response development,reducing the likelihood that an event will occur and/or reducing the impact that an adverse event would have on a project is known as _________ the risk.

Which of the following is NOT involved in risk control?

A list of questions that address traditional areas of uncertainty on a project is termed a

The initial step in the risk management process is to

The first step in the risk management process is risk assessment.

When developing a response to a risk by scheduling outdoor work in the summer,investing in up-front safety training,or choosing high-quality materials,these are examples of retaining a risk.

The risk identification process should be limited to just the core project team.

Responses to all identifiable risks should be a top priority for the project manager.

The risk management tool that is divided into three color-coded zones representing major,moderate,and minor risks is the risk

One common mistake made early in the risk identification process is to

_____________ is a measure of how easy it would be to notice that a risk event was going to occur in time to take mitigating action,that is,how much warning you would have.

The measurement of how easy it would be to detect that the event was going to occur in time to take mitigating action is known as __________.

Change management systems involve reporting,controlling,and recording changes to the project baseline.

Modern Project Management

Organization Strategy and Project Selection

Organization: Structure and Culture

Defining the Project

Estimating Project Times and Costs

Developing a Project Plan

Scheduling Resources and Costs

Reducing Project Duration

Leadership: Being an Effective Project Manager

Managing Project Teams

Outsourcing: Managing Interorganizational Relations

Progress and Performance Measurement and Evaluation

Project Closure

International Projects

Oversight

An Introduction to Agile Project Management

Project Management Career Paths

Filters