Exam 11: Project Risk Management

A potential response to the risk event of a defective server might be the inclusion of a clause in a contract with the supplier to replace a defective server within a certain time period at a negotiated cost.

_________________________ are provisions held by the project spons

The main output of qualitative risk analysis is a decision tree.

List and briefly describe the six major processes involved in risk management.

The Microsoft Solution Framework (MSF)includes a risk management model that includes developing and monitoring a top-ten master list of risks.

Project teams sometimes use ____________________-unplanned responses to risk events-when they do not have contingency plans in place.

Many professionals use ____________________ to help make several common business decisions,such as determining break-even points based on different assumptions.

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

A risk management review accomplishes one objective: it keeps management and the customer aware of the major influences that could prevent or enhance the project's success.

The ____________________ is the person who will own or take responsibility for the risk.

____ applies to positive risks when the project team cannot or chooses not to take any actions toward a risk.

____ involves changing the size of the opportunity by identifying and maximizing key drivers of the positive risk.

A simple approach to using probability/impact information is to calculate risk factors.

____ are/is a qualitative risk analysis tool,and in addition to identifying risks,it maintains an awareness of risks throughout the life of a project.

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

_________________________ is the product of a risk event probability and the risk event's monetary value.

____ involves shifting the consequence of a risk and responsibility for its management to a third party.

Risk management is a frequently overlooked aspect of project management.

____________________ are numbers that represent the overall risk of specific events,based on their probability of occurring and the consequences to the project if they do occur.

____ are developed for risks that have a high impact on meeting project objectives,and are put into effect if attempts to reduce the risk are not effective.