Question 1

involves regularly reviewing the risk management matrix throughout the project.

Accepted Answer

A) Risk assessing 
B) Risk planning 
C) Risk monitoring 
D) Risk avoidance 
A) Risk assessing 
B) Risk planning 
C) Risk monitoring 
D) Risk avoidance

Question 2

Addressing risks will increase the chances of accomplishing the project objective.

Accepted Answer

A) reactively 
B) inactively 
C) hyperactively 
D) proactively 
A) reactively 
B) inactively 
C) hyperactively 
D) proactively

Question 3

The risks should be those that are somewhat likely to occur and/or can have a significant positive impact on accomplishing the project objective.

Accepted Answer

A) True 
 B)False

Question 4

Managing risk includes taking action to foster the likelihood of occurrence or the impact of such unfavorable events.

Accepted Answer

A) True 
 B)False

Question 5

The project team should not change the estimated impacts of previously identified risks as the project progresses.

Accepted Answer

A) True 
 B)False

Question 6

A risk is an uncertain event that, if it occurs, can jeopardize accomplishing the project objective.

Accepted Answer

A) True 
 B)False

Question 7

Risks can be identified by using all the following except:

Accepted Answer

A) historical information. 
B) progressive elaboration. 
C) previously identified risks. 
D) ignoring potential problems. 
A) historical information. 
B) progressive elaboration. 
C) previously identified risks. 
D) ignoring potential problems.

Question 8

includes taking action to prevent or minimize the likelihood of occurrence or the impact of such unfavorable events.

Accepted Answer

A) Managing risk 
B) Taking chances 
C) Identifying the trigger point 
D) Naming the person responsible for the risk response plan 
A) Managing risk 
B) Taking chances 
C) Identifying the trigger point 
D) Naming the person responsible for the risk response plan

Question 9

Track and document which risks and the impact of those risks.

Accepted Answer

A) were avoided 
B) had the highest priority 
C) may affect the critical path 
D) actually occurred 
A) were avoided 
B) had the highest priority 
C) may affect the critical path 
D) actually occurred

Question 10

Project prices and budgets should include to pay for additional costs associated with implementing response plans.

Accepted Answer

A) a padded budget 
B) a contingency or management reserve 
C) expenses for other charges in the office to help 
D) extra overhead 
A) a padded budget 
B) a contingency or management reserve 
C) expenses for other charges in the office to help 
D) extra overhead

Question 11

A risk is an uncertain event that, if it occurs,

Accepted Answer

A) must be accepted. 
B) can jeopardize accomplishing the project objective. 
C) must be avoided. 
D) helps to achieve the project objective. 
A) must be accepted. 
B) can jeopardize accomplishing the project objective. 
C) must be avoided. 
D) helps to achieve the project objective.

Question 12

are a good forum for regularly reviewing, updating, and addressing risks.

Accepted Answer

A) Social gatherings of the team 
B) Project meetings 
C) Problem solving meetings 
D) Project planning meetings 
A) Social gatherings of the team 
B) Project meetings 
C) Problem solving meetings 
D) Project planning meetings

Question 13

Risks may change as the project progresses and should be reflected in

Accepted Answer

A) the Risk Assessment Matrix. 
B) the action trigger point. 
C) the risk response plan. 
D) the risk management strategy. 
A) the Risk Assessment Matrix. 
B) the action trigger point. 
C) the risk response plan. 
D) the risk management strategy.

Question 14

involves identifying, assessing, and responding to project risks in order to minimize the likelihood of occurrence and/or potential impact of adverse events on the accomplishment of the project objective.

Accepted Answer

A) Risk response 
B) Risk management 
C) Risk responsibility 
D) Risk acceptance and avoidance 
A) Risk response 
B) Risk management 
C) Risk responsibility 
D) Risk acceptance and avoidance

Question 15

Risks are prioritized based on

Accepted Answer

A) the likelihood of occurrence and degree of impact. 
B) the order they are identified. 
C) the gut feeling of the project team. 
D) the priorities set in a different project. 
A) the likelihood of occurrence and degree of impact. 
B) the order they are identified. 
C) the gut feeling of the project team. 
D) the priorities set in a different project.

Question 16

involves determining the likelihood that the risk event will occur and the degree of impact the event will have on the project objective.

Accepted Answer

A) Priority alignment 
B) Responding to a risk 
C) Assessing each risk 
D) Risk planning 
A) Priority alignment 
B) Responding to a risk 
C) Assessing each risk 
D) Risk planning

Question 17

Waiting for unfavorable events to occur and then reacting to them

Accepted Answer

A) is part of a well-designed response plan. 
B) reflects much planning and consideration of consequences. 
C) is a cost saving measure by not planning. 
D) can result in panic and costly responses. 
A) is part of a well-designed response plan. 
B) reflects much planning and consideration of consequences. 
C) is a cost saving measure by not planning. 
D) can result in panic and costly responses.

Question 18

The project manager needs to set the tone for encouraging open and timely discussion of risks among the project team.

Accepted Answer

A) True 
 B)False

Question 19

involves developing an action plan to reduce the likelihood of occurrence or potential impact of each risk, establishing a trigger point for when to implement the actions to address each risk, and assigning responsibility to specific individuals for implementing each response plan.

Accepted Answer

A) Risk assessment 
B) Risk management strategy 
C) Risk response planning 
D) Risk impact statement 
A) Risk assessment 
B) Risk management strategy 
C) Risk response planning 
D) Risk impact statement

Question 20

is a rating of low, medium, or high based on the expected level of change in completing the project's objective if the risk were to occur during the project.

Accepted Answer

A) The action trigger 
B) The priority order 
C) The mitigation plan 
D) The degree of impact 
A) The action trigger 
B) The priority order 
C) The mitigation plan 
D) The degree of impact

involves regularly reviewing the risk management matrix throughout the project.

Addressing risks will increase the chances of accomplishing the project objective.

The risks should be those that are somewhat likely to occur and/or can have a significant positive impact on accomplishing the project objective.

Managing risk includes taking action to foster the likelihood of occurrence or the impact of such unfavorable events.

The project team should not change the estimated impacts of previously identified risks as the project progresses.

A risk is an uncertain event that, if it occurs, can jeopardize accomplishing the project objective.

Risks can be identified by using all the following except:

includes taking action to prevent or minimize the likelihood of occurrence or the impact of such unfavorable events.

Track and document which risks and the impact of those risks.

Project prices and budgets should include to pay for additional costs associated with implementing response plans.

A risk is an uncertain event that, if it occurs,

are a good forum for regularly reviewing, updating, and addressing risks.

Risks may change as the project progresses and should be reflected in

involves identifying, assessing, and responding to project risks in order to minimize the likelihood of occurrence and/or potential impact of adverse events on the accomplishment of the project objective.

Risks are prioritized based on

involves determining the likelihood that the risk event will occur and the degree of impact the event will have on the project objective.

Waiting for unfavorable events to occur and then reacting to them

The project manager needs to set the tone for encouraging open and timely discussion of risks among the project team.

involves developing an action plan to reduce the likelihood of occurrence or potential impact of each risk, establishing a trigger point for when to implement the actions to address each risk, and assigning responsibility to specific individuals for implementing each response plan.

is a rating of low, medium, or high based on the expected level of change in completing the project's objective if the risk were to occur during the project.

Project Management Concepts

Identifying and Selecting Projects

Developing Project Proposals

Defining Scope, Quality, Responsibility, and Activity Sequence

Developing the Schedule

Resource Utilization

Determining Costs, Budget, and Earned Value

Closing the Project

The Project Manager

The Project Team

Project Communication and Documentation

Project Management Organizational Structures

Filters

Exam 8: Managing Risk

involves regularly reviewing the risk management matrix throughout the project.

Addressing risks will increase the chances of accomplishing the project objective.

The risks should be those that are somewhat likely to occur and/or can have a significant positive impact on accomplishing the project objective.

Managing risk includes taking action to foster the likelihood of occurrence or the impact of such unfavorable events.

The project team should not change the estimated impacts of previously identified risks as the project progresses.

A risk is an uncertain event that, if it occurs, can jeopardize accomplishing the project objective.

Risks can be identified by using all the following except:

includes taking action to prevent or minimize the likelihood of occurrence or the impact of such unfavorable events.

Track and document which risks and the impact of those risks.

Project prices and budgets should include to pay for additional costs associated with implementing response plans.

A risk is an uncertain event that, if it occurs,

are a good forum for regularly reviewing, updating, and addressing risks.

Risks may change as the project progresses and should be reflected in

involves identifying, assessing, and responding to project risks in order to minimize the likelihood of occurrence and/or potential impact of adverse events on the accomplishment of the project objective.

Risks are prioritized based on

involves determining the likelihood that the risk event will occur and the degree of impact the event will have on the project objective.

Waiting for unfavorable events to occur and then reacting to them

The project manager needs to set the tone for encouraging open and timely discussion of risks among the project team.

involves developing an action plan to reduce the likelihood of occurrence or potential impact of each risk, establishing a trigger point for when to implement the actions to address each risk, and assigning responsibility to specific individuals for implementing each response plan.

is a rating of low, medium, or high based on the expected level of change in completing the project's objective if the risk were to occur during the project.

Project Management Concepts

Identifying and Selecting Projects

Developing Project Proposals

Defining Scope, Quality, Responsibility, and Activity Sequence

Developing the Schedule

Resource Utilization

Determining Costs, Budget, and Earned Value

Closing the Project

The Project Manager

The Project Team

Project Communication and Documentation

Project Management Organizational Structures

Filters