Exam 7: Risk Management

The overall risk factor for the project is known to be 0.5.The individual failure probability and consequence scores are not known with certainty,only that all of the failure probability scores are identical and all of the consequence scores are identical.What are the individual failure probability scores? Maturity Cost Complexity Schedule Dependency Reliability Performance

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:

The probability that a project to establish infrastructure in a third-world country teetering on the brink of civil war is fraught with:

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

The PRAM methodology contains an embedded feedback loop after which step?

Technical risk is the probability that the project will not perform to the required standards or produce substandard products or have excessive operating cost consumption.

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:

At each phase,the project risk analysis and management program should produce:

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

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

Your project team is interested in determining an overall risk factor for your project to develop a personal submarine constructed entirely of Popsicle sticks and wood glue.Describe how you would develop reasonable estimates for each of the probability of failure categories and each of the consequence of failure categories.

The professor wore both a belt and suspenders during lecture each day because he chose to:

What is the relationship between a project's progress and the level of budget reserves?

How do mentoring and cross-training mitigate risk?

PRAM (project risk analysis and management)should be conducted as a "one-shot" activity during the project planning phase.

The highest dollar value of reserves is typically task contingency.

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:

The overall consequence of failure was 0.4 and curiously enough,the consequence of performance is twice that of reliability; the consequence of reliability is twice that of schedule; and the consequence of schedule is twice that of cost.What is the consequence of failure cost?

What are the four distinct stages of systematic risk management and what takes place at each?

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.