Question 1

_____ is the process of understanding what potential events might hurt or enhance a particular project.

Accepted Answer

The answer of  _____ is the process of understanding what...

Question 2

A project _____ is an uncertainty that can have a negative or positive effect on meeting project objectives.

Accepted Answer

The answer of  A project _____ is an uncertainty that...

Question 3

Which process involves taking steps to enhance opportunities and reduce threats to meeting project objectives?

Accepted Answer

A)  performing quantitative risk analysis 
B)  planning risk responses 
C)  controlling risk 
D)  performing qualitative risk analysis

Question 4

Explain the basic steps involved in performing a Monte Carlo analysis.

Accepted Answer

The answer of  Explain the basic steps involved in performing...

Question 5

Which action involves allocating ownership of the risk to another party?

Accepted Answer

A)  risk exploitation 
B)  risk sharing 
C)  risk enhancement 
D)  risk acceptance

Question 6

The basic concept of the _____ technique is to derive a consensus among a panel of experts who make predictions about future developments.

Accepted Answer

The answer of  The basic concept of the _____ technique...

Question 7

The Monte Carlo analysis can predict the probability of finishing by a certain date or the probability that the cost will be equal to or less than a certain value.

Accepted Answer

A) True 
 B)False

Question 8

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

Accepted Answer

The answer of  List and briefly describe the major processes...

Question 9

Which risks are direct results of implementing risk responses?

Accepted Answer

A)  architectural 
B)  primary 
C)  residual 
D)  secondary

Question 10

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

Accepted Answer

The answer of  The _____ is the person who will...

Question 11

Which diagramming technique is used to help select the best course of action in situations in which future outcomes are uncertain?

Accepted Answer

A)  decision tree 
B)  activity-on-arrow 
C)  workaround 
D)  backward pass

Question 12

_____ is a qualitative risk analysis tool that maintains an awareness of risks throughout the life of a project in addition to identifying risks.

Accepted Answer

A)  A SharePoint portal 
B)  A probability/impact matrix or chart 
C)  An expectations management matrix 
D)  Top Ten Risk Item Tracking

Question 13

Which process involves numerically estimating the effects of risks on project objectives?

Accepted Answer

A)  performing qualitative risk analysis 
B)  planning risk responses 
C)  identifying risks 
D)  performing quantitative risk analysis

Question 14

One possible response to managing negative risk it to accept the potential effects from the risk.

Accepted Answer

A) True 
 B)False

Question 15

Unenforceable conditions or contract clauses and adversarial relations are risk conditions associated with the project _____ management knowledge area.

Accepted Answer

A)  integration 
B)  quality 
C)  procurement 
D)  human resources

Question 16

A(n) _____ is a list of risks that are low priority, but are still identified as potential risks.

Accepted Answer

The answer of  A(n) _____ is a list of risks...

Question 17

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

Accepted Answer

The answer of  _____ is the product of a risk...

Question 18

Which action involves changing the size of the opportunity by identifying and maximizing key drivers of the positive risk?

Accepted Answer

A)  risk exploitation 
B)  risk sharing 
C)  risk enhancement 
D)  risk acceptance

Question 19

Which analysis technique simulates a model's outcome many times to provide a statistical distribution of the calculated results?

Accepted Answer

A)  sensitivity 
B)  systems 
C)  Monte Carlo 
D)  NPV

Question 20

Which action involves doing whatever you can to make sure the positive risk happens?

Accepted Answer

A)  risk exploitation 
B)  risk sharing 
C)  risk enhancement 
D)  risk acceptance

Exam 11: Project Risk Management

_____ is the process of understanding what potential events might hurt or enhance a particular project.

A project _____ is an uncertainty that can have a negative or positive effect on meeting project objectives.

Which process involves taking steps to enhance opportunities and reduce threats to meeting project objectives?

Explain the basic steps involved in performing a Monte Carlo analysis.

Which action involves allocating ownership of the risk to another party?

The basic concept of the _____ technique is to derive a consensus among a panel of experts who make predictions about future developments.

The Monte Carlo analysis can predict the probability of finishing by a certain date or the probability that the cost will be equal to or less than a certain value.

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

Which risks are direct results of implementing risk responses?

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

Which diagramming technique is used to help select the best course of action in situations in which future outcomes are uncertain?

_____ is a qualitative risk analysis tool that maintains an awareness of risks throughout the life of a project in addition to identifying risks.

Which process involves numerically estimating the effects of risks on project objectives?

One possible response to managing negative risk it to accept the potential effects from the risk.

Unenforceable conditions or contract clauses and adversarial relations are risk conditions associated with the project _____ management knowledge area.

A(n) _____ is a list of risks that are low priority, but are still identified as potential risks.

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

Which action involves changing the size of the opportunity by identifying and maximizing key drivers of the positive risk?

Which analysis technique simulates a model's outcome many times to provide a statistical distribution of the calculated results?

Which action involves doing whatever you can to make sure the positive risk happens?