Question 1

The lowest risk value that an identified risk can take is ________, while the highest risk value that an identified risk can take is ______.

Accepted Answer

A)  1, 125 
B)  0, 1 × 10 to the 300 power 
C)  1, 25 
D)  0, 5 
E)  1, 5 
A)  1, 125 
B)  0, 1 × 10 to the 300 power 
C)  1, 25 
D)  0, 5 
E)  1, 5 A

Question 2

The implications of an identified change need to be assessed by

Accepted Answer

A)  the primary project stakeholder. 
B)  the chief fiscal officer. 
C)  a person with expertise related to the change. 
D)  the authorizing project manager. 
E)  the program manager. 
A)  the primary project stakeholder. 
B)  the chief fiscal officer. 
C)  a person with expertise related to the change. 
D)  the authorizing project manager. 
E)  the program manager. C

Question 3

Based on the following, which event should you be most concerned about?

Accepted Answer

A)  Bad weather 
B)  Design flaw 
C)  Accident 
D)  Shipment delay 
E)  Power outage 
A)  Bad weather 
B)  Design flaw 
C)  Accident 
D)  Shipment delay 
E)  Power outage B

Question 4

Identify and briefly describe the five ways to respond to identified risks.

Accepted Answer

Escalating risk occurs when th

Question 5

What is the difference between mitigating a risk and a contingency plan? Provide real life examples that illustrate the difference.

Accepted Answer

The key distinction between a risk respo

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

One common mistake that is made early on in the risk identification process is to focus on consequences and not on the events that could produce consequences.

Accepted Answer

A) True 
 B)False

Question 8

Why might an organization be opposed to developing and implementing a thorough risk management process?

Accepted Answer

Managing risk takes time and money, whic

Question 9

Which of the following activities might you consider adding a time buffer to?

Accepted Answer

A)  Activities with severe risks 
B)  Merge activities that are prone to delays 
C)  Activities with scarce resources 
D)  Noncritical activities with very little slack 
E)  You might consider adding a time buffer to any of these activities. 
A)  Activities with severe risks 
B)  Merge activities that are prone to delays 
C)  Activities with scarce resources 
D)  Noncritical activities with very little slack 
E)  You might consider adding a time buffer to any of these activities.

Question 10

Funds that are for identified risks that have a low probability of occurring and that decrease as the project progresses are called ______ reserves.

Accepted Answer

A)  management 
B)  unidentified risk 
C)  contingency 
D)  padded 
E)  just in case 
A)  management 
B)  unidentified risk 
C)  contingency 
D)  padded 
E)  just in case

Question 11

Opportunities identified within a project are treated very different from risks.

Accepted Answer

A) True 
 B)False

Question 12

After your team has successfully identified potential risks that could affect the project, what is the next step?

Accepted Answer

A)  Create a risk breakdown structure 
B)  Assess identified risks 
C)  Create contingency plans 
D)  Decide how to respond to all risks 
E)  Mitigate risks 
A)  Create a risk breakdown structure 
B)  Assess identified risks 
C)  Create contingency plans 
D)  Decide how to respond to all risks 
E)  Mitigate risks

Question 13

Testing a new project on a smaller isolated area prior to installing it for the entire organization is an example of ________ a risk.

Accepted Answer

A)  transferring 
B)  escalating 
C)  avoiding 
D)  retaining 
E)  mitigating 
A)  transferring 
B)  escalating 
C)  avoiding 
D)  retaining 
E)  mitigating

Question 14

When considering risk management, what is an opportunity? List and briefly describe 5 different responses to an opportunity.

Accepted Answer

An opportunity is an event that can have

Question 15

When considering risk value, the lower the value, the higher the level of risk.

Accepted Answer

A) True 
 B)False

Question 16

According to the Failure Mode and Effects Analysis (FMEA), Impact × Probability × Detection = __________.

Accepted Answer

A)  risk severity 
B)  risk assessment 
C)  risk value 
D)  risk mitigation 
E)  risk difficulty 
A)  risk severity 
B)  risk assessment 
C)  risk value 
D)  risk mitigation 
E)  risk difficulty

Question 17

What is the purpose of using tools such as a risk assessment form and a risk severity matrix?

Accepted Answer

These tools are used to assess risk. Aft

Question 18

Give a real-life example of mitigating a risk, avoiding a risk, transferring a risk, escalating a risk and retaining a risk.

Accepted Answer

Mitigating a risk: duplicate systems, ba

Question 19

List the major response choices for negative risks. Do the same for positive risks (opportunities).

Accepted Answer

Negative risk choices: mitigat

Question 20

________ reserves are identified for specific work packages and are distributed by the project manager and the team members.

Accepted Answer

A)  Incremental 
B)  Contingency 
C)  Additional 
D)  Work package 
E)  Incidental 
A)  Incremental 
B)  Contingency 
C)  Additional 
D)  Work package 
E)  Incidental

The lowest risk value that an identified risk can take is __, while the highest risk value that an identified risk can take is .

The implications of an identified change need to be assessed by

Based on the following, which event should you be most concerned about?

Identify and briefly describe the five ways to respond to identified risks.

What is the difference between mitigating a risk and a contingency plan? Provide real life examples that illustrate the difference.

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

One common mistake that is made early on in the risk identification process is to focus on consequences and not on the events that could produce consequences.

Why might an organization be opposed to developing and implementing a thorough risk management process?

Which of the following activities might you consider adding a time buffer to?

Funds that are for identified risks that have a low probability of occurring and that decrease as the project progresses are called ______ reserves.

Opportunities identified within a project are treated very different from risks.

After your team has successfully identified potential risks that could affect the project, what is the next step?

Testing a new project on a smaller isolated area prior to installing it for the entire organization is an example of ________ a risk.

When considering risk management, what is an opportunity? List and briefly describe 5 different responses to an opportunity.

When considering risk value, the lower the value, the higher the level of risk.

According to the Failure Mode and Effects Analysis (FMEA), Impact × Probability × Detection = __________.

What is the purpose of using tools such as a risk assessment form and a risk severity matrix?

Give a real-life example of mitigating a risk, avoiding a risk, transferring a risk, escalating a risk and retaining a risk.

List the major response choices for negative risks. Do the same for positive risks (opportunities).

________ reserves are identified for specific work packages and are distributed by the project manager and the team members.

Modern Project Management

Organization Strategy and Project Selection

Organization: Structure and Culture

Defining the Project

Estimating Project Times and Costs

Developing a Project Schedule

Scheduling Resources and Costs

Reducing Project Duration

Being an Effective Project Manager

Managing Project Teams

Outsourcing: Managing Interorganizational Relations

Progress and Performance Measurement and Evaluation

Project Closure

Agile Project Management

International Projects

Filters

Exam 7: Managing Risk

The lowest risk value that an identified risk can take is ________, while the highest risk value that an identified risk can take is ______.

The implications of an identified change need to be assessed by

Based on the following, which event should you be most concerned about?

Identify and briefly describe the five ways to respond to identified risks.

What is the difference between mitigating a risk and a contingency plan? Provide real life examples that illustrate the difference.

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

One common mistake that is made early on in the risk identification process is to focus on consequences and not on the events that could produce consequences.

Why might an organization be opposed to developing and implementing a thorough risk management process?

Which of the following activities might you consider adding a time buffer to?

Funds that are for identified risks that have a low probability of occurring and that decrease as the project progresses are called ______ reserves.

Opportunities identified within a project are treated very different from risks.

After your team has successfully identified potential risks that could affect the project, what is the next step?

Testing a new project on a smaller isolated area prior to installing it for the entire organization is an example of ________ a risk.

When considering risk management, what is an opportunity? List and briefly describe 5 different responses to an opportunity.

When considering risk value, the lower the value, the higher the level of risk.

According to the Failure Mode and Effects Analysis (FMEA), Impact × Probability × Detection = __________.

What is the purpose of using tools such as a risk assessment form and a risk severity matrix?

Give a real-life example of mitigating a risk, avoiding a risk, transferring a risk, escalating a risk and retaining a risk.

List the major response choices for negative risks. Do the same for positive risks (opportunities).

________ reserves are identified for specific work packages and are distributed by the project manager and the team members.

Modern Project Management

Organization Strategy and Project Selection

Organization: Structure and Culture

Defining the Project

Estimating Project Times and Costs

Developing a Project Schedule

Scheduling Resources and Costs

Reducing Project Duration

Being an Effective Project Manager

Managing Project Teams

Outsourcing: Managing Interorganizational Relations

Progress and Performance Measurement and Evaluation

Project Closure

Agile Project Management

International Projects

Filters

The lowest risk value that an identified risk can take is __, while the highest risk value that an identified risk can take is .