Question 1

Waiting for favourable events to occur and then reacting to them can result in panic and costly responses.

Accepted Answer

A) True 
 B)False  False

Question 2

Regularly review and evaluate to determine if there are any changes to the likelihood of occurrence or the potential impact of any of the risks.

Accepted Answer

A) all risks 
B) only those risks of highest priority 
C) risks that have yet to be identified 
D) risks that have occurred to see if they will happen again 
A) all risks 
B) only those risks of highest priority 
C) risks that have yet to be identified 
D) risks that have occurred to see if they will happen again A

Question 3

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 D

Question 4

Establishing risk categories may help to identify and evaluate risks.List some categories to help identify risks.

Accepted Answer

Some categories are

Question 5

Sometimes a sponsor identifies major risks for the project in

Accepted Answer

A) the lessons learnt after the project. 
B) the project charter when the project is authorised. 
C) the contract for service. 
D) the project evaluation meeting. 
A) the lessons learnt after the project. 
B) the project charter when the project is authorised. 
C) the contract for service. 
D) the project evaluation meeting.

Question 6

The project team can progressively elaborate and identify new risks as more information is known or becomes clear.

Accepted Answer

A) True 
 B)False

Question 7

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 8

is a defined set of actions to prevent or reduce the likelihood of occurrence or the impact of a risk, or to implement if the risk event occurs.

Accepted Answer

A) A risk response plan 
B) A risk assessment 
C) A risk management strategy 
D) A risk impact statement 
A) A risk response plan 
B) A risk assessment 
C) A risk management strategy 
D) A risk impact statement

Question 9

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 10

includes taking action to prevent or minimise the likelihood of occurrence or the impact of such unfavourable 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 11

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 12

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 13

includes determining which risks may adversely affect the project objective and what the impact of each risk might be if it occurs.

Accepted Answer

A) Risk modification 
B) Risk avoidance 
C) Risk identification 
D) Risk acceptance 
A) Risk modification 
B) Risk avoidance 
C) Risk identification 
D) Risk acceptance

Question 14

A common approach to identifying the sources of risks is

Accepted Answer

A) brainstorming. 
B) developing a contingency plan. 
C) elaboration. 
D) evaluating the probability. 
A) brainstorming. 
B) developing a contingency plan. 
C) elaboration. 
D) evaluating the probability.

Question 15

contains the steps for how to mitigate the risk if it should occur during the project.

Accepted Answer

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

Question 16

Waiting for unfavourable 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 17

A risk assessment matrix is a tool for

Accepted Answer

A) making a person responsible for the risk. 
B) stating if the risk will be avoided, accepted, or mitigated. 
C) examining the results of the project. 
D) assessing and managing risks. 
A) making a person responsible for the risk. 
B) stating if the risk will be avoided, accepted, or mitigated. 
C) examining the results of the project. 
D) assessing and managing risks.

Question 18

Some level of risk planning should be done during the initiating phase of the project life cycle to make sure that a contractor understands the risks involved with bidding on a proposed project.

Accepted Answer

A) True 
 B)False

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

is a list of the potential outcomes if the risk were to occur.

Accepted Answer

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

Waiting for favourable events to occur and then reacting to them can result in panic and costly responses.

Regularly review and evaluate to determine if there are any changes to the likelihood of occurrence or the potential impact of any of the risks.

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.

Establishing risk categories may help to identify and evaluate risks.List some categories to help identify risks.

Sometimes a sponsor identifies major risks for the project in

The project team can progressively elaborate and identify new risks as more information is known or becomes clear.

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

is a defined set of actions to prevent or reduce the likelihood of occurrence or the impact of a risk, or to implement if the risk event occurs.

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

includes taking action to prevent or minimise the likelihood of occurrence or the impact of such unfavourable events.

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

involves regularly reviewing the risk management matrix throughout the project.

includes determining which risks may adversely affect the project objective and what the impact of each risk might be if it occurs.

A common approach to identifying the sources of risks is

contains the steps for how to mitigate the risk if it should occur during the project.

Waiting for unfavourable events to occur and then reacting to them

A risk assessment matrix is a tool for

Some level of risk planning should be done during the initiating phase of the project life cycle to make sure that a contractor understands the risks involved with bidding on a proposed project.

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

is a list of the potential outcomes if the risk were to occur.

Project Management Concepts

Identifying and Selecting Projects

Developing Project Proposals

Defining Scope, Quality, Responsibility and Activity Sequence

Developing the Schedule

Resource Utilisation

Determining Costs, Budget and Earned Value

Closing the Project

The Project Manager

The Project Team

Project Communication and Documentation

Project Management Organisational Structures

Filters

Exam 8: Managing Risk

Waiting for favourable events to occur and then reacting to them can result in panic and costly responses.

Regularly review and evaluate to determine if there are any changes to the likelihood of occurrence or the potential impact of any of the risks.

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.

Establishing risk categories may help to identify and evaluate risks.List some categories to help identify risks.

Sometimes a sponsor identifies major risks for the project in

The project team can progressively elaborate and identify new risks as more information is known or becomes clear.

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

is a defined set of actions to prevent or reduce the likelihood of occurrence or the impact of a risk, or to implement if the risk event occurs.

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

includes taking action to prevent or minimise the likelihood of occurrence or the impact of such unfavourable events.

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

involves regularly reviewing the risk management matrix throughout the project.

includes determining which risks may adversely affect the project objective and what the impact of each risk might be if it occurs.

A common approach to identifying the sources of risks is

contains the steps for how to mitigate the risk if it should occur during the project.

Waiting for unfavourable events to occur and then reacting to them

A risk assessment matrix is a tool for

Some level of risk planning should be done during the initiating phase of the project life cycle to make sure that a contractor understands the risks involved with bidding on a proposed project.

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

is a list of the potential outcomes if the risk were to occur.

Project Management Concepts

Identifying and Selecting Projects

Developing Project Proposals

Defining Scope, Quality, Responsibility and Activity Sequence

Developing the Schedule

Resource Utilisation

Determining Costs, Budget and Earned Value

Closing the Project

The Project Manager

The Project Team

Project Communication and Documentation

Project Management Organisational Structures

Filters