Question 1

is the warning flag for when to implement the action plan for the risk.

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

Question 2

Establishing risk categories may help to identify and evaluate risks.Some categories to help identify risks include all the following except:

Accepted Answer

A) technical and schedule. 
B) cost and human resources. 
C) previously identified risks. 
D) external factors, sponsor and customer. 
A) technical and schedule. 
B) cost and human resources. 
C) previously identified risks. 
D) external factors, sponsor and customer.

Question 3

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 4

With knowledge of potential risks, the contractor can include contingency or management reserve amounts in the bid price.

Accepted Answer

A) True 
 B)False

Question 5

Some level of risk planning should be done during of the project life cycle to make sure that a contractor understands the risks involved with bidding on a proposed project.With knowledge of potential risks, the contractor can include contingency or management reserve amounts in the bid price.

Accepted Answer

A) the planning phase 
B) the performing phase 
C) the initiating phase 
D) the closing phase 
A) the planning phase 
B) the performing phase 
C) the initiating phase 
D) the closing phase

Question 6

Risk identification is determining which risks may adversely affect the development of the project work breakdown structure and what the impact of each risk might be if it occurs.

Accepted Answer

A) True 
 B)False

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

can be to avoid the risk, mitigate the risk, or accept the risk.

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

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 10

Risks ____ should be given higher priority because if the risk occurs, it would have a greater impact on the schedule than if it was associated with activities on a path that has a large positive value of total slack.

Accepted Answer

A) that occur first in the project 
B) that affect the most costly activities 
C) on the critical path 
D) that affect the activities near the end of the project 
A) that occur first in the project 
B) that affect the most costly activities 
C) on the critical path 
D) that affect the activities near the end of the project

Question 11

Risks are prioritised 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 12

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 13

involves identifying, assessing, and responding to project risks in order to minimise the likelihood of occurrence and/or potential impact of adverse events on the achievement 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 14

If the risks seem , the contractor may decide to not bid on a proposed project.

Accepted Answer

A) too great 
B) within reason 
C) acceptable 
D) easily mitigated 
A) too great 
B) within reason 
C) acceptable 
D) easily mitigated

Question 15

If the risks seem too great, the contractor may decide to not bid on a proposed project.

Accepted Answer

A) True 
 B)False

Question 16

Addressing risks proactively will increase the chances of achieving the project objective.

Accepted Answer

A) True 
 B)False

Question 17

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

Accepted Answer

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

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

is a rating of low, medium, or high based upon the expected probability of a risk occurring during the project.

Accepted Answer

A) The action trigger 
B) The priority order 
C) The mitigation plan 
D) The likelihood of occurrence 
A) The action trigger 
B) The priority order 
C) The mitigation plan 
D) The likelihood of occurrence

Question 20

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.

is the warning flag for when to implement the action plan for the risk.

Establishing risk categories may help to identify and evaluate risks.Some categories to help identify risks include all the following except:

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

With knowledge of potential risks, the contractor can include contingency or management reserve amounts in the bid price.

Some level of risk planning should be done during of the project life cycle to make sure that a contractor understands the risks involved with bidding on a proposed project.With knowledge of potential risks, the contractor can include contingency or management reserve amounts in the bid price.

Risk identification is determining which risks may adversely affect the development of the project work breakdown structure and what the impact of each risk might be if it occurs.

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

can be to avoid the risk, mitigate the risk, or accept the risk.

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

Risks ____ should be given higher priority because if the risk occurs, it would have a greater impact on the schedule than if it was associated with activities on a path that has a large positive value of total slack.

Risks are prioritised based on

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.

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

If the risks seem , the contractor may decide to not bid on a proposed project.

If the risks seem too great, the contractor may decide to not bid on a proposed project.

Addressing risks proactively will increase the chances of achieving the project objective.

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

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

is a rating of low, medium, or high based upon the expected probability of a risk occurring during the project.

Risks can be identified by using all the following except:

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

is the warning flag for when to implement the action plan for the risk.

Establishing risk categories may help to identify and evaluate risks.Some categories to help identify risks include all the following except:

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

With knowledge of potential risks, the contractor can include contingency or management reserve amounts in the bid price.

Some level of risk planning should be done during of the project life cycle to make sure that a contractor understands the risks involved with bidding on a proposed project.With knowledge of potential risks, the contractor can include contingency or management reserve amounts in the bid price.

Risk identification is determining which risks may adversely affect the development of the project work breakdown structure and what the impact of each risk might be if it occurs.

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

can be to avoid the risk, mitigate the risk, or accept the risk.

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

Risks ____ should be given higher priority because if the risk occurs, it would have a greater impact on the schedule than if it was associated with activities on a path that has a large positive value of total slack.

Risks are prioritised based on

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.

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

If the risks seem , the contractor may decide to not bid on a proposed project.

If the risks seem too great, the contractor may decide to not bid on a proposed project.

Addressing risks proactively will increase the chances of achieving the project objective.

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

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

is a rating of low, medium, or high based upon the expected probability of a risk occurring during the project.

Risks can be identified by using all the following except:

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