Exam 11: Project Risk Management

_____ are provisions held by the project sponsor or organization to reduce the risk of cost or schedule overruns to an acceptable level.

A(n) _____ is a diagramming analysis technique used to help select the best course of action in situations in which future outcomes are uncertain.

System or process _____ are diagrams that show how different parts of a system interrelate.

_____ involves accepting the consequences should a risk occur.

_____ are indicators or symptoms of actual risk events.

What is the first step in a Monte Carlo analysis?

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

Risk utility rises at a decreasing rate for a _____ person.

_____ analysis simulates a model's outcome many times to provide a statistical distribution of the calculated results.

The Microsoft Solution Framework (MSF) includes a risk management model that includes developing and monitoring a top-ten master list of risks.

_____ involves doing whatever you can to make sure the positive risk happens.

_____ risks refer to those that are direct results of implementing risk responses.

The term _____ is used to describe risks that the project team has identified and analyzed.

_____ risks are risks that remain after all of the response strategies have been implemented.

Project teams sometimes use _____, which are unplanned responses to risk events, when they do not have contingency plans in place.

_____ applies to positive risks when the project team cannot or chooses not to take any actions toward a risk.

Identifying risks is a subprocess of the _____ process of project risk management.

_____ involves shifting the consequence of a risk and responsibility for its management to a third party.

List and briefly describe four methods for identifying risks.

Explain decision trees and expected monetary value.