Question 1

Identifying what you know, what you think you know, and things you need to find out would be activities most closely associated with:

Accepted Answer

A)  Learning Cycles 
B)  Brainstorming 
C)  Nominal Group Technique 
D)  Delphi Technique 
E)  Cause-and-Effect Diagrams 
A)  Learning Cycles 
B)  Brainstorming 
C)  Nominal Group Technique 
D)  Delphi Technique 
E)  Cause-and-Effect Diagrams

Question 2

What are the six project risk management processes?

Accepted Answer

-Create a Risk Plan
-Identify

Question 3

Define and discuss the seven risk strategies described in this chapter.

Accepted Answer

-Accept or Ignore-Choosing to accept or

Question 4

The Payoff Table would be used with which risk assessment technique ?

Accepted Answer

A)  Qualitative Risk Analysis 
B)  Quantitative Risk Analysis 
C)  Cause-and- Effect Diagram 
D)  Simulations 
E)  Probability Distributions 
A)  Qualitative Risk Analysis 
B)  Quantitative Risk Analysis 
C)  Cause-and- Effect Diagram 
D)  Simulations 
E)  Probability Distributions

Question 5

Describe some of the tools that are typically employed to monitor and control risk.

Accepted Answer

There are several tools that are typical

Question 6

_____ determines each identified risk's probability of occurrence and impact on the project.

Accepted Answer

A)  Risk mitigation 
B)  Risk assessment 
C)  Risk avoidance 
D)  Risk analysis 
E)  Risk monitoring and control 
A)  Risk mitigation 
B)  Risk assessment 
C)  Risk avoidance 
D)  Risk analysis 
E)  Risk monitoring and control

Question 7

What is a Monte Carlo simulation? Describe a situation (other than the one used in this chapter) that could make good use of a Monte Carlo simulation.

Accepted Answer

Monte Carlo simulation is a technique th

Question 8

Risks may be positive or negative. For a positive risk, a project manager would want to _____.

Accepted Answer

A)  accept the risk 
B)  share ownership 
C)  avoid the risk 
D)  reduce the impact of the risk 
E)  transfer the risk 
A)  accept the risk 
B)  share ownership 
C)  avoid the risk 
D)  reduce the impact of the risk 
E)  transfer the risk

Question 9

Qualitative risk analysis has as one of its strengths the ability to include subjective analysis based on experience and judgment.

Accepted Answer

A) True 
 B)False

Question 10

Project risk management focuses solely on the downside of risk that results from unexpected problems or threats.

Accepted Answer

A) True 
 B)False

Question 11

_____ randomly generates specific values for a variable with a specific probability distribution.

Accepted Answer

A)  Discrete Distribution 
B)  Normal Distribution 
C)  Pert Distribution 
D)  Monte Carlo Simulation 
E)  Binomial Distribution 
A)  Discrete Distribution 
B)  Normal Distribution 
C)  Pert Distribution 
D)  Monte Carlo Simulation 
E)  Binomial Distribution

Question 12

Through _____, the project manager will scan the project environment to watch for risks as they may arise.

Accepted Answer

A)  risk identification 
B)  risk assessment 
C)  risk planning 
D)  risk monitoring and control 
E)  risk strategies 
A)  risk identification 
B)  risk assessment 
C)  risk planning 
D)  risk monitoring and control 
E)  risk strategies

Question 13

Unknown-unknown risks are residual risks that we cannot even imagine happening.

Accepted Answer

A) True 
 B)False

Question 14

The PMBOK definition of project risk suggests that a systematic process is needed to effectively manage the risk of a project.

Accepted Answer

A) True 
 B)False

Question 15

What is meant by crisis management? And why do many organizations find themselves in this mode?

Accepted Answer

Because of their failure to plan for the

Question 16

Since risk arises from uncertainty, there can be no such category as known risks.

Accepted Answer

A) True 
 B)False

Question 17

Triggers or flags in the form of metrics should be identified to draw attention to a particular risk when it occurs.

Accepted Answer

A) True 
 B)False

Question 18

Reserves and contingency plans would be used in which risk strategy ?

Accepted Answer

A)  accept or ignore 
B)  avoidance 
C)  mitigation 
D)  transfer 
E)  none of these 
A)  accept or ignore 
B)  avoidance 
C)  mitigation 
D)  transfer 
E)  none of these

Question 19

_____ lead to lessons learned to determine how the risk was handled.

Accepted Answer

A)  risk identification 
B)  risk assessment 
C)  risk planning 
D)  risk response 
E)  risk evaluation 
A)  risk identification 
B)  risk assessment 
C)  risk planning 
D)  risk response 
E)  risk evaluation

Question 20

_____ involves deciding which risks can impact the project.

Accepted Answer

A)  Plan Risk Management 
B)  Identify Risks 
C)  Perform Quantitative Risk Analysis 
D)  Plan Risk Responses 
E)  Monitor and Control Risks 
A)  Plan Risk Management 
B)  Identify Risks 
C)  Perform Quantitative Risk Analysis 
D)  Plan Risk Responses 
E)  Monitor and Control Risks

Identifying what you know, what you think you know, and things you need to find out would be activities most closely associated with:

What are the six project risk management processes?

Define and discuss the seven risk strategies described in this chapter.

The Payoff Table would be used with which risk assessment technique ?

Describe some of the tools that are typically employed to monitor and control risk.

_____ determines each identified risk's probability of occurrence and impact on the project.

What is a Monte Carlo simulation? Describe a situation (other than the one used in this chapter) that could make good use of a Monte Carlo simulation.

Risks may be positive or negative. For a positive risk, a project manager would want to _____.

Qualitative risk analysis has as one of its strengths the ability to include subjective analysis based on experience and judgment.

Project risk management focuses solely on the downside of risk that results from unexpected problems or threats.

_____ randomly generates specific values for a variable with a specific probability distribution.

Through _____, the project manager will scan the project environment to watch for risks as they may arise.

Unknown-unknown risks are residual risks that we cannot even imagine happening.

The PMBOK definition of project risk suggests that a systematic process is needed to effectively manage the risk of a project.

What is meant by crisis management? And why do many organizations find themselves in this mode?

Since risk arises from uncertainty, there can be no such category as known risks.

Triggers or flags in the form of metrics should be identified to draw attention to a particular risk when it occurs.

Reserves and contingency plans would be used in which risk strategy ?

_____ lead to lessons learned to determine how the risk was handled.

_____ involves deciding which risks can impact the project.

The Nature of Information Technology Projects

Project Methodologies and Processes

Measurable Organizational Value and the Business Case

Project Planning: the Project Infrastructure

Project Planning: Scope and the Work Breakdown Structure

The Work Breakdown Structure and Project Estimation

Managing Project Stakeholders and Communication

Managing Project Quality

Leading the Project Team

Managing Organizational Change, Resistance, and Conflict

Project Completion

Filters

Exam 7: Managing Project Risk

Identifying what you know, what you think you know, and things you need to find out would be activities most closely associated with:

What are the six project risk management processes?

Define and discuss the seven risk strategies described in this chapter.

The Payoff Table would be used with which risk assessment technique ?

Describe some of the tools that are typically employed to monitor and control risk.

_____ determines each identified risk's probability of occurrence and impact on the project.

What is a Monte Carlo simulation? Describe a situation (other than the one used in this chapter) that could make good use of a Monte Carlo simulation.

Risks may be positive or negative. For a positive risk, a project manager would want to _____.

Qualitative risk analysis has as one of its strengths the ability to include subjective analysis based on experience and judgment.

Project risk management focuses solely on the downside of risk that results from unexpected problems or threats.

_____ randomly generates specific values for a variable with a specific probability distribution.

Through _____, the project manager will scan the project environment to watch for risks as they may arise.

Unknown-unknown risks are residual risks that we cannot even imagine happening.

The PMBOK definition of project risk suggests that a systematic process is needed to effectively manage the risk of a project.

What is meant by crisis management? And why do many organizations find themselves in this mode?

Since risk arises from uncertainty, there can be no such category as known risks.

Triggers or flags in the form of metrics should be identified to draw attention to a particular risk when it occurs.

Reserves and contingency plans would be used in which risk strategy ?

_____ lead to lessons learned to determine how the risk was handled.

_____ involves deciding which risks can impact the project.

The Nature of Information Technology Projects

Project Methodologies and Processes

Measurable Organizational Value and the Business Case

Project Planning: the Project Infrastructure

Project Planning: Scope and the Work Breakdown Structure

The Work Breakdown Structure and Project Estimation

Managing Project Stakeholders and Communication

Managing Project Quality

Leading the Project Team

Managing Organizational Change, Resistance, and Conflict

Project Completion

Filters