Question 1

Performance bonds, warranties, and insurance are examples of ________ a risk.

Accepted Answer

transferring
Explanation: Passing risk to another party is common; this transfer does not change risk.Passing risk to another party almost always results in paying a premium for this exemption.Fixed-price contracts are the classic example of transferring risk from an owner to a contractor.

Question 2

In __________ the Risk Severity Matrix is extended by including the ease of detecting a risk event occurring.

Accepted Answer

Failure Mote and Effects Analysis (FMEA
Explanation: Failure Mode and Effects Analysis (FMEA) extends the risk severity matrix by including ease of detection in the equation: Impact x Probability x Detection = Risk Value.

Question 3

A risk profile is a list of questions that address traditional areas of uncertainty on a project that answers developed from:

Accepted Answer

A) When the event might occur in the project 
B) Chances of the event occurring 
C) Interaction with other parts of the project or with other projects 
D) From previous, similar projects 
E) Magnitude or severity of the event's impact 
A) When the event might occur in the project 
B) Chances of the event occurring 
C) Interaction with other parts of the project or with other projects 
D) From previous, similar projects 
E) Magnitude or severity of the event's impact D

Question 4

What is Change Control Management and what function does it perform?

Accepted Answer

Change Control Management is the formal

Question 5

Performance bonds, warranties, and guarantees are financial instruments used to share risk.

Accepted Answer

A) True 
 B)False

Question 6

In a ________, three different estimates of activity times are used to statistically predict the time an activity will take to complete.

Accepted Answer

probability analysis
Explanation: There

Question 7

The horizontal scale on the Risk Severity Matrix measures the _________ of a potential risk event.

Accepted Answer

The answer of The horizontal scale on the Risk Severity...

Question 8

Technical risks are:

Accepted Answer

A) Can often be the kind that cause the project to be shut down. 
B) Problematic 
C) Imposed duration dates 
D) Both A and B are correct 
E) A, B, and C are all correct 
A) Can often be the kind that cause the project to be shut down. 
B) Problematic 
C) Imposed duration dates 
D) Both A and B are correct 
E) A, B, and C are all correct

Question 9

A ____________ is an alternative that will be used if a possible foreseen risk event becomes a reality.

Accepted Answer

contingency plan
Explanation:

Question 10

Since the goal is to find problems before they happen, the project manager should encourage critical thinking when it comes to risk identification.

Accepted Answer

A) True 
 B)False

Question 11

The ________ form identifies each risk event, the likelihood of it occurring, the potential impact, when it may occur, and the degree of difficulty in detecting it.

Accepted Answer

The answer of The ________ form identifies each risk event,...

Question 12

The quality and credibility of the risk analysis process requires that different levels of risk probabilities and impacts be defined.

Accepted Answer

A) True 
 B)False

Question 13

Risks such as inflation and monetary exchange rates are not usually included in a project's risk assessment.

Accepted Answer

A) True 
 B)False

Question 14

Detailing all identified risks, including descriptions, category, and probability of occurring, impact, responses, contingency plans, owners and current status is called:

Accepted Answer

A) Management reserves 
B) Change control 
C) Contingency reserves 
D) Risk register 
E) Risk profiles 
A) Management reserves 
B) Change control 
C) Contingency reserves 
D) Risk register 
E) Risk profiles

Question 15

Identify and briefly describe the parts of a Risk Response Matrix and explain how one would be used.

Accepted Answer

The parts are: the risk event,

Question 16

________ reserves are identified for specific work packages and cover risks that have a low probability of occurring.

Accepted Answer

Budget
Explanation: These reserves are i

Question 17

The chances of a risk event occurring as a project proceeds through its life cycle tends to

Accepted Answer

A) Slowly rise 
B) Drop sharply and then level out 
C) Rise sharply and then level out 
D) Remain about the same 
E) Slowly drop 
A) Slowly rise 
B) Drop sharply and then level out 
C) Rise sharply and then level out 
D) Remain about the same 
E) Slowly drop

Question 18

What is the difference between budget reserves and management reserves?

Accepted Answer

Budget reserves are controlled by team p

Question 19

Scheduling outdoor work in the summer, investing in up front safety training, and choosing high quality materials are examples of retaining a risk.

Accepted Answer

A) True 
 B)False

Question 20

The easiest and most commonly used technique for analyzing risks is _____ analysis.

Accepted Answer

A) Probability 
B) Scenario 
C) Payback 
D) Risk/reward 
E) Impact 
A) Probability 
B) Scenario 
C) Payback 
D) Risk/reward 
E) Impact

Performance bonds, warranties, and insurance are examples of ________ a risk.

In __________ the Risk Severity Matrix is extended by including the ease of detecting a risk event occurring.

A risk profile is a list of questions that address traditional areas of uncertainty on a project that answers developed from:

What is Change Control Management and what function does it perform?

Performance bonds, warranties, and guarantees are financial instruments used to share risk.

In a ________, three different estimates of activity times are used to statistically predict the time an activity will take to complete.

The horizontal scale on the Risk Severity Matrix measures the _________ of a potential risk event.

Technical risks are:

A ____________ is an alternative that will be used if a possible foreseen risk event becomes a reality.

Since the goal is to find problems before they happen, the project manager should encourage critical thinking when it comes to risk identification.

The ________ form identifies each risk event, the likelihood of it occurring, the potential impact, when it may occur, and the degree of difficulty in detecting it.

The quality and credibility of the risk analysis process requires that different levels of risk probabilities and impacts be defined.

Risks such as inflation and monetary exchange rates are not usually included in a project's risk assessment.

Detailing all identified risks, including descriptions, category, and probability of occurring, impact, responses, contingency plans, owners and current status is called:

Identify and briefly describe the parts of a Risk Response Matrix and explain how one would be used.

________ reserves are identified for specific work packages and cover risks that have a low probability of occurring.

The chances of a risk event occurring as a project proceeds through its life cycle tends to

What is the difference between budget reserves and management reserves?

Scheduling outdoor work in the summer, investing in up front safety training, and choosing high quality materials are examples of retaining a risk.

The easiest and most commonly used technique for analyzing risks is _____ analysis.

Modern Project Management

Organization Strategy and Project Selection

Organization: Structure and Culture

Defining the Project

Estimating Project Times and Costs

Developing a Project Plan

Scheduling Resources and Costs

Reducing Project Duration

Leadership: Being an Effective Project Manager

Managing Project Teams

Outsourcing: Managing Interorganizational Relations

Progress and Performance Measurement and Evaluation

Project Closure

International Projects

Oversight

An Introduction to Agile Project Management

Project Management Career Paths

Filters

Exam 7: Managing Risk

Performance bonds, warranties, and insurance are examples of ________ a risk.

In __________ the Risk Severity Matrix is extended by including the ease of detecting a risk event occurring.

A risk profile is a list of questions that address traditional areas of uncertainty on a project that answers developed from:

What is Change Control Management and what function does it perform?

Performance bonds, warranties, and guarantees are financial instruments used to share risk.

In a ________, three different estimates of activity times are used to statistically predict the time an activity will take to complete.

The horizontal scale on the Risk Severity Matrix measures the _________ of a potential risk event.

Technical risks are:

A ____________ is an alternative that will be used if a possible foreseen risk event becomes a reality.

Since the goal is to find problems before they happen, the project manager should encourage critical thinking when it comes to risk identification.

The ________ form identifies each risk event, the likelihood of it occurring, the potential impact, when it may occur, and the degree of difficulty in detecting it.

The quality and credibility of the risk analysis process requires that different levels of risk probabilities and impacts be defined.

Risks such as inflation and monetary exchange rates are not usually included in a project's risk assessment.

Detailing all identified risks, including descriptions, category, and probability of occurring, impact, responses, contingency plans, owners and current status is called:

Identify and briefly describe the parts of a Risk Response Matrix and explain how one would be used.

________ reserves are identified for specific work packages and cover risks that have a low probability of occurring.

The chances of a risk event occurring as a project proceeds through its life cycle tends to

What is the difference between budget reserves and management reserves?

Scheduling outdoor work in the summer, investing in up front safety training, and choosing high quality materials are examples of retaining a risk.

The easiest and most commonly used technique for analyzing risks is _____ analysis.

Modern Project Management

Organization Strategy and Project Selection

Organization: Structure and Culture

Defining the Project

Estimating Project Times and Costs

Developing a Project Plan

Scheduling Resources and Costs

Reducing Project Duration

Leadership: Being an Effective Project Manager

Managing Project Teams

Outsourcing: Managing Interorganizational Relations

Progress and Performance Measurement and Evaluation

Project Closure

International Projects

Oversight

An Introduction to Agile Project Management

Project Management Career Paths

Filters