Question 1

The initial step in the risk management process is to

Accepted Answer

A) Determine the level of acceptable risk 
B) Assess the risk potential 
C) Identify the risks 
D) Set aside budget funds for managing the risks 
E) Appoint a risk manager 
A) Determine the level of acceptable risk 
B) Assess the risk potential 
C) Identify the risks 
D) Set aside budget funds for managing the risks 
E) Appoint a risk manager

Question 2

How should a risk assessment be conducted?

Accepted Answer

Not all identified risks deserve attenti

Question 3

Which of the following is not one of the probability analysis tools?

Accepted Answer

A) Ratio/range analysis 
B) Decision tree 
C) PERT simulation 
D) PERT 
E) All of these are probability analysis tools 
A) Ratio/range analysis 
B) Decision tree 
C) PERT simulation 
D) PERT 
E) All of these are probability analysis tools

Question 4

Describe the process for identifying project risks.

Accepted Answer

The project manager pulls together a ris

Question 5

The risk identification process should be limited to just the core project team.

Accepted Answer

A) True 
 B)False

Question 6

All of the following are included in the risk identification process except

Accepted Answer

A) Customers 
B) Subcontractors 
C) Competitors 
D) Vendors 
E) None of these are included 
A) Customers 
B) Subcontractors 
C) Competitors 
D) Vendors 
E) None of these are included

Question 7

The risk assessment form contains all of the following except

Accepted Answer

A) Likelihood of the risk event occurring 
B) Potential impact of the risk event 
C) Who will detect the occurrence of the risk event. 
D) Difficulty of detecting the occurrence of the risk event 
E) When the risk event may occur 
A) Likelihood of the risk event occurring 
B) Potential impact of the risk event 
C) Who will detect the occurrence of the risk event. 
D) Difficulty of detecting the occurrence of the risk event 
E) When the risk event may occur

Question 8

One common mistake made early in the risk identification process is to

Accepted Answer

A) Not all possibilities are considered 
B) Participants are over-optimistic 
C) Participants are over-pessimistic 
D) Focus on objectives and not on the events that could produce consequences. 
E) Too much attention is given to past events 
A) Not all possibilities are considered 
B) Participants are over-optimistic 
C) Participants are over-pessimistic 
D) Focus on objectives and not on the events that could produce consequences. 
E) Too much attention is given to past events

Question 9

Compare and contrast budget reserves and management reserves.

Accepted Answer

Budget reserves are for known risks asso

Question 10

Which of the following is not included in a Failure Mode and Effects Analysis?

Accepted Answer

A) Impact 
B) Probability 
C) Detection 
D) Risk value 
E) All of these are included 
A) Impact 
B) Probability 
C) Detection 
D) Risk value 
E) All of these are included

Question 11

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

Accepted Answer

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

Question 12

Due to the impact over a long period of time, risk events that occur in the early stages of a project will have a greater cost impact than those that occur in later stages.

Accepted Answer

A) True 
 B)False

Question 13

Identify and briefly describe the four steps in risk management.

Accepted Answer

1.Risk Identification; all possible risk

Question 14

Describe the relationship between the likelihood of a risk event occurring and the cost of fixing the risk event as a project proceeds through its life cycle.

Accepted Answer

In the early stages of the project life

Question 15

The attempt to recognize and manage potential and unforeseen trouble spots that may occur when a project is implemented is known as

Accepted Answer

A) Risk forecasting 
B) Risk management 
C) Contingency planning 
D) Scenario analysis 
E) Disaster protection 
A) Risk forecasting 
B) Risk management 
C) Contingency planning 
D) Scenario analysis 
E) Disaster protection

Question 16

The first step in the Risk Management process is ________.

Accepted Answer

The answer of The first step in the Risk Management...

Question 17

What is a Risk Severity Matrix and what does it do?

Accepted Answer

Risks are placed on a matrix that has Li

Question 18

This risk assessment tool is a variation of the risk severity matrix that includes the ease of detection for each of the identified risks.

Accepted Answer

A) PERT simulation 
B) FMEA analysis 
C) Ratio/range analysis 
D) Probability analysis 
E) Semi-quantitative analysis 
A) PERT simulation 
B) FMEA analysis 
C) Ratio/range analysis 
D) Probability analysis 
E) Semi-quantitative analysis

Question 19

One of the keys to success in risk identification is

Accepted Answer

A) Critical thinking 
B) Optimism 
C) Pessimism 
D) A "can do" attitude 
E) All of these are correct 
A) Critical thinking 
B) Optimism 
C) Pessimism 
D) A "can do" attitude 
E) All of these are correct

Question 20

Risk events such as inflation, market acceptance, and government regulations are referred to as ________.

Accepted Answer

threats
Explanation: The sources of proj

The initial step in the risk management process is to

How should a risk assessment be conducted?

Which of the following is not one of the probability analysis tools?

Describe the process for identifying project risks.

The risk identification process should be limited to just the core project team.

All of the following are included in the risk identification process except

The risk assessment form contains all of the following except

One common mistake made early in the risk identification process is to

Compare and contrast budget reserves and management reserves.

Which of the following is not included in a Failure Mode and Effects Analysis?

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

Due to the impact over a long period of time, risk events that occur in the early stages of a project will have a greater cost impact than those that occur in later stages.

Identify and briefly describe the four steps in risk management.

Describe the relationship between the likelihood of a risk event occurring and the cost of fixing the risk event as a project proceeds through its life cycle.

The attempt to recognize and manage potential and unforeseen trouble spots that may occur when a project is implemented is known as

The first step in the Risk Management process is ________.

What is a Risk Severity Matrix and what does it do?

This risk assessment tool is a variation of the risk severity matrix that includes the ease of detection for each of the identified risks.

One of the keys to success in risk identification is

Risk events such as inflation, market acceptance, and government regulations are referred to as ________.

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

The initial step in the risk management process is to

How should a risk assessment be conducted?

Which of the following is not one of the probability analysis tools?

Describe the process for identifying project risks.

The risk identification process should be limited to just the core project team.

All of the following are included in the risk identification process except

The risk assessment form contains all of the following except

One common mistake made early in the risk identification process is to

Compare and contrast budget reserves and management reserves.

Which of the following is not included in a Failure Mode and Effects Analysis?

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

Due to the impact over a long period of time, risk events that occur in the early stages of a project will have a greater cost impact than those that occur in later stages.

Identify and briefly describe the four steps in risk management.

Describe the relationship between the likelihood of a risk event occurring and the cost of fixing the risk event as a project proceeds through its life cycle.

The attempt to recognize and manage potential and unforeseen trouble spots that may occur when a project is implemented is known as

The first step in the Risk Management process is ________.

What is a Risk Severity Matrix and what does it do?

This risk assessment tool is a variation of the risk severity matrix that includes the ease of detection for each of the identified risks.

One of the keys to success in risk identification is

Risk events such as inflation, market acceptance, and government regulations are referred to as ________.

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