Question 1

Which of the following is NOT one of the potential responses to a specific risk event?

Accepted Answer

A)  Mitigating 
B)  Retaining 
C)  Ignoring 
D)  Transferring 
E)  Avoiding 
A)  Mitigating 
B)  Retaining 
C)  Ignoring 
D)  Transferring 
E)  Avoiding C

Question 2

An uncertain event or condition that,if it occurs,has a positive or negative effect on project objectives is termed a

Accepted Answer

A)  Random chance. 
B)  Disaster. 
C)  Risk. 
D)  Hazard. 
E)  Bad luck. 
A)  Random chance. 
B)  Disaster. 
C)  Risk. 
D)  Hazard. 
E)  Bad luck. C

Question 3

Identify and briefly describe the four steps in the risk management process.

Accepted Answer

Answer will vary

Question 4

Adopting proven technology instead of experimental technology is an example of mitigating a risk.

Accepted Answer

A) True 
 B)False

Question 5

One common mistake that is made early on in the risk identification process is to focus on consequences and not on the events that could produce consequences.

Accepted Answer

A) True 
 B)False

Question 6

Flooding would be devastating to the project;however,it is very unlikely.The project manager is most likely to __________ this risk.

Accepted Answer

retain
Explanation: Some risks are so la

Question 7

Enhancing a risk is a tactic that seeks to eliminate the uncertainty associated with an opportunity to ensure that it definitely happens.

Accepted Answer

A) True 
 B)False

Question 8

The chances of a risk event occurring as a project proceeds through its life cycle tend 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 9

The significance of a risk is assessed in terms of the ________ and the impact of the event.

Accepted Answer

likelihood
Explanation: Team m

Question 10

The risk associated with the unlikelihood that one of the key members will be struck by lightning would most likely be handled by which of the following?

Accepted Answer

A)  Mitigating 
B)  Retaining 
C)  Ignoring 
D)  Transferring 
E)  Avoiding 
A)  Mitigating 
B)  Retaining 
C)  Ignoring 
D)  Transferring 
E)  Avoiding

Question 11

Risks are evaluated in terms of

Accepted Answer

A)  Likelihood and cost. 
B)  Cost and schedule. 
C)  Impact and cost. 
D)  Time and impact. 
E)  Likelihood and impact. 
A)  Likelihood and cost. 
B)  Cost and schedule. 
C)  Impact and cost. 
D)  Time and impact. 
E)  Likelihood and impact.

Question 12

According to the Failure Mode and Effects Analysis (FMEA),Impact x Probability x Detection = __________.

Accepted Answer

Risk Value
Explanation: Failur

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

An uncertain event or condition that,if it occurs,has a positive or negative effect on project objectives is known as a __________.

Accepted Answer

risk
Explanation: In the context of proj

Question 15

The cost impact 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 16

Identify and briefly describe the four ways to respond to identified risks.

Accepted Answer

The answer of Identify and briefly describe the four ways...

Question 17

Based on the following,which event should you be most concerned about?

Accepted Answer

A)  Bad weather 
B)  Design flaw 
C)  Accident 
D)  Shipment delay 
E)  Power outage 
A)  Bad weather 
B)  Design flaw 
C)  Accident 
D)  Shipment delay 
E)  Power outage

Question 18

________ reserves are controlled by the project manager and the owner of the project and are used to cover major unforeseen risks to the entire project.

Accepted Answer

Management
Explanation: These reserve fu

Question 19

_____________ systems involve reporting,controlling,and recording changes to the project baseline.

Accepted Answer

Change management
Explanation: Because c

Question 20

The project being delayed is an example of a major risk that should be assessed.

Accepted Answer

A) True 
 B)False

Which of the following is NOT one of the potential responses to a specific risk event?

An uncertain event or condition that,if it occurs,has a positive or negative effect on project objectives is termed a

Identify and briefly describe the four steps in the risk management process.

Adopting proven technology instead of experimental technology is an example of mitigating a risk.

One common mistake that is made early on in the risk identification process is to focus on consequences and not on the events that could produce consequences.

Flooding would be devastating to the project;however,it is very unlikely.The project manager is most likely to __________ this risk.

Enhancing a risk is a tactic that seeks to eliminate the uncertainty associated with an opportunity to ensure that it definitely happens.

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

The significance of a risk is assessed in terms of the ________ and the impact of the event.

The risk associated with the unlikelihood that one of the key members will be struck by lightning would most likely be handled by which of the following?

Risks are evaluated in terms of

According to the Failure Mode and Effects Analysis (FMEA),Impact x Probability x Detection = __________.

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

An uncertain event or condition that,if it occurs,has a positive or negative effect on project objectives is known as a __________.

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

Identify and briefly describe the four ways to respond to identified risks.

Based on the following,which event should you be most concerned about?

________ reserves are controlled by the project manager and the owner of the project and are used to cover major unforeseen risks to the entire project.

_____________ systems involve reporting,controlling,and recording changes to the project baseline.

The project being delayed is an example of a major risk that should be assessed.

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

Which of the following is NOT one of the potential responses to a specific risk event?

An uncertain event or condition that,if it occurs,has a positive or negative effect on project objectives is termed a

Identify and briefly describe the four steps in the risk management process.

Adopting proven technology instead of experimental technology is an example of mitigating a risk.

One common mistake that is made early on in the risk identification process is to focus on consequences and not on the events that could produce consequences.

Flooding would be devastating to the project;however,it is very unlikely.The project manager is most likely to __________ this risk.

Enhancing a risk is a tactic that seeks to eliminate the uncertainty associated with an opportunity to ensure that it definitely happens.

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

The significance of a risk is assessed in terms of the ________ and the impact of the event.

The risk associated with the unlikelihood that one of the key members will be struck by lightning would most likely be handled by which of the following?

Risks are evaluated in terms of

According to the Failure Mode and Effects Analysis (FMEA),Impact x Probability x Detection = __________.

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

An uncertain event or condition that,if it occurs,has a positive or negative effect on project objectives is known as a __________.

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

Identify and briefly describe the four ways to respond to identified risks.

Based on the following,which event should you be most concerned about?

________ reserves are controlled by the project manager and the owner of the project and are used to cover major unforeseen risks to the entire project.

_____________ systems involve reporting,controlling,and recording changes to the project baseline.

The project being delayed is an example of a major risk that should be assessed.

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