Chat with AIExam 11: Project Risk Management
"Is there a project champion?" applies to which risk category? ____
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VerifiedD
Describe Decision Trees and Expected Monetary Value.
(37) VerifiedA decision tree is a diagramming analysis technique used to help select the best course of action in situations in which future outcomes are uncertain.A common application of decision tree analysis involves calculating expected monetary value.Expected monetary value (EMV)is the product of a risk event probability and the risk event's monetary value.To create a decision tree,and to calculate expected monetary value specifically,you must estimate the probabilities,or chances,of certain events occurring.Probabilities are normally determined based on expert judgment. To calculate the expected monetary value (EMV)for each project,multiply the probability by the outcome value for each potential outcome for each project and sum the results.Because the EMV provides an estimate for the total dollar value of a decision,you want to have a positive number; the higher the EMV,the better.Using EMV helps account for all possible outcomes and their probabilities of occurrence,thereby reducing the tendency to pursue overly aggressive or conservative risk strategies.
A ____ person achieves a balance between risk and payoff.
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A(n)____ represents decision problems by displaying essential elements,including decisions,uncertainties,causality,and objectives,and how they influence each other.
(36) ____ is a fact-finding technique for collecting information in face-to-face,phone,e-mail,or instant-messaging discussions.
(30) Unenforceable conditions or contract clauses,and adversarial relations are risk conditions associated with the ____ project management knowledge area.
(41) According to the Standish Group's success potential scoring sheet,____ has the highest relative importance.
(32) The Delphi technique is a systematic,interactive forecasting procedure based on independent and anonymous input regarding future events.
(35) The idea of striving to balance risks and opportunities suggests that different organizations and people have different ____________________ for risk.
(36) "If the information technology project is to produce a new product or service,will it be useful to the organization or marketable to others?" applies to which risk category? ____
(36) In a risk breakdown structure,competitors,suppliers,and cash flow are categories that fall under ____ risk.
(40) "Will the project meet NPV,ROI,and payback estimates?" applies to which risk category? ____
(40) Poor conflict management,poor project organization and definition of responsibilities,and absence of leadership are risk conditions associated with the ____ project management knowledge area.
(33) It is uncommon for people to identify problems or opportunities without really understanding them.
(37) Increasing the project manager's authority is a strategy for mitigating technical and cost risks.
(38) What are the four basic response strategies for negative risks? Describe each strategy.
(34) The Monte Carlo analysis can predict the probability of finishing by a certain date or the probability that the cost will be equal to or less than a certain value.
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