Exam 7: Risk Management

Project risk is highest during the:

The probability that a project will overrun its allocated duration is:

The act of pairing a junior project team member with a senior manager in order to help the junior team member to learn best practices is known as:

The amount a company has at stake in a project rises above the dollar value of opportunity in the:

Twenty-thousand dollars was budgeted for the office renovation that had a task contingency multiplier of 1.3.The estimated cost of the task must be:

The PRAM step that occurs while the project work is being carried out is:

The expected cost of an item that is estimated at $5,000 with a task contingency multiplier of 1.2 is:

Which of these statements about the project risk analysis and management program is BEST?

You have agreed to paint your neighbor's house a lovely shade of chartreuse for $1500 and discover much to your dismay that the house has a second floor.Now you're faced with the prospect of buying a ladder or scaffolding or a really long handled brush,not to mention the 15 more gallons of paint that will be needed to cover.You won't get another penny for what will surely be increased efforts since your neighbor transferred risk with a(n):

Risks can be quantified by multiplying the likelihood a failure will occur by the severity of the failure.

The greatest project risk occurs when:

The greatest project opportunity occurs when:

One approach to risk mitigation is simply to accept it.

One phase of the project risk analysis and management program is concerned more with the project than the management of risk.The latter is facilitated by successful completion of this step,but not the focal point.This phase in the project risk analysis and management program is:

Based on the projected selling price of $20 per unit,the manufacturer invested a substantial portion of its available cash in a machine that could produce twenty-thousand gumballs in an hour.If consumers weren't willing to pay this much for gum,then the manufacturer faced significant:

Which of these statements about the project risk analysis and management program is BEST?

The residents of Enumclaw,Washington,live in the shadow of majestic Mount Rainier and its 26 glaciers.The Cascades form a ring of fire around the Pacific Northwest and erupt with surprising regularity,although Mount Rainier hasn't erupted on a major scale since about a thousand years ago.When it does erupt,the pyroclastic flow (a massive cloud of superheated ash and rock up to 1500 degrees Fahrenheit that can travel at speeds up to 300 miles per hour)will make Enumclaw a less pleasant place to live.City leaders have completed the:

Which of these statements about the project risk analysis and management program is BEST?

The probability that project revenues will NOT be sufficient to repay the debts is:

Pick any three steps in the PRAM methodology and explain the deliverables generated by that step.