Question 1

The project team can progressively elaborate and identify new risks as more information is known or becomes clear.

Accepted Answer

A) True 
 B)False

Question 2

________ is the warning flag for when to implement the action plan for the risk.

Accepted Answer

A)  The action trigger 
B)  The priority order 
C)  The mitigation plan 
D)  The degree of impact 
A)  The action trigger 
B)  The priority order 
C)  The mitigation plan 
D)  The degree of impact

Question 3

__________ involves regularly reviewing the risk management matrix throughout the project.

Accepted Answer

A)  Risk assessing 
B)  Risk planning 
C)  Risk monitoring 
D)  Risk avoidance 
A)  Risk assessing 
B)  Risk planning 
C)  Risk monitoring 
D)  Risk avoidance

Question 4

Risks can be identified by using all the following except:

Accepted Answer

A)  historical information. 
B)  progressive elaboration. 
C)  previously identified risks. 
D)  ignoring potential problems. 
A)  historical information. 
B)  progressive elaboration. 
C)  previously identified risks. 
D)  ignoring potential problems.

Question 5

Addressing risks ________ will increase the chances of accomplishing the project objective.

Accepted Answer

A)  reactively 
B)  inactively 
C)  hyperactively 
D)  proactively 
A)  reactively 
B)  inactively 
C)  hyperactively 
D)  proactively

Question 6

Risk identification is determining which risks may adversely affect the development of the project work breakdown structure and what the impact of each risk might be if it occurs.

Accepted Answer

A) True 
 B)False

Question 7

A risk is an uncertain event that, if it occurs, can jeopardize accomplishing the project objective.

Accepted Answer

A) True 
 B)False

Question 8

_________ includes determining which risks may adversely affect the project objective and what the impact of each risk might be if it occurs.

Accepted Answer

A)  Risk modification 
B)  Risk avoidance 
C)  Risk identification 
D)  Risk acceptance 
A)  Risk modification 
B)  Risk avoidance 
C)  Risk identification 
D)  Risk acceptance

Question 9

Risks are prioritized based on

Accepted Answer

A)  the likelihood of occurrence and degree of impact. 
B)  the order they are identified. 
C)  the gut feeling of the project team. 
D)  the priorities set in a different project. 
A)  the likelihood of occurrence and degree of impact. 
B)  the order they are identified. 
C)  the gut feeling of the project team. 
D)  the priorities set in a different project.

Question 10

With knowledge of potential risks, the contractor can include contingency or management reserve amounts in the bid price.

Accepted Answer

A) True 
 B)False

Question 11

The project team should not change the estimated impacts of previously identified risks as the project progresses.

Accepted Answer

A) True 
 B)False

Question 12

Risks_____ should be given higher priority because if the risk occurs, it would have a greater impact on the schedule than if it was associated with activities on a path that has a large positive value of total slack.

Accepted Answer

A)  that occur first in the project 
B)  that affect the most costly activities 
C)  on the critical path 
D)  that affect the activities near the end of the project 
A)  that occur first in the project 
B)  that affect the most costly activities 
C)  on the critical path 
D)  that affect the activities near the end of the project

Question 13

A common approach to identifying the sources of risks is

Accepted Answer

A)  brainstorming. 
B)  developing a contingency plan. 
C)  elaboration. 
D)  evaluating the probability. 
A)  brainstorming. 
B)  developing a contingency plan. 
C)  elaboration. 
D)  evaluating the probability.

Question 14

Some level of risk planning should be done during the initiating phase of the project life cycle to make sure that a contractor understands the risks involved with bidding on a proposed project.

Accepted Answer

A) True 
 B)False

Question 15

________ involves determining the likelihood that the risk event will occur and the degree of impact the event will have on the project objective.

Accepted Answer

A)  Priority alignment 
B)  Responding to a risk 
C)  Assessing each risk 
D)  Risk planning 
A)  Priority alignment 
B)  Responding to a risk 
C)  Assessing each risk 
D)  Risk planning

Question 16

Waiting for unfavorable events to occur and then reacting to them

Accepted Answer

A)  is part of a well designed response plan. 
B)  reflects much planning and consideration of consequences. 
C)  is a cost saving measure by not planning. 
D)  can result in panic and costly responses. 
A)  is part of a well designed response plan. 
B)  reflects much planning and consideration of consequences. 
C)  is a cost saving measure by not planning. 
D)  can result in panic and costly responses.

Question 17

Managing risk includes taking action to foster the likelihood of occurrence or the impact of such unfavorable events.

Accepted Answer

A) True 
 B)False

Question 18

Track and document which risks _______ and the impact of those risks.

Accepted Answer

A)  were avoided 
B)  had the highest priority 
C)  may affect the critical path 
D)  actually occurred 
A)  were avoided 
B)  had the highest priority 
C)  may affect the critical path 
D)  actually occurred

Question 19

If the risks seem _______, the contractor may decide to not bid on a proposed project.

Accepted Answer

A)  too great 
B)  within reason 
C)  acceptable 
D)  easily mitigated 
A)  too great 
B)  within reason 
C)  acceptable 
D)  easily mitigated

Question 20

______ is a defined set of actions to prevent or reduce the likelihood of occurrence or the impact of a risk, or to implement if the risk event occurs.

Accepted Answer

A)  A risk response plan 
B)  A risk assessment 
C)  A risk management strategy 
D)  A risk impact statement 
A)  A risk response plan 
B)  A risk assessment 
C)  A risk management strategy 
D)  A risk impact statement

The project team can progressively elaborate and identify new risks as more information is known or becomes clear.

________ is the warning flag for when to implement the action plan for the risk.

__________ involves regularly reviewing the risk management matrix throughout the project.

Risks can be identified by using all the following except:

Addressing risks ________ will increase the chances of accomplishing the project objective.

Risk identification is determining which risks may adversely affect the development of the project work breakdown structure and what the impact of each risk might be if it occurs.

A risk is an uncertain event that, if it occurs, can jeopardize accomplishing the project objective.

_________ includes determining which risks may adversely affect the project objective and what the impact of each risk might be if it occurs.

Risks are prioritized based on

With knowledge of potential risks, the contractor can include contingency or management reserve amounts in the bid price.

The project team should not change the estimated impacts of previously identified risks as the project progresses.

Risks_____ should be given higher priority because if the risk occurs, it would have a greater impact on the schedule than if it was associated with activities on a path that has a large positive value of total slack.

A common approach to identifying the sources of risks is

Some level of risk planning should be done during the initiating phase of the project life cycle to make sure that a contractor understands the risks involved with bidding on a proposed project.

________ involves determining the likelihood that the risk event will occur and the degree of impact the event will have on the project objective.

Waiting for unfavorable events to occur and then reacting to them

Managing risk includes taking action to foster the likelihood of occurrence or the impact of such unfavorable events.

Track and document which risks _______ and the impact of those risks.

If the risks seem _______, the contractor may decide to not bid on a proposed project.

______ is a defined set of actions to prevent or reduce the likelihood of occurrence or the impact of a risk, or to implement if the risk event occurs.

Project Management Concepts

Identifying and Selecting Projects

Developing Project Proposals

Defining Scope, Quality, Responsibility, and Activity Sequence

Developing the Schedule

Resource Utilization

Determining Costs, Budget, and Earned Value

Closing the Project

The Project Manager

The Project Team

Project Communication and Documentation

Project Management Organizational Structures

Project Management Information Systems

Filters

Exam 8: Managing Risk

The project team can progressively elaborate and identify new risks as more information is known or becomes clear.

________ is the warning flag for when to implement the action plan for the risk.

__________ involves regularly reviewing the risk management matrix throughout the project.

Risks can be identified by using all the following except:

Addressing risks ________ will increase the chances of accomplishing the project objective.

Risk identification is determining which risks may adversely affect the development of the project work breakdown structure and what the impact of each risk might be if it occurs.

A risk is an uncertain event that, if it occurs, can jeopardize accomplishing the project objective.

_________ includes determining which risks may adversely affect the project objective and what the impact of each risk might be if it occurs.

Risks are prioritized based on

With knowledge of potential risks, the contractor can include contingency or management reserve amounts in the bid price.

The project team should not change the estimated impacts of previously identified risks as the project progresses.

Risks_____ should be given higher priority because if the risk occurs, it would have a greater impact on the schedule than if it was associated with activities on a path that has a large positive value of total slack.

A common approach to identifying the sources of risks is

Some level of risk planning should be done during the initiating phase of the project life cycle to make sure that a contractor understands the risks involved with bidding on a proposed project.

________ involves determining the likelihood that the risk event will occur and the degree of impact the event will have on the project objective.

Waiting for unfavorable events to occur and then reacting to them

Managing risk includes taking action to foster the likelihood of occurrence or the impact of such unfavorable events.

Track and document which risks _______ and the impact of those risks.

If the risks seem _______, the contractor may decide to not bid on a proposed project.

______ is a defined set of actions to prevent or reduce the likelihood of occurrence or the impact of a risk, or to implement if the risk event occurs.

Project Management Concepts

Identifying and Selecting Projects

Developing Project Proposals

Defining Scope, Quality, Responsibility, and Activity Sequence

Developing the Schedule

Resource Utilization

Determining Costs, Budget, and Earned Value

Closing the Project

The Project Manager

The Project Team

Project Communication and Documentation

Project Management Organizational Structures

Project Management Information Systems

Filters