Question 1

What is project risk management?

Accepted Answer

PMBOK defines project risk management as: The systematic process of identifying,analyzing,and responding to project risk.It includes maximizing the probability and consequences of positive events and minimizing the probability and consequences of adverse events.

Question 2

Which of the following distributions has mean which is equal to a +b +c / 3 where a,b,and c are denote optimistic,most likely,and pessimistic estimates respectively?:

Accepted Answer

A) Discrete Distribution 
B) Normal Distribution 
C) Pert Distribution 
D) Triangular Distribution 
E) Binomial Distribution 
A) Discrete Distribution 
B) Normal Distribution 
C) Pert Distribution 
D) Triangular Distribution 
E) Binomial Distribution D

Question 3

Successful risk management requires _____

Accepted Answer

A) misunderstanding the benefits of risk management 
B) inadequate time for risk identification 
C) use of a non-standard approach to assess risk 
D) stakeholder responsibility 
E) occasional monitoring of risks to ensure compliance 
A) misunderstanding the benefits of risk management 
B) inadequate time for risk identification 
C) use of a non-standard approach to assess risk 
D) stakeholder responsibility 
E) occasional monitoring of risks to ensure compliance D

Question 4

Project risk management focuses solely on the downside of risk that results from unexpected problems or threats.

Accepted Answer

A) True 
 B)False

Question 5

What is the purpose of a risk impact table?

Accepted Answer

The purpose of a risk impact table is to

Question 6

The PMBOK definition of project risk suggests that a systematic process is needed to effectively manage the risk of a project.

Accepted Answer

A) True 
 B)False

Question 7

The concept of expected value rests on the notion of a probability-weighted summation of component parts.

Accepted Answer

A) True 
 B)False

Question 8

The deployment of a specific risk management strategy is in part a function of risk tolerance levels of the stakeholders.

Accepted Answer

A) True 
 B)False

Question 9

Describe how learning cycles can be used to identify IT project risks.

Accepted Answer

The project team and stakeholders can us

Question 10

_____ provides an early warning system to monitor identified risks and any new risks.

Accepted Answer

A) Plan Risk Management 
B) Identify Risks 
C) Perform Qualitative Risk Analysis 
D) Plan Risk Responses 
E) Monitor and Control Risks 
A) Plan Risk Management 
B) Identify Risks 
C) Perform Qualitative Risk Analysis 
D) Plan Risk Responses 
E) Monitor and Control Risks

Question 11

In general,because of the similarities in IT projects,one can manage all projects and risks in the same manner.

Accepted Answer

A) True 
 B)False

Question 12

The fishbone or Ishikawa diagram is a form of cause and effect analysis diagramming.

Accepted Answer

A) True 
 B)False

Question 13

_____ determines each identified risk's probability of occurrence and impact on the project.

Accepted Answer

A) Risk mitigation 
B) Risk assessment 
C) Risk avoidance 
D) Risk analysis 
E) Risk monitoring and control 
A) Risk mitigation 
B) Risk assessment 
C) Risk avoidance 
D) Risk analysis 
E) Risk monitoring and control

Question 14

_____ is an interim lessons learned to determine how the risk was handled.

Accepted Answer

A) risk identification 
B) risk assessment 
C) risk planning 
D) risk response 
E) risk evaluation 
A) risk identification 
B) risk assessment 
C) risk planning 
D) risk response 
E) risk evaluation

Question 15

The Payoff Table would be used with which risk assessment technique ?

Accepted Answer

A) Qualitative Risk Analysis 
B) Quantitative Risk Analysis 
C) Cause-and- Effect Diagram 
D) Simulations 
E) Probability Distributions 
A) Qualitative Risk Analysis 
B) Quantitative Risk Analysis 
C) Cause-and- Effect Diagram 
D) Simulations 
E) Probability Distributions

Question 16

A _____ identifies threats and opportunities in the external environment as well as organizational strengths and weaknesses .

Accepted Answer

A) Learning Cycle 
B) SWOT Analysis 
C) Nominal Group Technique 
D) Delphi Technique 
E) Checklist 
A) Learning Cycle 
B) SWOT Analysis 
C) Nominal Group Technique 
D) Delphi Technique 
E) Checklist

Question 17

Identifying what you know,what you think you know,and things you need to find out would be activities most closely associated with:

Accepted Answer

A) Learning Cycles 
B) Brainstorming 
C) Nominal Group Technique 
D) Delphi Technique 
E) Cause-and-Effect Diagrams 
A) Learning Cycles 
B) Brainstorming 
C) Nominal Group Technique 
D) Delphi Technique 
E) Cause-and-Effect Diagrams

Question 18

Initial generation of ideas without evaluation would be most closely associated with:

Accepted Answer

A) Learning Cycles 
B) Brainstorming 
C) Nominal Group Technique 
D) Delphi Technique 
E) Cause-and-Effect Diagrams 
A) Learning Cycles 
B) Brainstorming 
C) Nominal Group Technique 
D) Delphi Technique 
E) Cause-and-Effect Diagrams

Question 19

_____ prioritizes risks so that an effective risk strategy can be formulated.

Accepted Answer

A) Risk mitigation 
B) Risk assessment 
C) Risk avoidance 
D) Risk analysis 
E) Risk monitoring and control 
A) Risk mitigation 
B) Risk assessment 
C) Risk avoidance 
D) Risk analysis 
E) Risk monitoring and control

Question 20

_____involves determining the likelihood and project impact of a risk.

Accepted Answer

A) risk identification 
B) risk assessment 
C) risk planning 
D) risk monitoring and control 
E) risk evaluation 
A) risk identification 
B) risk assessment 
C) risk planning 
D) risk monitoring and control 
E) risk evaluation

What is project risk management?

Which of the following distributions has mean which is equal to a +b +c / 3 where a,b,and c are denote optimistic,most likely,and pessimistic estimates respectively?:

Successful risk management requires _____

Project risk management focuses solely on the downside of risk that results from unexpected problems or threats.

What is the purpose of a risk impact table?

The PMBOK definition of project risk suggests that a systematic process is needed to effectively manage the risk of a project.

The concept of expected value rests on the notion of a probability-weighted summation of component parts.

The deployment of a specific risk management strategy is in part a function of risk tolerance levels of the stakeholders.

Describe how learning cycles can be used to identify IT project risks.

_____ provides an early warning system to monitor identified risks and any new risks.

In general,because of the similarities in IT projects,one can manage all projects and risks in the same manner.

The fishbone or Ishikawa diagram is a form of cause and effect analysis diagramming.

_____ determines each identified risk's probability of occurrence and impact on the project.

_____ is an interim lessons learned to determine how the risk was handled.

The Payoff Table would be used with which risk assessment technique ?

A _____ identifies threats and opportunities in the external environment as well as organizational strengths and weaknesses .

Identifying what you know,what you think you know,and things you need to find out would be activities most closely associated with:

Initial generation of ideas without evaluation would be most closely associated with:

_____ prioritizes risks so that an effective risk strategy can be formulated.

_____involves determining the likelihood and project impact of a risk.

The Nature of Information Technology Projects

Initializing and Conceptualizing the IT Project

The Project Infrastructure

The Human Side of Project Management

Defining and Managing Project and Product Scope

The Work Breakdown Structure and Project Estimation

The Project Schedule and Budget

Project Communication,tracking,and Reporting

It Project Quality Management

Managing Organizational Change, resistance, and Conflict

Project Procurement Management and Outsourcing

Leadership and Ethics

Project Implementation, closure, and Evaluation

Filters

Exam 8: Managing Project Risk

What is project risk management?

Which of the following distributions has mean which is equal to a +b +c / 3 where a,b,and c are denote optimistic,most likely,and pessimistic estimates respectively?:

Successful risk management requires _____

Project risk management focuses solely on the downside of risk that results from unexpected problems or threats.

What is the purpose of a risk impact table?

The PMBOK definition of project risk suggests that a systematic process is needed to effectively manage the risk of a project.

The concept of expected value rests on the notion of a probability-weighted summation of component parts.

The deployment of a specific risk management strategy is in part a function of risk tolerance levels of the stakeholders.

Describe how learning cycles can be used to identify IT project risks.

_____ provides an early warning system to monitor identified risks and any new risks.

In general,because of the similarities in IT projects,one can manage all projects and risks in the same manner.

The fishbone or Ishikawa diagram is a form of cause and effect analysis diagramming.

_____ determines each identified risk's probability of occurrence and impact on the project.

_____ is an interim lessons learned to determine how the risk was handled.

The Payoff Table would be used with which risk assessment technique ?

A _____ identifies threats and opportunities in the external environment as well as organizational strengths and weaknesses .

Identifying what you know,what you think you know,and things you need to find out would be activities most closely associated with:

Initial generation of ideas without evaluation would be most closely associated with:

_____ prioritizes risks so that an effective risk strategy can be formulated.

_____involves determining the likelihood and project impact of a risk.

The Nature of Information Technology Projects

Initializing and Conceptualizing the IT Project

The Project Infrastructure

The Human Side of Project Management

Defining and Managing Project and Product Scope

The Work Breakdown Structure and Project Estimation

The Project Schedule and Budget

Project Communication,tracking,and Reporting

It Project Quality Management

Managing Organizational Change, resistance, and Conflict

Project Procurement Management and Outsourcing

Leadership and Ethics

Project Implementation, closure, and Evaluation

Filters