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Exam 7: Managing Risk

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Question 31

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The measurement of how easy it would be to detect that the event was going to occur in time to take mitigating action is known as __________.

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detection difficulty
Explanation: Detect...

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Question 32

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A key distinction between a risk response and a contingency plan is

A) A risk response is established only for moderate risks while contingency plans are established for major risks.
B) A risk response is part of the actual implementation plan and action is taken before the risk can materialize, while a contingency plan goes into effect only after the risk has transpired.
C) A risk response is only effective when you are able to assess the likelihood of the risk and its impact on the project; all other risks are covered by contingency planning.
D) A risk response is created by the project team and the project manager while the project manager and the customer agree on the contingency plan.
E) A risk response is action that is the response to a risk once it has happened and the contingency plan is created by the customer if the risk response fails.

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Question 33

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Risks that can result in a system or process that will not work are known as

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

Which of the following is NOT included in a Failure Mode and Effects Analysis?

_______________ focuses on how to respond to events that have a positive impact on a project.

The attempt to recognize and manage potential and unforeseen trouble spots that may occur when a project is implemented is known as

While a "can do" attitude is essential during implementation, project managers have to encourage critical thinking when it comes to risk identification.

Funds that are for identified risks that have a low probability of occurring and that decrease as the project progresses are called ______ reserves.

The risk identification process should be limited to just the core project team.

Why might an organization be opposed to developing and implementing a thorough risk management process?

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

Which of the following is identified to cover major unforeseen risks and, hence, are applied to the total project?

What is Change Control Management and what function does it perform?

Tools such as a risk assessment form and a risk severity matrix are used to

Give a real life example of mitigating a risk, avoiding a risk, transferring a risk and retaining a risk.

When considering risk value, the lower the value, the higher the level of risk.

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

Including the change control system within the ________ is a key to a successful project.

When considering risk response development, reducing the likelihood that an event will occur and/or reducing the impact that an adverse event would have on a project is known as _________ the risk.