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Exam 8: Managing Risk

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Question 21

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Risks are prioritized based on

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.

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Question 22

Multiple Choice

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Waiting for unfavorable events to occur and then reacting to them

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.

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Question 23

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

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

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

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

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.

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

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

__________ involves regularly reviewing the risk management matrix throughout the 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.

Risks can be identified by using all the following except:

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.

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

A common approach to identifying the sources of risks is

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

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

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