Module 9 Risk Management Flashcards
Which of the following project documents might be updated as a result of the Implement Risk Response process?
A. Risk Register
B. issue log
C. project team assignments
D. all of these
D. all of these
The ____ is an iterative document containing the results of qualitative and quantitative risk analysis as well as risk response planning.
A. risk register
B. root cause analysis
C. risk management plan
D. cause and effect diagram
A. risk register
When updating project documents as a result of quantitative analysis, what are the common risk register updates you might make?
A. All of these are correct.
B. assigned risk owner
C. priority of risk exposure scoring
D. assessment of probability and impact
A. All of these are correct.
What risk data analysis method is used when assigned values for probability and impact are multiplied
together to determine risk priority?
A. risk probability impact assessment
B. quantitative risk analysis
C. risk categories
D. SWOT analysis
A. risk probability impact assessment
Which of the following describes the activities performed by the project team during Perform Qualitative Risk Analysis?
A. Team members assess the probability of occurrence and severity of impact for identified risks.
B. Team members create decision trees to analyze alternatives
C. Team members define how to conduct risk management activities for the project.
D. Team members develop contingency plans for even minor risks to avoid adverse impacts to project objectives.
A. Team members assess the probability of occurrence and severity of impact for identified risks.
A SWOT analysis is a data analysis tool that examines strengths, weaknesses, ____, and threats to a project.
A. options
B. organizations
C. opportunities
D. origins
C. opportunities
What method is used to numerically measure the probability of risk and its consequences on project objectives?
A. Identify Project Risk
B. Program Evaluation and Review Technique
C. Perform Qualitative Risk Analysis
D. Perform Quantitative Risk Analysis
D. Perform Quantitative Risk Analysis
During which Risk Management process would an assigned risk owner track risk response plans and determine if the overall level of the risk has changed? A. all of these B. plan risk responses C. implement risk responses D. monitor risks
D. monitor risks
When a project team elects to purchase insurance, or adopts a fixed price contract with a vendor, or hires an expert, it is demonstrating which of the following risk response strategies?
A. avoid a threat
B. mitigate a threat
C. transfer a threat
D. assume a threat
C. transfer a threat
Avoid risk, mitigate risk, accept risk, and ____ are all strategies for responding to risks.
A. identify risks
B. undo risk
C. transfer risk
D. prevent risk
C. transfer risk
All of the following are benefits that can be attributed to the effective use of a risk management plan EXCEPT:
A. It facilitates communication with project stakeholders.
B. It enables the project manager to identify and eliminate all risks
C. It enables project managers to eliminate, or reduce, the impact of some threats.
D. It enables project managers to capitalize on some opportunities.
B. It enables the project manager to identify and eliminate all risks
“Unknown unknowns” are unexpected events which can occur when the project is underway. All of the following accurately describe an implication associated with unknown unknowns EXCEPT:
A. They usually cause an increase in cost and / or schedule.
B. They need to be covered in the project budget, traditionally through reserves.
C. They usually require the use of management reserve.
D. They are usually discovered during risk identification
D. They are usually discovered during risk identification
The Delphi Technique is BEST described as:
A. An information gathering technique used to examine the project from perspectives of each project’s strengths, weaknesses, opportunities, and threats to increase the breadth of risks considered
B. None of these.
C. An information gathering technique used as a way to reach a consensus of experts on a subject. Responses are summarized and recirculated for further comment.
D. An analytical technique used to determine the basic underlying reason that causes a variance or defect or risk. A root cause may underlie more than one variance or defect or risk.
C. An information gathering technique used as a way to reach a consensus of experts on a subject. Responses are summarized and recirculated for further comment.
A threat risk has triggered, which will impact the project with a 1-week delay and additional cost of $10,000. All of the following should happen as a result, EXCEPT?
A. change request is issued to adjust schedule and budget
B. risk register updates
C. person causing delay gets reassigned
D. schedule and budget reserves are consumed to make up for the time and cost
C. person causing delay gets reassigned
All of the following activities are appropriate upon completion of risk response planning EXCEPT:
A. The project plan should be updated to reflect any changes to the project schedule, budget or resource assignments.
B. The risk register should be baselined after planning is completed, and should not be updated once the project is in flight.
C. The risk register should be updated to reflect the risk response strategies.
D. A single person should be assigned as the owner of each risk.
B. The risk register should be baselined after planning is completed, and should not be updated once the project is in flight.
