Part 7 - Analyzing Risks and Planning Risk Responses Flashcards Preview

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Flashcards in Part 7 - Analyzing Risks and Planning Risk Responses Deck (16):
1

1.
What is the purpose of a qualitative risk analysis?

A. Assess the impact and likelihood of the identified risks actually occurring.

B. Analyze numerically the probability of each risk.

C. Determine if the risk responses have been implemented as planned.

D. Select alternative strategies for dealing with risks.

1.
Correct Answer: A

2

2.
Which option best describes “transference”?

A. Reducing the probability of an adverse risk event to an acceptable level.

B. Changing the project plan to eliminate the risk.

C. Shifting responsibility for a response and possible impact of a risk to a third party.

D. Developing a contingency plan.

2.
Correct Answer: C


3

3.
What are the four main areas that project managers typically consider when discussing risks?

A. Methods, materials, metrics, and people.

B. Initiation, planning, executing, and closing.

C. Time, cost, quality, and scope.

D. Design, supply chain, production, and marketing.

3.
Correct Answer: C

4

4.
What do you call a specific occurrence that may impact the project in the future, either positively or negatively?

A. Project risk

B. Risk factor

C. Risk-opportunity dichotomy

D. Expected value

4.
Correct Answer: A

5

5.
What are residual risks?

A. The same as secondary risks.

B. A direct result of implementing a risk response.

C. Those that remain after risk responses have been taken.

D. Those risks that have no impact on the project budget or schedule.

5.
Correct Answer: C

6

6.
During the project's life cycle, risk identification:

A. Is no longer needed during the closing phase of a project.

B. Is done during the implementation and planning phases only.

C. Is done during the planning phase only.

D. Should take place during each project phase.

6.
Correct Answer: D

7

7.
For what reasons are the network diagramming method and/or flowcharting used in risk identification?

A. To determine the root cause of a project risk.

B. To show the effect of a particular risk on a project.

C. To indicate areas of the WBS that should be redrawn as a result of risk identification.

D. To identify all the possible risks for a project.

7.


Correct Answer(s):
A

B

8

8.
For what reasons is the Delphi technique often used during risk identification?

A. It emphasizes the potential impact of risk by telling about incidents that illustrate the consequences of ignoring the risk.

B. It ensures all stakeholder inputs are received and the risk process is not unduly influenced by a small number of persons.

C. It motivates stakeholders to invest in the risk identification process through the use of anonymous input via questionnaires.

D. It identifies the overall project risks and focuses on a particular project segment or work package.

8.


Correct Answer(s):
B

C

9

9.
Which selection lists processes of risk management?

A. Risk management planning and risk recovery.

B. Qualitative risk analysis and quantitative risk analysis.

C. Risk documentation and risk monitoring.

D. Risk identification and risk avoidance.

9.
Correct Answer: B

10

10.
Jennifer is a publisher. In order to make sure that her writer delivers on time, she inserts a penalty clause for late delivery into her writer’s contract. Which risk response is Jennifer using?

A. Risk avoidance

B. Risk mitigation

C. Risk acceptance

D. Risk transference

10.
Correct Answer: D

11

11.
Which risk response can be categorized as either passive or active?

A. Risk avoidance

B. Risk mitigation

C. Risk acceptance

D. Risk transference

11.
Correct Answer: C

12

RBS

Risk breakdown structure

12

12.
When is additional response development needed during risk response control?

A. When the organization is restructuring.

B. When the project objectives change.

C. When the contingency reserves are used up.

D. When the original risk response is not working as expected.

12.
Correct Answer: D

13

EMV

Expected monetary value analysis
During quantitative risk analysis
Multiply value of each possible outcome by its probability of occurrence and adding the products together

14

Sensitivity analysis

Examines uncertainty - typically uses tornado diagram

15

Modeling and simulation

In quantitative risk analysis, typically uses Monte Carlos technique - a probability distribution is calculated for schedule or cost