Risk Management

Question 0

Risk refers to any uncertain event, which can have either a ________ or ________ effect on project objectives.

Answer 0

Positive; Negative

Question 1

What is the objective of Project Risk Management?

Answer 1

To increase the likelihood and impact of positive events, and decrease the likelihood and impact of negative events in the project.

Question 2

Factors that are used to categorize risk are the ________ ________, ___________, and __________.

Answer 2

Risk Event
Probability
Impact

Question 3

The three categories of Utility Function are:

Answer 3

Risk Averse
Risk Neutral
Risk Seeking

Question 4

Utility Function is used to measure stakeholder _______ _________.

Answer 4

Risk Tolerance

Question 5

What does SWOT stand for?

Answer 5

Strengths, Weaknesses, Opportunities, and Threats

Question 6

The Delphi Technique is a part of which category of Tool/Techniques?

Answer 6

Information Gathering Techniques

Question 7

Brainstorming is usually done in the presence of a ___________.

Answer 7

Facilitator

Question 8

What is the P&I Value and how is is calculated?

Answer 8

Probability & Impact multiplied together.

Question 9

The impact of Risk affects Scope, Cost, Quality, and _________.

Answer 9

Time

Question 10

Risk Urgency Assessment helps determine if a/an ________ response is require.

Answer 10

near-term (immediate)

Question 11

If you do not have good input data, then risk identification and prioritization will be inaccurate. So, ensure that _________ _______ ________ is good.

Answer 11

Risk Data Quality

Question 12

Probability and impact calculations are assessed in which process?

Answer 12

Perform Qualitative Risk Analysis

Question 13

The most common means of graphically depicting the results of a Sensitivity Analysis is a __________ diagram.

Answer 13

Tornado

Question 14

Name the Data Gathering and Representation Techniques.

Answer 14

• Interviewing
• Probability
• Distributions

Question 15

Monte Carlo is a ____________ Technique

Answer 15

Simulation or Modeling (usually software to run many time using many different variables to show which is the most advantageous outcome.)

Question 16

What is the process of developing options and actions to enhance opportunities and to reduce threats to project objectives?

Answer 16

Plan Risk Responses

Question 17

What is “Residual Risk”?

Answer 17

Risk that is expected to remain after planned responses have been implemented, as well as those that have been deliberately accepted.

Question 18

Avoid, Transfer, and mitigate are part of whih group of risk response strategies?

Answer 18

Negative Risks/Threats

Question 19

Exploit, Share, and Enhance are part of which group of risk response strategies?

Answer 19

Positive Risks/Opportunities

Question 20

The Risk Management Plan is a/an __________ to the Plan Risk Responses processes.

Answer 20

Input

Question 21

A common Strategy for both threats and opportunities is:

Answer 21

Accept

Question 22

A new risk that is identified after a risk response was implemented is called a ________ __________.

Answer 22

Secondary Risk

Question 23

Which type of reserves is used for “unknown - unknowns”?

Answer 23

Management Reserves

Question 24

What is the process of implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project?

Answer 24

Control Risks

Question 25

Variance, Trend analysis, and Technical Performance Measurements are used to compare the planned vs. __________ Work Performance Data.

Answer 25

Actual

Question 26

Regular Risk Audits may also be conducted to evaluate the ___________ of risk responses and the risk management processes.

Answer 26

Effectiveness

Question 27

The project manager also performs Reserve Analysis to assess the adequacy of ________ for taking care of the _________ _________ in the project.

Answer 27

Reserves; Remaining Risks

Question 28

Planned vs. actual data is assessed using ________ Analysis.

Answer 28

Variance

Question 29

Overall project performance is monitored using __________ Analysis.

Answer 29

Trend

Question 30

A _________ __________ examines the effectiveness of risk responses and risk management processes.

Answer 30

Risk Audit

Question 31

Identified risks and risk owners, agreed-upon risk responses, specific implementation actions, symptoms and warning signs of risk, residual and secondary risks, a watch list of low-priority risks, and the time and cost contingency reserves can be found in which project document?

Answer 31

Risk Register

Question 32

Risk ___________ should be conducted throughout the project to reassess current risks and identify new risks.

Answer 32

Reassessment

Question 33

Probability x impact (Quantified in $) = ____________.

Answer 33

Expected Monetary Value

Question 34

Name the three factors that are used to categorize risk?

Answer 34

Risk Event Probability Impact