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Exam 11: Project Risk Management

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Question 41

Multiple Choice

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 _____ are predefined actions that the project team will take if an identified risk event occurs.

A) Secondary risks
B) Workarounds
C) Contingency plans
D) Management reserves

E) None of the above
F) A) and D)

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Question 42

Multiple Choice

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 Which action involves shifting the consequence of a risk and responsibility for its management to a third party?

A) risk avoidance
B) risk acceptance
C) risk transference
D) risk mitigation

E) B) and C)
F) A) and D)

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Question 43

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 A(n) _____ documents the procedures for managing risk throughout the project.

 Which action applies to positive risks when the project team cannot or chooses not to take any actions toward a risk?

 The main output of qualitative risk analysis is updating the risk register.

 What is the first step in a Monte Carlo analysis?

 Risk _____ refers to reducing the impact of a risk event by reducing the probability of its occurrence.

 A(n) _____ is a document that contains results of various risk management processes.

 _____ are indicators or symptoms of actual risk events.

 The psychology literature shows that individuals, working alone, produce fewer ideas than the same individuals produce through brainstorming in small, face-to-face groups.

 A probability/impact matrix or chart lists the relative probability of a risk occurring on one side of a matrix or axis on a chart and the relative impact of the risk occurring on the other.

 Which action involves reducing the impact of a risk event by reducing the probability of its occurrence?

 _____ is a fact-finding technique for collecting information in face-to-face, phone, e-mail, or virtual discussions.

 A risk-seeking person prefers outcomes that are more uncertain and is often willing to pay a penalty to take risks.

 The last step in project risk management is deciding how to address the knowledge area for a particular project by performing risk management planning.

 Which action involves eliminating a specific threat, usually by eliminating its causes?

 Risk utility rises at a decreasing rate for a _____ person.

 _____ risks are risks that remain after all of the response strategies have been implemented.

 Which process involves prioritizing risks based on their probability and impact of occurrence?