Project Management Ch 11

146. The key processes of Project Risk Management are:

• Plan Risk Management, Identify Risks, Assess Risks, Mitigate Risks, Transfer Risks, and Document Outcomes.

• Identify Risks, Plan Risk Management, Evaluate Risks, Develop Risk Responses, Mitigate Risks, and Document Results.

• Identify Risks, Perform Qualitative Risk Validation, Perform Quantitative Impact Assessment, Develop Risk Response Strategies, Document Response Strategies, and Monitor Risk Responses.

• Plan Risk Management, Identify Risks, Perform Qualitative Risk Analysis, Perform Quantitative Risk Analysis, Plan Risk Responses, Implement Risk Responses, and Monitor Risks

146. Strategies typically used to deal with threats or risks that may have negative impacts on project objectives if they occur include all of the following EXCEPT:

• A.Interpreting.

• B.Avoiding.

• C.Transferring.

• D.Mitigating.

146. Risk transference nearly always involves:

• A.Eliminating risk through beta testing.

• B.Policies and procedures for a response system.

• C.Accepting a lower profit if some activities overrun their budget.

• D.Payment of a risk premium to the party taking on the risk.

146. In the Plan Risk Responses process, an accept strategy for a negative risk or threat indicates that the project team has decided:

• A. To agree with the project manager.

• B. To eliminate a specific risk or threat, to reduce the probability and/or impact of an adverse risk event to be within acceptable threshold limits, or to pursue an opportunity actively.

• C.Not to change the project management plan to deal with a risk, or it is unable to identify any other suitable response strategy.

• D. To purchase insurance, or to require performance bonds, warranties, and guarantees.

146. The primary output of the Identify Risks process is the:

• A.Risk register.

• B.Expected monetary value of the risk events.

• C.List of corrective actions.

• D.Risk mitigation plan.

A thorough analysis of the will help identify potential risks to the project.

• A.Risk identification checklist based on historical information and knowledge

• B.Project's change control system

• C.Project's mission statement

• D.Project's schedule and budget

182. All of the following are inputs to the Identify Risks process EXCEPT:

• A.Risk management plan.

• B.Scope baseline.

• C.Risk mitigation plan.

• D.Quality management plan.

182. Tools and techniques of the Perform Quantitative Risk Analysis process include:

• A.Contracting, contingency planning, alternative strategies, and insurance.

• B.Interviewing, historical results, workarounds, and response development.

• C. .Checklists, damage control reports, standard allowances, and inspection.

• D.Expert judgment, data gathering, simulations, and decision tree analysis.

182. As an output of the Perform Quantitative Risk Analysis process, the risk register is updated. These updates generally include:

• A. Prioritized list of quantified risks.

• B. Qualitative analysis of the threats to ignore and opportunities to accept.

• C.Checklists, corrective actions, and qualified decision trees.

• D.Direction, resources, and contingency costs.

A risk impact assessment to investigate the potential effect on a project objective such as schedule, cost, quality, or performance has the following characteristics EXCEPT:

• A.Evaluation of each risk can be conducted using a probability and impact matrix that leads to rating the risks as low, moderate, or high priority.

• B. Approaches used in evaluating risk impacts related to project objectives could be relative, numerical, or nonlinear.

• C. Usually, risk-rating rules are specified by the organization in advance of the project and can be tailored to the specific project.

• D. The impact on project objectives should be assessed primarily at the end of the project, as part of the lessons learned.