Project Management Bespoke Final

What is the primary goal of risk management?

• • To eliminate all potential risks.

• • To identify and assess potential risks.

• • To minimize the impact of negative events.

• • To maximize the potential benefits of opportunities.

Which risk response strategy involves eliminating the risk altogether?

• • Risk Acceptance

• • Risk Avoidance

• • Risk Transfer

• • Risk Mitigation

A tool used to visually represent the probability and impact of risks is called:

• • SWOT Analysis

• • Risk Register

• • Risk Assessment Matrix

• • Fishbone Diagram

What is the role of a project manager in risk management?

• • To focus solely on high-impact risks and neglect low-impact risks

• • To ignore low-probability risks to avoid unnecessary complexity

• • To delegate risk management responsibilities to team members

• • To develop a comprehensive risk management plan and monitor risks throughout the project

What is the primary purpose of Key Performance Indicators (KPIs)?

• • To allocate project resources

• • To identify project risks

• • To measure project costs

• • To track project progress and performance

Which of the following is NOT a key characteristic of a good KPI?

• • Relevant to project objectives

• • Measurable and quantifiable

• • Easily understood by all stakeholders

• • Subjective and open to interpretation

Why is it important to use both leading and lagging indicators?

• • To identify potential risks and take corrective action

• • To measure the overall success of the project

• • To provide a balanced view of project performance

• • To track the progress of project milestones

What is the importance of stakeholder engagement in M&E?

• • To allocate resources effectively

• • To ensure that stakeholders are satisfied with the project

• • To identify potential risks and threats

• • To gather feedback and improve the project's performance

. What is the primary role of a stakeholder communication plan?

• To assign tasks and responsibilities to team members

• To define how and when information will be shared with stakeholders

• To develop technical project specifications

• To resolve conflicts among stakeholders

In which phase of the Waterfall methodology are system architecture and data flow planned?

• Testing

• Requirement Analysis

• Implementation

• System Design