Project Management Lecture 08

A sudden change in government regulation affecting project implementation is an example of:

• Positive risk

• Negative risk

• Opportunity

• Contingency planning

The first step in the risk management process is:

• Risk monitoring

• Risk planning

• Risk identification

• Risk mitigation

Which of the following tools is NOT typically used in risk identification?

• Brainstorming

• SWOT analysis

• Historical data analysis

• Gantt chart

Assigning probability and impact ratings to risks is part of:

• Risk avoidance

• Risk assessment

• Risk sharing

• Risk documentation

Choosing to accept minor risks instead of spending excessive resources on mitigation is known as:

• Risk acceptance

• Risk transfer

• Risk sharing

• Risk avoidance

Purchasing insurance to protect against financial loss from equipment failure is an example of:

• Risk mitigation

• Risk acceptance

• Risk transfer

• Risk avoidance

Which of the following best describes contingency planning?

• Ignoring risks until they occur

• Identifying backup strategies to handle risks if they occur

• Completely eliminating the source of risks

• Sharing risks equally among stakeholders