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WorksheetsProject Management Chapter 7
Total questions: 21
Worksheet time: 21mins
An uncertain event or condition that, if it occurs, has a positive or negative effect on project objectives is termed a
Random chance
Disaster
Risk
Hazard
Bad luck
The chances of a risk event occurring as a project proceeds through its life cycle tend to
Slowly rise
Drop sharply and then level out
Rise sharply and then level out
Remain about the same
Slowly drop
The cost impact of a risk event occurring as a project proceeds through its life cycle tends to
Slowly rise
Drop sharply and then level out
Rise sharply and then level out
Remain about the same
Slowly drop
The attempt to recognize and manage potential and unforeseen trouble spots that may occur when a project is implemented is known as
Risk forecasting
Risk management
Contingency planning
Scenario analysis
Disaster protection
Which of the following is NOT one of the steps in the risk management process?
Risk response development
Risk assessment
Risk identification
Risk tracking
Risk response control
The initial step in the risk management process is to
Determine the level of acceptable risk
Assess the risk potential
Identify the risks
Set aside budget funds for managing the risks
Appoint a risk manager
One common mistake made early in the risk identification process is to
Not consider all possibilities
Encourage participants be over optimistic
Support participants being over pessimistic
Focus on consequences and not on the events that could produce consequences
Give too much attention to past events
Organizations use___in conjunction with work breakdown with work breakdown structures to help management teams identify and eventually analyze risk.
Risk breakdown structures
Contingency breakdown structure
Scenario analysis
Organizational breakdown structure
Risk assessment
Which of the following groups should NOT be a part of the risk identification process?
Project team
Customers
Subcontractors
Vendors
All of these groups can included in the risk identification process
After your team has successfully identified potential risks that could affect the project, what is next step?
Create a risk breakdown structure
Assess identified risks
Create contingency plans
Decide how to respond to all risks
Mitigate risks
Risks are evaluated in terms of
Likelihood and cost
Cost and schedule
Impact and cost
Time and impact
Likelihood and impact
Adopting proven technology instead of experimental technology in order to eliminate technical failure would be an
Mitigating
Retaining
Ignoring
Transferring
Avoiding
Which of the following activities might you consider adding a time buffer to?
Activities with severe risks
Merge activities that are prone to delays
Activities with scare resources
Noncritical activities with very little slack
You might consider adding a time buffer to any of these activities
Which of the following is NOT included a Failure Mode and Effects Analysis?
Impact
Probability
Detection
Risk value
All of these are included
A fixed price contract is an example of
Avoiding risk
Transferring risk
Accepting risk
Ignoring risk
Mitigating risk
Which of the following is NOT one of the potential responses to a specific risk event?
Mitigating
Retaining
Ignoring
Transferring
Avoiding
A Risk Response Matrix contains all of the following EXCEPT
Contingency plan
Trigger
Who is responsible
Response
When the risk will occur
A key distinction between a risk response and a contingency plan is
A risk response is established only for moderate risks while contingency plans are established for major risks
A risk response is part of actual implementation plan and action is taken before the risk can materialize, while contingency plan goes into effect only after the risk has transpired
A risk response is only effective when you are able to assess the likelihood of the risk and its impact on the project all other risks are covered by contingency planning
A risk response is created by the project team and project manager while the project manager and the customers agree on the contingency plan
A risk response is action that is the response to a risk once it has happened and the contingency plan is created by customer if the risk response fails
The risk associated with the unlikelihood that one of the key members will be struck by lightning would most likely be handled by which of the following?
Mitigating
Retaining
Ignoring
Transferring
Avoiding
Funds that are for identified risks that have a low probability of occurring and that decrease as the project progresses a called___reserves.
Management
Budget
Contingency
Padded
Just in case
Risks that can result in a system or process that will not work are known as
Technical risks
Funding risks
Schedule risks
Cost risks
Unnecessary risks
