Reference no: EM133127641

Question 1. The project manager has just met with her team to brainstorm some of the problems that could occur on the upcoming project. Today's session was intended to generate possible issues that could arise and get everyone to start thinking in terms of what they should be looking for once the project kicks off. This meeting would be an example of what element in the risk management process?

Risk mitigation
Control and documentation
Risk identification
Analysis of probability and consequences

Question 2. The construction foreman posted a large sign requiring all work site visitors to don a hard hat and safety glasses. He also purchased copious quantities of both items and made them readily available at the entrance. The foreman is engaged in:

Risk identification
Risk mitigation
Analysis of probability and consequences
Control and documentation

Question 3. The residents of Enumclaw, Washington, live in the shadow of majestic Mount Rainier and its 26 glaciers. The Cascades form a ring of fire around the Pacific Northwest and erupt with surprising regularity, although Mount Rainier hasn't erupted on a major scale since about a thousand years ago. When it does erupt, the pyroclastic flow (a massive cloud of superheated ash and rock up to 1500 degrees Fahrenheit that can travel at speeds up to 300 miles per hour) will make Enumclaw a less pleasant place to live. City leaders have completed the:

Control and documentation phase of risk management.
Risk identification phase of risk management.
Analysis of probability and consequences phase of risk management.
Risk mitigation strategies phase of risk management

Question 4. With a maturity risk of 0.3, a complexity risk of 0.4, and a dependency risk of 0.5, the probability of failure is:

About 0.3.
About 0.4
About 0.5
About 0.6.

Question 5. A project team assigns probabilities of 0.1, 0.2, and 0.4 respectively to the maturity, complexity, and dependency categories. The probability of failure can be calculated as:

0.23
0.33
0.65.
0.70.

Question 6. A small manufacturer has won a major contract with the U.S. Army to develop a new generation of satellite phone for battlefield applications. Because of the significant technological challenges involved in this project and the company's own size limitations and lack of experience in dealing with the Army on these kinds of contracts, the company has decided to partner with another firm to collaborate on developing the technology. This decision would be an example of what kind of response to the risk?

Accept it
Minimize it
Transfer it
Share it

Question 7. All the following would be considered examples of significant project risks except:

Commercial risks
Financial risks
Technical risks
Legal risks
All are examples of significant potential project risks

Question 8. A fixed-price contract offers the seller (contractor):
A higher risk than the buyer (client)
The same risk as that of the buyer (client)
A lower risk than the buyer (client)
Guaranteed reimbursement of actual costs

Question 9. A workaround is:
A technique for managing conflict
non-critical path (one with extra float) through the network diagram
An adjustment to the project budget
A response to an unplanned risk event

Question 10. A probability and impact matrix is useful for:

Quantitative risk analysis
Qualitative risk analysis
Risk Identification
Control and Documentation

Question 11. You are managing a project when an unanticipated risk event occurs. You meet with your project team and company experts and figure out a workaround to keep the project on schedule. In what process are you engaged?

Quantitative risk analysis
Qualitative risk analysis
Risk response
Control and Documentation

Question 12. Sanjay is managing a multi-million-dollar construction project that is scheduled to take nearly three years to complete. During the planning phase, he discovers a serious threat to the project schedule and budget due to the fact that he is planning to build during monsoon season in a flood area. After evaluating his options, he decides to build earlier in the year to complete critical parts of the project before the possibility of damage from monsoon flooding. This is an example of:

Risk avoidance
Risk transference
Risk mitigation
Risk acceptance

Question 13. Suppose your organization used a qualitative risk assessment matrix with three levels each of probability and consequences (high, medium, and low). In evaluating a project's risks, you determine that commercial risks pose a low probability of occurrence but high consequences. On the other hand, legal risks are evaluated as having a high probability of occurrence and medium consequences. If you are interested in prioritizing your risks, which of these should be considered first?

Commercial risk
Legal risk
Both should be considered equally significant
Neither is really much of a threat to this project, so it doesn't matter what order you assign them

Question 14. ________________ involves determining the likelihood that the risk event will occur and the degree of impact the event will have on the project objective.

Priority alignment
Responding to a risk
Assessing each risk
Risk planning

Question 15. To be able to communicate risks to the contractor, sometimes a sponsor identifies major risks for the project in
the lessons learned after the project.
the project charter when the project is authorized.
the contract for service.
the project evaluation meeting.

Question 16. A common approach to identifying the sources of risks is:
brainstorming.
developing a contingency plan.
elaboration
evaluating the probability.

Question 17. Some level of risk planning should be done during ____ of the project life cycle to make sure that a contractor understands the risks involved with bidding on a proposed project. With knowledge of potential risks, the contractor can include contingency or management reserve amounts in the bid price.

planning phase
performing phase
initiating phase
closing phase

Question 18. ____ involves identifying, assessing, and responding to project risks in order to minimize the likelihood of occurrence and/or potential impact of adverse events on the accomplishment of the project objective.

Risk response
Risk management
Risk responsibility
Risk acceptance and avoidance

Question 19. Risk identification is determining which risks may adversely affect the development of the project work breakdown structure and what the impact of each risk might be if it occurs.
True
False

Question 20. Historical information from past projects is another source that can be helpful in identifying possible risks.
True
False