Question 1

What is a Risk Severity Matrix and what does it do?

Accepted Answer

Risks are placed on a matrix that has Li...

Question 2

Which of the following is not included in a Failure Mode and Effects Analysis?

Accepted Answer

A)  Impact
B)  Probability
C)  Detection
D)  Risk value
E)  All of these are includedF) C) and E)
G) A) and B)

Question 3

How should a risk assessment be conducted?

Accepted Answer

Not all identified risks deserve attenti...

Question 4

Identify and briefly describe the four steps in risk management.

Accepted Answer

1.Risk Identification; all possible risk...

Question 5

Which of the following is not one of the probability analysis tools?

Accepted Answer

A)  Ratio/range analysis
B)  Decision tree
C)  PERT simulation
D)  PERT
E)  All of these are probability analysis toolsF) B) and E)
G) None of the above

Question 6

Describe the process for identifying project risks.

Accepted Answer

The project manager pulls together a ris...

Question 7

The first step in the Risk Management process is ________.

Accepted Answer

The answer of The first step in the Risk Management...

Question 8

The initial step in the risk management process is to

Accepted Answer

A)  Determine the level of acceptable risk
B)  Assess the risk potential
C)  Identify the risks
D)  Set aside budget funds for managing the risks
E)  Appoint a risk managerF) B) and E)
G) B) and C)

Question 9

The vertical scale on the Risk Severity Matrix measures the _________ of a potential risk event.

Accepted Answer

The answer of The vertical scale on the Risk Severity...

Question 10

Describe the relationship between the likelihood of a risk event occurring and the cost of fixing the risk event as a project proceeds through its life cycle.

Accepted Answer

In the early stages of the project life ...

Question 11

Due to the impact over a long period of time, risk events that occur in the early stages of a project will have a greater cost impact than those that occur in later stages.

Accepted Answer

A) True 
 B)False

Question 12

The attempt to recognize and manage potential and unforeseen trouble spots that may occur when a project is implemented is known as

Accepted Answer

A)  Risk forecasting
B)  Risk management
C)  Contingency planning
D)  Scenario analysis
E)  Disaster protectionF) B) and C)
G) A) and D)

Question 13

One common mistake made early in the risk identification process is to

Accepted Answer

A)  Not all possibilities are considered
B)  Participants are over-optimistic
C)  Participants are over-pessimistic
D)  Focus on objectives and not on the events that could produce consequences.
E)  Too much attention is given to past eventsF) B) and E)
G) A) and B)

Question 14

One of the keys to success in risk identification is

Accepted Answer

A)  Critical thinking
B)  Optimism
C)  Pessimism
D)  A "can do" attitude
E)  All of these are correctF) None of the above
G) A) and B)

Question 15

Compare and contrast budget reserves and management reserves.

Accepted Answer

Budget reserves are for known risks asso...

Question 16

Risk events such as inflation, market acceptance, and government regulations are referred to as ________.

Accepted Answer

threats
Explanation: The sources of proj...

Question 17

This risk assessment tool is a variation of the risk severity matrix that includes the ease of detection for each of the identified risks.

Accepted Answer

A)  PERT simulation
B)  FMEA analysis
C)  Ratio/range analysis
D)  Probability analysis
E)  Semi-quantitative analysisF) A) and B)
G) B) and D)

Question 18

All of the following are included in the risk identification process except

Accepted Answer

A)  Customers
B)  Subcontractors
C)  Competitors
D)  Vendors
E)  None of these are includedF) B) and D)
G) A) and E)

Question 19

The risk assessment form contains all of the following except

Accepted Answer

A)  Likelihood of the risk event occurring
B)  Potential impact of the risk event
C)  Who will detect the occurrence of the risk event.
D)  Difficulty of detecting the occurrence of the risk event
E)  When the risk event may occurF) All of the above
G) C) and D)

Question 20

The risk identification process should be limited to just the core project team.

Accepted Answer

A) True 
 B)False

Exam 7: Managing Risk

Describe the process for identifying project risks.

Correct AnswerverifiedThe project manager pulls together a ris...View AnswerShow Answer

All of the following are included in the risk identification process except

Correct AnswerverifiedShow Answer

Describe the relationship between the likelihood of a risk event occurring and the cost of fixing the risk event as a project proceeds through its life cycle.

Correct AnswerverifiedIn the early stages of the project life ...View AnswerShow Answer

The first step in the Risk Management process is ________.

Correct AnswerverifiedShow Answer

The risk assessment form contains all of the following except

Correct AnswerverifiedShow Answer

Identify and briefly describe the four steps in risk management.

Correct Answerverified1.Risk Identification; all possible risk...View AnswerShow Answer

Risk events such as inflation, market acceptance, and government regulations are referred to as ________.

Correct AnswerverifiedthreatsExplanation: The sources of proj...View AnswerShow Answer

Which of the following is not one of the probability analysis tools?

Correct AnswerverifiedShow Answer

Compare and contrast budget reserves and management reserves.

Correct AnswerverifiedBudget reserves are for known risks asso...View AnswerShow Answer

One of the keys to success in risk identification is

Correct AnswerverifiedShow Answer

The vertical scale on the Risk Severity Matrix measures the _________ of a potential risk event.

Correct AnswerverifiedShow Answer

How should a risk assessment be conducted?

Correct AnswerverifiedNot all identified risks deserve attenti...View AnswerShow Answer

The initial step in the risk management process is to

Correct AnswerverifiedShow Answer

The attempt to recognize and manage potential and unforeseen trouble spots that may occur when a project is implemented is known as

Correct AnswerverifiedShow Answer

This risk assessment tool is a variation of the risk severity matrix that includes the ease of detection for each of the identified risks.

Correct AnswerverifiedShow Answer

Which of the following is not included in a Failure Mode and Effects Analysis?

Correct AnswerverifiedShow Answer

The risk identification process should be limited to just the core project team.

Correct AnswerverifiedShow Answer

What is a Risk Severity Matrix and what does it do?

Correct AnswerverifiedRisks are placed on a matrix that has Li...View AnswerShow Answer

One common mistake made early in the risk identification process is to

Correct AnswerverifiedShow Answer

Due to the impact over a long period of time, risk events that occur in the early stages of a project will have a greater cost impact than those that occur in later stages.

Correct AnswerverifiedShow Answer

Correct Answer
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The project manager pulls together a ris...
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Correct Answer
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Correct Answer
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In the early stages of the project life ...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
verified
1.Risk Identification; all possible risk...
View Answer

Correct Answer
verified
threats
Explanation: The sources of proj...
View Answer

Correct Answer
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Correct Answer
verified
Budget reserves are for known risks asso...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Not all identified risks deserve attenti...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
verified

Correct Answer
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Correct Answer
verified
Risks are placed on a matrix that has Li...
View Answer

Correct Answer
verified

Correct Answer
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