Project management ch 7 – managing risk – 6th edition

Project Management Ch 7 – Managing Risk

Managing Risk
Project Management Ch 7
6th Edition

Your Results:
The  answer for each question is indicated by a  .

1    
An uncertain event or condition that, if it occurs, has a positive or negative effect on project objectives is termed a
    A)
Random chance
    B)
Disaster
    C)
Risk
    D)
Hazard
    E)
Bad luck
    

 
2    
The cost impact of a risk event occurring as a project proceeds through its life cycle tends to
    A)
Slowly rise
    B)
Drop sharply and then level out
    C)
Rise sharply and then level out
    D)
Remain about the same
    E)
Slowly drop
    

 
3    
Which of the following is NOT one of the steps in the risk management process?
    A)
Which of the following is NOT one of the steps in the risk management process?
    B)
Risk assessment
    C)
Risk identification
    D)
Risk tracking
    E)
Risk response control
    

 
4    
Organizations use __________ in conjunction with work breakdown structures to help management teams identify and eventually analyze risk.
    A)
Risk breakdown structures
    B)
Contingency breakdown structures
    C)
Scenario analysis
    D)
Organizational breakdown structure
    E)
Risk assessment
    

 
5    
Which of the following groups should NOT be a part of the risk identification process?
    A)
Project team
    B)
Customers
    C)
Subcontractors
    D)
Vendors
    E)
All of these groups can be included in the risk identification process
    

 
6    
A list of questions that address traditional areas of uncertainty on a project is termed a
    A)
Risk profile
    B)
Questionnaire
    C)
Research matrix
    D)
Query
    E)
Checklist
    

 
7 UNANSWERED   
_______________ focuses on how to respond to events that have a positive impact on a project.
    A)
Risk management
    B)
Risk management
    C)
Value management
    D)
Contingency management
    E)
Prospect management
    

 
8    
The risk management tool that is divided into three color-coded zones representing major, moderate, and minor risks is the risk
    A)
Assessment form
    B)
Responsibility matrix
    C)
Scenario assessment
    D)
Impact assessment
    E)
Severity matrix
    

 
9    
Risks are evaluated in terms of
    A)
Likelihood and cost
    B)
Cost and schedule
    C)
Impact and cost
    D)
Time and impact
    E)
Likelihood and impact
    

 
10    
Adopting proven technology instead of experimental technology in order to eliminate technical failure would be an example of which risk response?
    A)
Mitigating
    B)
Retaining
    C)
Ignoring
    D)
Transferring
    E)
Avoiding
    

 
11    
A Fixed price contract is an example of ___________.
    A)
Avoiding risk
    B)
Transferring risk
    C)
Accepting risk
    D)
Ignoring risk
    E)
Mitigating risk
    

 
12    
The risk associated with the unlikelihood that one of the key members will be stuck by lightning would most likely be handled by which of the following?
    A)
Mitigating
    B)
Retaining
    C)
Ignoring
    D)
Transferring
    E)
Avoiding
    

 
13    
Funds that are for identified risks that have a low probability of occurring and that decrease as the project progresses are called ______ reserves.
    A)
Management
    B)
Budget
    C)
Contingency
    D)
Padded
    E)
Just in case
    

 
14    
Which of the following is NOT involved in risk control?
    A)
Executing the risk response strategy
    B)
Initiating contingency plans
    C)
Establishing a change control system
    D)
Establishing contingency funds
    E)
Watching for new risks
    

 
15    
Change management systems are designed to accomplish all of the following EXCEPT
    A)
Track all changes that are to be implemented
    B)
Review, evaluate, and approve/disapprove proposed changes formally
    C)
Identify expected effects of proposed changes on schedule and budget
    D)
Reflect scope changes in baseline and performance measures
    E)
All of these are examples of what change management systems are designed to accomplish