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Exam 11: Project Risk Management

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Question 1

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 What are the basic response strategies for negative risks? Describe each strategy.

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Risk avoidance or eliminating a specific...

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Question 2

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 Large, complex projects involving leading-edge technologies often require extensive quantitative risk analysis.

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Question 3

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 Risk utility rises at a decreasing rate for a(n) _____ person.

 What process involves deciding how to approach and plan the risk management activities for the project?

 The lower the earned monetary value calculation for a project, the chances of project success is higher.

 Identified risks may not materialize, or their probabilities of occurrence or loss may diminish.

 Contingency plans are predefined actions that the project team will take if an identified risk event occurs.

 Which process involves monitoring identified and residual risks, identifying new risks, carrying out risk response plans, and evaluating the effectiveness of risk strategies throughout the life of the project?

 _____ helps professionals to see the effects of changing one or more variables on an outcome.

 Which is a fact-finding technique that can be used for collecting information in face-to-face, phone, e-mail, or instant-messaging discussions?

 Project teams sometimes use _____, which are unplanned responses to risk events, when they do not have contingency plans in place.

 Identifying risks is a subprocess of the _____ process of project risk management.

 The main outputs of which process include a risk register, risk report, and project documents updates?

 _____ are unplanned responses to risk events used when project teams do not have contingency plans in place.

 List and briefly describe four methods for identifying risks.

 Those who are _____ have a higher tolerance for risk, and their satisfaction increases when more payoff is at stake.

 Potential problems that might occur on the project and how they might impede project success are _____ risks.

 Unknown risks can be managed proactively.

 Risks can have both negative and positive effects on meeting project objectives.

 The risk register can be created with a simple Microsoft Word or Excel file.