Chapter 7-MGMT 368 – Flashcards

Which of the following is not one of the steps in the risk management process? A. Risk response control B. Risk tracking C. Risk identification D. Risk response development E. Risk assessment

One common mistake made in identifying project risks is that A. Too much attention is given to past events B. Efforts are focused on consequences rather than causal events C. Participants are over-pessimistic D. Not all possibilities are considered E. Participants are over-optimistic

In the beginning the focus of risk management should be on risks that A. Have the greatest schedule impact B. Have the greatest cost impact C. Are known D. Impact the whole project E. Impact the critical path

The easiest and most commonly used technique for analyzing risks is _____ analysis. A. Impact B. Risk/reward C. Payback D. Probability E. Scenario

Which of the following is not one of the potential responses to a specific risk event? A. Sharing B. Transferring C. Ignoring D. Mitigating E. Retaining

A list of questions that address traditional areas of uncertainty on a project is termed a risk A) Profile B) Questionnaire C) Research D) Query E) Checklist

All of the following are included in the risk identification process except A) Customers B) Subcontractors C) Competitors D) Vendors E) None of these are included

A risk profile is a list of questions that address traditional areas of uncertainty on a project that answers developed from: A) When the event might occur in the project B) Chances of the event occurring C) Interaction with other parts of the project or with other projects D) From previous, similar projects E) Magnitude or severity of the event's impact

The risk assessment form contains all of the following except 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 occur

Which of the following is not one of the probability analysis tools? A) Ratio/range analysis B) Decision tree C) PERT simulation D) PERT E) All of these are probability analysis tools

Technical risks are: A) Often the kind that can cause the project to be shut down. B) Problematic C) Imposed duration dates D) Both A and B are correct E) A, B, and C are all correct

Detailing all identified risks, including descriptions, category, and probability of occurring, impact, responses, contingency plans, owners and current status is called: A) Management reserves B) Change control C) Contingency reserves D) Risk register E) Risk profiles

Change management systems are designed to accomplish all of the following except: A) Track all changes that are to be implemented B) Review, evaluates, 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 the above are correct

This risk assessment tool is a variation of the risk severity matrix that includes the ease of detection for each of the identified risks. A) PERT simulation B) FMEA analysis C) ratio/range analysis D) probability analysis E) semi-quantitative analysis

The 1999 NASA Mars Climate Orbiter is an example of A) Disaster avoidance through proactive risk management B) Murphy's Law C) Proper use of critical thinking D) Mismanaged risk control E) Using historical records to assess risk

The risk assessment form contains all of the following except 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 occur

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