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Exam 7: Risk Management

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Question 41

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Project risk is highest during the:

A) termination stage of the project life cycle.
B) concept stage of the project life cycle.
C) implementation stage of the project life cycle.
D) development stage of the project life cycle.

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Question 42

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The first step in the risk management process is ________.

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Question 43

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Every one of the nine phases of the PRAM methodology has a deliverable.

Garman yawned as he sat at his kitchen table.His plans to corner the world's supply of peanut valves required detailed planning and an honest assessment of the risks involved in this highly speculative venture.He first identified the primary factors that might contribute to the project's failure.These factors were employee-related;market maturity-related;and health-related.The best estimates he could come up with for these probabilities were 0.6,0.2 and 0.3,respectively.The consequences of failure were less certain,but he finally decided that the cost consequences rated a 0.2,the schedule consequences rated a 0.4,the reliability consequences rated 0.1,and the company goodwill consequences were a robust 0.6.What is the overall project risk factor for this undertaking?

Which of these statements about the project risk analysis and management program is best?

Risk and opportunity:

The deliverable from the focus step of the project risk analysis and management model is:

The probability that project revenues will not be sufficient to repay the debts is:

The Farm Fresh Egg project was too great for one person to pull off.The construction costs for the coop and chicken run were enormous and the sinister threat of avian flu hung over the area like a black cloud.It was only through the combined efforts of Matsushita Chickenworks and the City of Edmond that the project would be undertaken,since they would be able to:

A method for conducting risk factor identification that generates ideas but doesn't focus on decision making is:

The PRAM methodology contains an embedded feedback loop after which step?

Twenty-thousand dollars was budgeted for the office renovation that had a task contingency multiplier of 1.3.The estimated cost of the task must be:

Project risk is lowest during the:

An agreement between two firms that has provisions for fixed costs or liquidated damages contains an element of ________

Risk is a function of the probability of an adverse event occurring and its ________.

A rule of thumb for project risk score calculations is that a risk score of ________ is considered high risk.

Contingency reserves require a construction company to hold back some funds in an account just in case something happens that increases the overall project cost.

The peak of the combined risk impact curve is during the ________ and ________ phases of the project.

At each phase,the project risk analysis and management program should produce:

The PRAM model for risk management proposes a "pick and choose" approach to risk management.