Question 1

________ reserves are identified for specific work packages and are distributed by the project manager and the team members.

Accepted Answer

Budget
Explanation: These reserves are i...

Question 2

Which of the following is NOT involved in risk control?

Accepted Answer

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

Question 3

Flooding would be devastating to the project; however, it is very unlikely.The project manager is most likely to __________ this risk.

Accepted Answer

retain
Explanation: Some risks are so la...

Question 4

_____________ systems involve reporting, controlling, and recording changes to the project baseline.

Accepted Answer

Change management
Explanation: Because c...

Question 5

According to the Failure Mode and Effects Analysis (FMEA), Impact x Probability x Detection = __________.

Accepted Answer

risk value
Explanation: Failur...

Question 6

Based on the following, which event should you be most concerned about? Risk Event
Likelihood
Impact
Bad weather
2
3
Design flaw
3
5
Accident
1
5
Shipment delay
2
2
Power outage
1
5

Accepted Answer

A)  Bad weather
B)  Design flaw
C)  Accident
D)  Shipment delay
E)  Power outage

Question 7

Responses to all identifiable risks should be a top priority for the project manager.

Accepted Answer

A) True 
 B)False

Question 8

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

Accepted Answer

A)  Not consider all possibilities.
B)  Encourage participants be over optimistic.
C)  Support participants being over pessimistic.
D)  Focus on consequences and not on the events that could produce consequences.
E)  Give too much attention to past events.

Question 9

Performance bonds, warranties, and guarantees are financial instruments used to share risk.

Accepted Answer

A) True 
 B)False

Question 10

Change management systems are designed to accomplish all of the following EXCEPT

Accepted Answer

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.

Question 11

What is a "trigger" and why is it important when planning contingencies?

Accepted Answer

A trigger is an event or point in time w...

Question 12

This response is used to remove any uncertainly associated with an identified Opportunity.

Accepted Answer

A)  Exploit
B)  Share
C)  Enhance
D)  Accept

Question 13

Adopting proven technology instead of experimental technology is an example of mitigating a risk.

Accepted Answer

A) True 
 B)False

Question 14

The first step in the risk management process is risk assessment.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following activities might you consider adding a time buffer to?

Accepted Answer

A)  Activities with severe risks
B)  Merge activities that are prone to delays
C)  Activities with scarce resources
D)  Noncritical activities with very little slack
E)  You might consider adding a time buffer to any of these activities.

Question 16

Most changes on a project are related to

Accepted Answer

A)  Scope Changes.
B)  Improvement Changes.
C)  Implementing Contingency Plans.
D)  All of these choices are correct.

Question 17

Contingency funding is made up of budget reserves and management reserves.

Accepted Answer

A) True 
 B)False

Question 18

A risk profile is a list of questions that have been developed and refined from previous, similar projects.

Accepted Answer

A) True 
 B)False

Exam 7: Managing Risk

_____________ systems involve reporting, controlling, and recording changes to the project baseline.

Correct Answer
verified
Change management
Explanation: Because c...
View Answer

The first step in the risk management process is risk assessment.

Correct Answer
verified

Which of the following is NOT involved in risk control?

Correct Answer
verified

According to the Failure Mode and Effects Analysis (FMEA), Impact x Probability x Detection = __________.

Correct Answer
verified
risk value
Explanation: Failur...
View Answer

A risk profile is a list of questions that have been developed and refined from previous, similar projects.

Correct Answer
verified

Adopting proven technology instead of experimental technology is an example of mitigating a risk.

Correct Answer
verified

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

Correct Answer
verified

________ reserves are identified for specific work packages and are distributed by the project manager and the team members.

Correct Answer
verified
Budget
Explanation: These reserves are i...
View Answer

Contingency funding is made up of budget reserves and management reserves.

Correct Answer
verified

Most changes on a project are related to

Correct Answer
verified

Change management systems are designed to accomplish all of the following EXCEPT

Correct Answer
verified

Based on the following, which event should you be most concerned about? Risk Event Likelihood Impact Bad weather 2 3 Design flaw 3 5 Accident 1 5 Shipment delay 2 2 Power outage 1 5

Correct Answer
verified

Flooding would be devastating to the project; however, it is very unlikely.The project manager is most likely to __________ this risk.

Correct Answer
verified
retain
Explanation: Some risks are so la...
View Answer

This response is used to remove any uncertainly associated with an identified Opportunity.

Correct Answer
verified

Which of the following activities might you consider adding a time buffer to?

Correct Answer
verified

Responses to all identifiable risks should be a top priority for the project manager.

Correct Answer
verified

What is a "trigger" and why is it important when planning contingencies?

Correct Answer
verified
A trigger is an event or point in time w...
View Answer

Performance bonds, warranties, and guarantees are financial instruments used to share risk.

Correct Answer
verified

Exam 7: Managing Risk

_____________ systems involve reporting, controlling, and recording changes to the project baseline.

Correct AnswerverifiedChange managementExplanation: Because c...View AnswerShow Answer

The first step in the risk management process is risk assessment.

Correct AnswerverifiedShow Answer

Which of the following is NOT involved in risk control?

Correct AnswerverifiedShow Answer

According to the Failure Mode and Effects Analysis (FMEA), Impact x Probability x Detection = __________.

Correct Answerverifiedrisk valueExplanation: Failur...View AnswerShow Answer

A risk profile is a list of questions that have been developed and refined from previous, similar projects.

Correct AnswerverifiedShow Answer

Adopting proven technology instead of experimental technology is an example of mitigating a risk.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

________ reserves are identified for specific work packages and are distributed by the project manager and the team members.

Correct AnswerverifiedBudgetExplanation: These reserves are i...View AnswerShow Answer

Contingency funding is made up of budget reserves and management reserves.

Correct AnswerverifiedShow Answer

Most changes on a project are related to

Correct AnswerverifiedShow Answer

Change management systems are designed to accomplish all of the following EXCEPT

Correct AnswerverifiedShow Answer

Based on the following, which event should you be most concerned about? Risk Event Likelihood Impact Bad weather 2 3 Design flaw 3 5 Accident 1 5 Shipment delay 2 2 Power outage 1 5

Correct AnswerverifiedShow Answer

Flooding would be devastating to the project; however, it is very unlikely.The project manager is most likely to __________ this risk.

Correct AnswerverifiedretainExplanation: Some risks are so la...View AnswerShow Answer

This response is used to remove any uncertainly associated with an identified Opportunity.

Correct AnswerverifiedShow Answer

Which of the following activities might you consider adding a time buffer to?

Correct AnswerverifiedShow Answer

Responses to all identifiable risks should be a top priority for the project manager.

Correct AnswerverifiedShow Answer

What is a "trigger" and why is it important when planning contingencies?

Correct AnswerverifiedA trigger is an event or point in time w...View AnswerShow Answer

Performance bonds, warranties, and guarantees are financial instruments used to share risk.

Correct AnswerverifiedShow Answer

Correct Answer
verified
Change management
Explanation: Because c...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
risk value
Explanation: Failur...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Budget
Explanation: These reserves are i...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
retain
Explanation: Some risks are so la...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
A trigger is an event or point in time w...
View Answer

Correct Answer
verified