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Exam 11: Project Risk Management

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Question 31

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Unknown risks can be managed proactively.

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Question 32

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

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Question 33

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

Risk _____ refers to reducing the impact of a risk event by reducing the probability of its occurrence.

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

The main output of the _____ process is the start of a risk register.

_____ involves reducing the impact of a risk event by reducing the probability of its occurrence.

A _____ person achieves a balance between risk and payoff.

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

_____ involves eliminating a specific threat, usually by eliminating its causes.

List and briefly describe the six major processes involved in risk management.

_____ 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.

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

A probability/impact matrix or chart lists the relative probability of a risk occurring on one side of a matrix or axis on a chart and the relative impact of the risk occurring on the other.

A risk-seeking person prefers outcomes that are more uncertain and is often willing to pay a penalty to take risks.

Risk events refer to specific, certain events that may occur to the detriment or enhancement of the project.

The _____ lists the relative probability of a risk occurring and the relative impact of the risk occurring.

_____ involves taking steps to enhance opportunities and reduce threats to meeting project objectives.

The _____ is the person who will own or take responsibility for the risk.

_____ involves determining which risks are likely to affect a project and documenting the characteristics of each.