Question 1

Funds that are for identified risks that have a low probability of occurring and that decrease as the project progresses are called ______ reserves.

Accepted Answer

A)   Management
B)   Budget
C)   Contingency
D)   Padded
E)   Just in case

Question 2

When considering risk response development,passing risk to another party instead of changing it is known as ____________ the risk.

Accepted Answer

transferring
Explanation: Pass...

Question 3

Give a real life example of mitigating a risk,avoiding a risk,transferring a risk and retaining a risk.

Accepted Answer

The answer of Give a real life example of mitigating...

Question 4

What is Change Control Management and what function does it perform?

Accepted Answer

The answer of What is Change Control Management and what...

Question 5

The likelihood of a risk event occurring ________ as a project goes through its life cycle.

Accepted Answer

decreases
Explanation: The chances of a ...

Question 6

The risk assessment form contains all of the following EXCEPT

Accepted Answer

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.

Question 7

When considering risk response development,changing the plan to eliminate the risk or condition is known as ____________ the risk.

Accepted Answer

avoiding
Explanation: Risk avo...

Question 8

Testing a new project on a smaller isolated area prior to installing it for the entire organization is an example of ________ a risk.

Accepted Answer

mitigating
Explanation: Reducing risk is...

Question 9

After your team has successfully identified potential risks that could affect the project,what is the next step?

Accepted Answer

A)   Create a risk breakdown structure
B)   Assess identified risks
C)   Create contingency plans
D)   Decide how to respond to all risks
E)   Mitigate risks

Question 10

Risk management is a reactive approach that is designed to ensure that surprises are reduced and that negative consequences associated with undesirable events are minimized.

Accepted Answer

A) True 
 B)False

Question 11

What is the purpose of using tools such as a risk assessment form and a risk severity matrix?

Accepted Answer

The answer of What is the purpose of using tools...

Question 12

Risks that can result in a system or process that will not work are known as

Accepted Answer

A)   Technical risks.
B)   Funding risks.
C)   Schedule risks.
D)   Cost risks.
E)   Unnecessary risks.

Question 13

The event or point in time when a contingency plan will be implemented is called a _________.

Accepted Answer

trigger
Explanation: The risk ...

Question 14

The first step in the risk management process is ________.

Accepted Answer

risk identification
Explanatio...

Question 15

A Risk Response Matrix contains all of the following EXCEPT

Accepted Answer

A)   Contingency plan.
B)   Trigger.
C)   Who is responsible.
D)   Response.
E)   When the risk will occur.

Question 16

Which of the following groups should NOT be a part of the risk identification process?

Accepted Answer

A)   Project team
B)   Customers
C)   Subcontractors
D)   Vendors
E)   All of these groups can be included in the risk identification process

Question 17

The ________ matrix is divided into red,yellow,and green zones representing major,moderate,and minor risks.

Accepted Answer

risk severity
Explanation: The risk seve...

Question 18

Which of the following is NOT one of the steps in the risk management process?

Accepted Answer

A)   Risk response development
B)   Risk assessment
C)   Risk identification
D)   Risk tracking
E)   Risk response control

Question 19

When considering risk value,the lower the value,the higher the level of risk.

Accepted Answer

A) True 
 B)False

Question 20

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.

Exam 7: Managing Risk

When considering risk value,the lower the value,the higher the level of risk.

Correct AnswerverifiedShow Answer

The risk assessment form contains all of the following EXCEPT

Correct AnswerverifiedShow Answer

Funds that are for identified risks that have a low probability of occurring and that decrease as the project progresses are called ______ reserves.

Correct AnswerverifiedShow Answer

What is the purpose of using tools such as a risk assessment form and a risk severity matrix?

Correct AnswerverifiedShow Answer

Which of the following is NOT one of the steps in the risk management process?

Correct AnswerverifiedShow Answer

Testing a new project on a smaller isolated area prior to installing it for the entire organization is an example of ________ a risk.

Correct AnswerverifiedmitigatingExplanation: Reducing risk is...View AnswerShow Answer

Risk management is a reactive approach that is designed to ensure that surprises are reduced and that negative consequences associated with undesirable events are minimized.

Correct AnswerverifiedShow Answer

Give a real life example of mitigating a risk,avoiding a risk,transferring a risk and retaining a risk.

Correct AnswerverifiedShow Answer

When considering risk response development,changing the plan to eliminate the risk or condition is known as ____________ the risk.

Correct AnswerverifiedavoidingExplanation: Risk avo...View AnswerShow Answer

A Risk Response Matrix contains all of the following EXCEPT

Correct AnswerverifiedShow Answer

Risks that can result in a system or process that will not work are known as

Correct AnswerverifiedShow Answer

The ________ matrix is divided into red,yellow,and green zones representing major,moderate,and minor risks.

Correct Answerverifiedrisk severityExplanation: The risk seve...View AnswerShow Answer

What is Change Control Management and what function does it perform?

Correct AnswerverifiedShow Answer

The first step in the risk management process is ________.

Correct Answerverifiedrisk identificationExplanatio...View AnswerShow Answer

The event or point in time when a contingency plan will be implemented is called a _________.

Correct AnswerverifiedtriggerExplanation: The risk ...View AnswerShow Answer

When considering risk response development,passing risk to another party instead of changing it is known as ____________ the risk.

Correct AnswerverifiedtransferringExplanation: Pass...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

The likelihood of a risk event occurring ________ as a project goes through its life cycle.

Correct AnswerverifieddecreasesExplanation: The chances of a ...View AnswerShow Answer

After your team has successfully identified potential risks that could affect the project,what is the next step?

Correct AnswerverifiedShow Answer

Which of the following groups should NOT be a part of the risk identification process?

Correct AnswerverifiedShow Answer

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mitigating
Explanation: Reducing risk is...
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avoiding
Explanation: Risk avo...
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risk severity
Explanation: The risk seve...
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risk identification
Explanatio...
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trigger
Explanation: The risk ...
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transferring
Explanation: Pass...
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Correct Answer
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decreases
Explanation: The chances of a ...
View Answer

Correct Answer
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Correct Answer
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