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Exam 7: Risk Management

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Question 21

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

A) A brainstorming meeting.
B) The Delphi method.
C) Past history.
D) Multiple assessments.

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Question 22

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The pointy-haired dean gently suggested that study tour offerings be doubled in the coming three years so Dilbert dutifully explored the possibility of offering a week-long study tour to Elbonia.The globalization committee's consensus was that the probability of failure was high; after some discussion they agreed that the figure was perhaps 0.6.The consequences of failure were another matter.The cost of failure was 0.2,the schedule element was 0.1,and the reliability score was 0.1.The team was divided on what to do with the performance score.Two members were adamant that it was possibly as high as 0.7,but the other two members felt the performance score was closer to the others,in the neighborhood of 0.15.Estimate the overall project risk factor for this undertaking and offer commentary as to the efficacy of the study tour to Elbonia.

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Using the high estimate for the performa...

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Question 23

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The house had almost been framed when an F-5 tornado ripped across the plains and turned the house back into a lumber pile,albeit not stacked as neatly as it was originally.The homeowner's fears of:

What are the two types of contingency reserves and how are they handled?

The period of highest risk impact for a project risk exists primarily in the:

A common use of managerial contingency funds would be for:

A project team assesses their primary risk factor's probability of failure with a maturity risk of 0.3,a complexity risk of 0.7,and a dependency risk of 0.8.The probability of failure is:

Project risk is lowest during the:

Jim knew instinctively that his professor wouldn't appreciate it if he brought his single scoop of vanilla ice cream into the lecture hall with him.He could almost hear the inevitable question,"Did you bring enough for everyone?" To avert such an embarrassment,he practically inhaled his frozen confection as he raced down the hall.He had eaten ice cream in this fashion before and knew he would soon have an ice cream headache,which could be described as:

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

The programming division at ABC decides to resurrect the classic Battle of the Network Stars and is understandable concerned about the risk to their own stars,the shows they star on,and their reputation as a purveyor of fine family-oriented entertainment.After a thoughtful assessment of the probabilities and consequences of failure,the team discover that the three probabilities of failure are all equal and the four consequences of failure are all equal.Further,the overall consequence of failure is half the overall probability of failure.The overall risk factor is 0.6; what are the values for the three probabilities and the four consequences?

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

What are any four common categories of risk? What is an element of each category?

Sketch a 2 × 2 risk management assessment matrix and discuss the impact of each quadrant.

Use the failure probability and consequence scores shown in the table to determine the consequence of failure for the project. $\begin{array} { | l | l | l | l | } \hline \text { Maturity } & 0.6 & \text { Cost } & 0.2 \\\hline \text { Complexity } & 0.8 & \text { Schedule } & 0.3 \\\hline \text { Dependency } & 0.6 & \text { Reliability } & 0.2 \\\hline & & \text { Performance } & 0.5 \\\hline\end{array}$

The budget safety measures that address higher risks than task contingency are known as:

The overall project risk factor is known to be 0.5.The probability of dependency failure is twice the probability of complexity failure and four times the probability of maturity failure.The consequence of performance failure is twice the consequence of reliability failure,four times the consequence of schedule failure and eight times the consequence of cost failure.What is the difference between the probability of maturity failure and the consequence of cost failure? $\begin{array} { | l | l | l | l | } \hline \text { Maturity } & \mathrm { X } & \text { Cost } & \mathrm { Y } \\\hline \text { Complexity } & 2 \mathrm { X } & \text { Schedule } & 2 \mathrm { Y } \\\hline \text { Dependency } & 4 \mathrm { X } & \text { Reliability } & 4 \mathrm { Y } \\\hline & & \text { Performance } & 8 \mathrm { Y } \\\hline\end{array}$

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:

There is always a chance that the music loving public cannot be convinced of the need to return to the 8-track format for new releases.The probability that we don't sell one million units before the holiday season is:

What is the PRAM methodology and what are its salient features?