Managing Risk

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Questions Bank

Modern Project Management
Organization Strategy and Project Selection
Organization: Structure and Culture
Defining the Project
Estimating Project Times and Costs
Developing a Project Plan
Managing Risk
Scheduling Resources and Costs
Reducing Project Duration
Being an Effective Project Manager
Managing Project Team
Outsourcing: Managing Interorganizational Relations
Progress and Performance Measurement and Evaluation
Project Closure
International Projects
An Introduction to Agile Project Management

All Questions

Question 1

Free

Multiple Choice

An uncertain event or condition that, if it occurs, has a positive or negative effect on project objectives is termed a

Choose correct answer/s

Random chance.

Disaster.

Risk.

Hazard.

Bad luck.

Check answer

Question 2

Free

Multiple Choice

The chances of a risk event occurring as a project proceeds through its life cycle tend to

Choose correct answer/s

Slowly rise.

Drop sharply and then level out.

Rise sharply and then level out.

Remain about the same.

Slowly drop.

Check answer

Question 3

Free

Multiple Choice

The cost impact of a risk event occurring as a project proceeds through its life cycle tends to

Choose correct answer/s

Slowly rise.

Drop sharply and then level out.

Rise sharply and then level out.

Remain about the same.

Slowly drop.

Check answer

Question 4

Free

Multiple Choice

The attempt to recognize and manage potential and unforeseen trouble spots that may occur when a project is implemented is known as

Choose correct answer/s

Risk forecasting.

Risk management.

Contingency planning.

Scenario analysis.

Disaster protection.

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Question 5

Free

Multiple Choice

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

Choose correct answer/s

Risk response development

Risk assessment

Risk identification

Risk tracking

Risk response control

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Question 6

Multiple Choice

The initial step in the risk management process is to

Choose correct answer/s

Determine the level of acceptable risk.

Assess the risk potential.

Identify the risks.

Set aside budget funds for managing the risks.

Appoint a risk manager.

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Question 7

Multiple Choice

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

Choose correct answer/s

Not consider all possibilities.

Encourage participants be over optimistic.

Support participants being over pessimistic.

Focus on consequences and not on the events that could produce consequences.

Give too much attention to past events.

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Question 8

Multiple Choice

Organizations use __________ in conjunction with work breakdown structures to help management teams identify and eventually analyze risk.

Choose correct answer/s

Risk breakdown structures

Contingency breakdown structures

Scenario analysis

Organizational breakdown structure

Risk assessment

To unlock the question

Question 9

Multiple Choice

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

Choose correct answer/s

Project team

Customers

Subcontractors

Vendors

All of these groups can be included in the risk identification process.

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Question 10

Multiple Choice

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

Choose correct answer/s

Create a risk breakdown structure

Assess identified risks

Create contingency plans

Decide how to respond to all risks

Mitigate risks

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Question 11

Multiple Choice

A list of questions that address traditional areas of uncertainty on a project is termed a

Choose correct answer/s

Risk profile.

Questionnaire.

Research matrix.

Query.

Checklist.

To unlock the question

Question 12

Multiple Choice

_______________ focuses on how to respond to events that have a positive impact on a project.

Choose correct answer/s

Risk management

Opportunity management

Value management

Contingency management

Prospect management

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Question 13

Multiple Choice

Tools such as a risk assessment form and a risk severity matrix are used to

Choose correct answer/s

Identify risks.

Control risks.

Assess risks.

Regulate risks.

Respond to risks.

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Question 14

Multiple Choice

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

Choose correct answer/s

Bad weather

Design flaw

Accident

Shipment delay

Power outage

To unlock the question

Question 15

Multiple Choice

_____________ is a measure of how easy it would be to notice that a risk event was going to occur in time to take mitigating action, that is, how much warning you would have.

Choose correct answer/s

Detection difficulty

Impact scaling

Probability analysis

Awareness level

Warning assessment

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Question 16

Multiple Choice

Purchasing an accident insurance policy would be an example of responding to a risk by _____________ it.

Choose correct answer/s

Mitigating

Retaining

Ignoring

Transferring

Avoiding

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Question 17

Multiple Choice

The risk management tool that is divided into three color-coded zones representing major, moderate, and minor risks is the risk

Choose correct answer/s

Assessment form.

Responsibility matrix.

Scenario assessment.

Impact assessment.

Severity matrix.

To unlock the question

Question 18

Multiple Choice

The risk assessment form contains all of the following EXCEPT

Choose correct answer/s

Likelihood of the risk event occurring.

Potential impact of the risk event.

Who will detect the occurrence of the risk event.

Difficulty of detecting the occurrence of the risk event.

When the risk event may occur.

To unlock the question

Question 19

Multiple Choice

Risks are evaluated in terms of

Choose correct answer/s

Likelihood and cost.

Cost and schedule.

Impact and cost.

Time and impact.

Likelihood and impact.

To unlock the question

Question 20

Multiple Choice

Adopting proven technology instead of experimental technology in order to eliminate technical failure would be an example of which risk response?

Choose correct answer/s

Mitigating

Retaining

Ignoring

Transferring

Avoiding

To unlock the question

Managing Risk

An uncertain event or condition that, if it occurs, has a positive or negative effect on project objectives is termed a

The chances of a risk event occurring as a project proceeds through its life cycle tend to

The cost impact of a risk event occurring as a project proceeds through its life cycle tends to

The attempt to recognize and manage potential and unforeseen trouble spots that may occur when a project is implemented is known as

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

The initial step in the risk management process is to

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

Organizations use __________ in conjunction with work breakdown structures to help management teams identify and eventually analyze risk.

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

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

A list of questions that address traditional areas of uncertainty on a project is termed a

_______________ focuses on how to respond to events that have a positive impact on a project.

Tools such as a risk assessment form and a risk severity matrix are used to

Based on the following, which event should you be most concerned about? Risk EventLikelihoodImpactBad weather23Design flaw35Accident15Shipment delay22Power outage15

_____________ is a measure of how easy it would be to notice that a risk event was going to occur in time to take mitigating action, that is, how much warning you would have.

Purchasing an accident insurance policy would be an example of responding to a risk by _____________ it.

The risk management tool that is divided into three color-coded zones representing major, moderate, and minor risks is the risk

The risk assessment form contains all of the following EXCEPT

Risks are evaluated in terms of

Adopting proven technology instead of experimental technology in order to eliminate technical failure would be an example of which risk response?

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