139 - Chapter 11-13

30 Questions | Total Attempts: 80

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Risk Management Quizzes & Trivia

Questions and Answers
  • 1. 
    _____________ is an uncertainty that can have a negative or positive effect on meeting  project objectives.
    • A. 

      Risk utility

    • B. 

      Risk tolerance

    • C. 

      Risk management

    • D. 

      Risk

  • 2. 
    A person who is risk-_____________ receives greater satisfaction when more payoff is at stake and is willing to pay a penalty to take risks.
    • A. 

      Averse

    • B. 

      Seeking

    • C. 

      Neutral

    • D. 

      Aware

  • 3. 
    Which risk management process involves prioritizing risks based on their probability and impact of occurrence?
    • A. 

      Planning risk management

    • B. 

      Identifying risks

    • C. 

      Performing qualitative risk analysis

    • D. 

      Performing quantitative risk analysis

  • 4. 
    Your project involves using a new release of a common software application, but if that release is not available, your team has _____________ plans to use the current release.
    • A. 

      Contigency

    • B. 

      Fallback

    • C. 

      Reserve

    • D. 

      Mitigation

  • 5. 
    Which risk identification tool involves deriving a consensus among a panel of experts by using anonymous input regarding future events?
    • A. 

      Risk breakdown structure

    • B. 

      Brainstorming

    • C. 

      Interviewing

    • D. 

      Delphi technique

  • 6. 
    A risk _____________ is a document that contains results of various risk management processes, and is often displayed in a table or spreadsheet format.
    • A. 

      Management plan

    • B. 

      Register

    • C. 

      Breakdown structure

    • D. 

      Probability/impact matrix

  • 7. 
    _____________ are indicators or symptoms of actual risk events, such as a cost overrun on early activities being a symptom of poor cost estimates.
    • A. 

      Probabilities

    • B. 

      Impacts

    • C. 

      Watch list items

    • D. 

      Triggers

  • 8. 
    Suppose there is a 30 percent chance that you will lose $10,000 and a 70 percent chance that you will earn $100,000 on a particular project. What is the project’s estimated monetary value?
    • A. 

      -$30,000

    • B. 

      $70,000

    • C. 

      $67,000

    • D. 

      -$67,000

  • 9. 
    _____________ is a quantitative risk analysis tool that uses a model of a system to analyze its expected behavior or performance
    • A. 

      Simulation

    • B. 

      Sensitivity analysis

    • C. 

      Monte Carlo analysis

    • D. 

      EMV

  • 10. 
    Your project team has decided not to use an upcoming release of software because it might cause your schedule to slip. Which negative risk response strategy are you using?
    • A. 

      Avoidance

    • B. 

      Acceptance

    • C. 

      Transference

    • D. 

      Mitigation

  • 11. 
    What is the top reason for global outsourcing of IT services?
    • A. 

      Cost reduction

    • B. 

      A shortage of qualified personnel

    • C. 

      Decreasing time to market

    • D. 

      Increasing revenues

  • 12. 
    Your organization hired a specialist in a certain field to provide training for a short period of time. Which reason for outsourcing would this example fall under?
    • A. 

      Reducing costs

    • B. 

      Allowing the client organization to focus on its core business

    • C. 

      Accessing skills and technologies

    • D. 

      Providing flexibility

  • 13. 
    In which project procurement management process is an RFP often written?
    • A. 

      Planning procurement management

    • B. 

      Conducting procurements

    • C. 

      Controlling procurements

    • D. 

      Selecting sellers

  • 14. 
    An item you need for a project has a daily lease cost of $200. If you decide to purchase the item, the investment cost is $6,000 and the daily cost is $100. After how many days will the lease cost be the same as the purchase cost?
    • A. 

      30

    • B. 

      40

    • C. 

      50

    • D. 

      60

  • 15. 
    Which type of contract has the least amount of risk for the buyer?
    • A. 

      Fixed-price

    • B. 

      Cost plus incentive fee (CPIF)

    • C. 

      Time and material

    • D. 

      Cost plus fixed fee (CPFF)

  • 16. 
    The is the point at which the contractor assumes total responsibility for each additional dollar of contract cost.
    • A. 

      Breakeven point

    • B. 

      Share Ratio Point

    • C. 

      Point of Reconciliation

    • D. 

      Point of Total Assumption

  • 17. 
    If your college or university wanted to get information from potential sellers for providing a new sports stadium, what type of document would be required of the potential sellers?
    • A. 

      RFP

    • B. 

      RFQ

    • C. 

      Proposal

    • D. 

      Quote

  • 18. 
    Buyers often prepare a list when selecting a seller to make the process more manageable.
    • A. 

      Preferred

    • B. 

      Short

    • C. 

      Qualified suppliers

    • D. 

      BAFO

  • 19. 
    A proposal evaluation sheet is an example of a(n) .
    • A. 

      RFP

    • B. 

      NPV analysis

    • C. 

      Earned value analysis

    • D. 

      Weighted scoring model

  • 20. 
    Is a term used to describe various procurement functions that are now done electronically.
    • A. 

      E-procurement

    • B. 

      E-bay

    • C. 

      E-commerce

    • D. 

      EMV

  • 21. 
    Which knowledge area was first introduced in the PMBOK® Guide in 2012?
    • A. 

      Project engagement management

    • B. 

      Project consulting management

    • C. 

      Project stakeholder engagement

    • D. 

      Project stakeholder management

  • 22. 
    Suppliers and concerned citizens are examples of which type of stakeholders?
    • A. 

      Internal

    • B. 

      External

    • C. 

      Supportive

    • D. 

      Unsupportive

  • 23. 
    What type of information about stakeholders is not included in a stakeholder register?
    • A. 

      Identification

    • B. 

      Classification

    • C. 

      Assessment

    • D. 

      Engagement level

  • 24. 
    What type of grid can categorize stakeholders based on their level of authority and concern?
    • A. 

      A power/interest grid

    • B. 

      An authority/concern grid

    • C. 

      An authority/interest grid

    • D. 

      A resistance/support grid

  • 25. 
    One of your project stakeholders has a high amount of authority and a high amount of interest. How should you manage that relationship?
    • A. 

      Keep informed

    • B. 

      Keep satisfied

    • C. 

      Manage closely

    • D. 

      Monitor

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