PM In Practice : Risk Week 4

25 Questions | Total Attempts: 147

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PM In Practice  :  Risk Week 4 - Quiz

Questions and Answers
  • 1. 
    There are ten major sections to a project plan.
    • A. 

      True

    • B. 

      False

  • 2. 
    The mission statement is found in the Overview section of the Project Plan
    • A. 

      True

    • B. 

      False

  • 3. 
    Project forms, charts and tables are created and altered for each project by the project manager.
    • A. 

      True

    • B. 

      False

  • 4. 
    The project manager is responsible to create the list of level 2 tasks for the entire project.
    • A. 

      True

    • B. 

      False

  • 5. 
    A project plan document is shown as a "Microsoft Project" document.
    • A. 

      True

    • B. 

      False

  • 6. 
    At anytime during the project the project manager should be able to give the sponsors:
    • A. 

      An accurate assessment of what has been accomplished and what is yet to be accomplished.

    • B. 

      An end state project schedule

    • C. 

      A complete list of risks.

    • D. 

      A resource Histogram of the completed project

  • 7. 
    The Project Manager is responsible to create a list of major activities that are required to meet the project objectives.
    • A. 

      True

    • B. 

      False

  • 8. 
    The LRC is a document managed by the project manager that depicts the project tasks listed in rows and includes the department that is responsible to complete the tasks.
    • A. 

      True

    • B. 

      False

  • 9. 
    Insufficient upfront planning is the major contributor  to a project going over budget or late in delivery.
    • A. 

      True

    • B. 

      False

  • 10. 
    Interface coordination is the art of sponsor management by the project manager.
    • A. 

      True

    • B. 

      False

  • 11. 
    The first requirement for effective risk management is:
    • A. 

      Ownership of the risks that are identified

    • B. 

      Appointment of the project manager early in the process to manage the identified risks

    • C. 

      Clear visibility of the information needed for decision making

    • D. 

      Project team members who are trained in risk and understand its causes to help construct and implement risk mitigation strategies

  • 12. 
    Of the following types of historical information that serve as input to risk identification, which one is the least reliable?
    • A. 

      Project files

    • B. 

      Project team knowledge

    • C. 

      Commercial databases

    • D. 

      Lessons learned databases

  • 13. 
    The term risk portfolio refers to:
    • A. 

      Risk quantification strategies

    • B. 

      Identified schedule and cost risks

    • C. 

      Cumulative EMV of the most critical risks

    • D. 

      Risk data assembled for the management of the project.

  • 14. 
    A workaround is defined as:
    • A. 

      A pro-active planned method of responding to risks.

    • B. 

      A specific response to certain types of risk as described in the risk management plan.

    • C. 

      A plan of action to follow when something unexpected happens

    • D. 

      An unplanned response to negative risk events

  • 15. 
    All the following criteria are considered essential to the assessment of technical risk except:
    • A. 

      Reassessment to detect changes in risk during a system's development

    • B. 

      Explicit attention to technical risk, not just to schedule or cost risk

    • C. 

      Critical path analysis

    • D. 

      Planned procedures for completing project activities

  • 16. 
    The WBS is a key input to the risk identification process because it:
    • A. 

      Identifies all the work that must be done and therefore helps identify potential sources of risk.

    • B. 

      Identifies all the work that must be done and therefore includes all the risks on the project.

    • C. 

      Helps organize all the work that must be done on the project

    • D. 

      Identifies work packages, which enables specific responsibility to be assigned.

  • 17. 
    All of the following statements about risk avoidance is true except that it:
    • A. 

      Focuses on eliminating the elements that are creating the risk.

    • B. 

      Accepts the consequences of the risk event should it occur

    • C. 

      Includes making the decision not to bid on a project in which the risk exposure is believed to be too high.

    • D. 

      Includes leaving the risk with the customer when the customer is in the best position to mitigate the risk

  • 18. 
    The simplest form of risk analysis is:
    • A. 

      Probability analysis

    • B. 

      The Delphi method

    • C. 

      Sensitivity analysis

    • D. 

      Utility theory

  • 19. 
    Categories of risk response are:
    • A. 

      Technical, marketing, financial, and human

    • B. 

      Identification, quantification, response development, and response control

    • C. 

      Avoidance, mitigation, and acceptance

    • D. 

      Avoidance, retention, control, and deflection

  • 20. 
    To be effective, the risk management process should:
    • A. 

      Be applied primarily during the concept and closeout phases and to some extent during the implementation and planning phases

    • B. 

      Be applied throughout the project and at all levels of system decomposition and project organization

    • C. 

      Include assembly of certain stakeholders to identify risks and develop mitigation strategies.

    • D. 

      Focus on those risks that senior management finds most critical

  • 21. 
    Risk exposure measures the:
    • A. 

      Variability of the estimate

    • B. 

      Range of schedule and cost outcomes

    • C. 

      Product of the probability and impact of the analysis

    • D. 

      Reduced monetary value of the risk event

  • 22. 
    Additional risk response development is needed when the:
    • A. 

      Project Plan is updated

    • B. 

      Risk event was unexpected or the the effect was greater than anticipated

    • C. 

      Cost baseline is changed

    • D. 

      WBS was changed

  • 23. 
    A risk trigger is:
    • A. 

      The root cause of the risk event

    • B. 

      An input of the risk identification process

    • C. 

      A planned risk response to be acted upon should an identified risk occur

    • D. 

      A symptom of a risk

  • 24. 
    Which of the following is an example of an extenal risk?
    • A. 

      Poor staff assignments

    • B. 

      Incorrect cost estimates

    • C. 

      Inflation

    • D. 

      Contract type

  • 25. 
    Risk mitigation involves:
    • A. 

      Using performance and payment bonds

    • B. 

      Eliminating a specific threat by eliminating the cause

    • C. 

      Avoiding the schedule risk inherent in the project.

    • D. 

      Reducing the expected monetary value of a risk event by reducing the probability of the occurrence

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