PM In Practice : Risk Week 4
- 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
Questions: 10 | Attempts: 7467 | Last updated: Mar 20, 2022
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Sample QuestionThe concept of systems and specials can be found in ________________
Questions: 25 | Attempts: 103 | Last updated: Mar 17, 2022
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Sample QuestionBaselining is the process in which all the key participants in a program or project agree on all of these requirements except:
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