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Risk
Risk
Risk
100
If the probability of an event occurring is 70% and the impact if it does occur is $1000, the EMV (Expected Monetary Value) is ____________. A. $1700 B. $700 C. $1000 D. $2000
What is B. $700
100
Shifting some of the negative impact of a threat to another party is known as __________. A. data quality assessment B. transferring risk C. sharing or accepting risk D. contingent response strategy
What is B. transferring risk
100
One key prerequisite to the Plan Risk Responses process is the ______________. A. expert judgment B. risk Register C. Delphi technique D. quality management plan
What is B. risk Register
200
If the probability of an Event A is 70% and the probability of Event B is 80% and they are both independent events, how likely is it that both events will occur? ____________. A. 150% B. $560 C. 87% D. 56%
What is D. 56%
200
If the project falls two days behind schedule, the project manager should __________. A. immediately notify the project sponsor B. add the event to the risk register C. report the variance as an issue D. perform additional cycles of risk identification because obviously one of the risks was missed
What is C. report the variance as an issue
200
What can you do with risks that cannot be eliminated? A. Perform Monte Carlo simulation. B. Revise the Risk Management Plan. C. Create contingency plans and fallback plans. D. Add 10% to the estimate to cover any unplanned risks.
What is C. Create contingency plans and fallback plans.
300
Monte Carlo Analysis is a type of ____________. A. expert judgment B. risk register C. iterative project simulation D. gambling
What is C. iterative project simulation
300
During project execution, a risk that has already occurred might be considered a(n) ______________. A. constraint B. assumption C. issue D. lesson learned
What is C. issue
300
Which of the following are response strategies for opportunities? A. Exploit, share, mitigate, accept B. Enhance, transfer, avoid, exploit C. Accept, exploit, share, enhance D. Transfer, mitigate, share and except
What is C. Accept, exploit, share, enhance
400
Quantitative Risk Analysis should be performed on _________. A. all identified project risks B. prioritized risks that substantially impact the project C. risks that have been moved to the Watchlist D. issues that have already occurred
What is B. prioritized risks that substantially impact the project
400
If you have been assigned to analyze and monitor a specific risk, you are known as the ______________. A. risk trigger B. risk owner C. risk register D. risk watcher
What is B. risk owner
400
One of the stakeholders has provided you with a list of risks that are very technical and difficult to understand. What technique should you use? A. Fishbone diagram B. Risk data quality assessment C. Affinity diagrams D. Interviewing
What is B. Risk data quality assessment
500
Secondary risks arise as a direct result of __________. A. risk triggers being observed B. implementing a risk response strategy C. updating the assumptions log D. ranking risks on a P&I matrix
What is B. implementing a risk response strategy
500
You are managing a project which is thought to have very little risk. You can ___________. A. omit risk management altogether B. have the project team conduct risk identification without stakeholder feedback C. tailor the risk management activities to the size of the project D. use quantitative risk analysis to identify additional risks
What is C. tailor the risk management activities to the size of the project
500
You have been working with one of your former professors to help determine the risk approach for your project. This is an example of __________________. A. the Delphi technique B. expert judgment C. historical records D. risk ranking
What is B. expert judgment