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Exam 8: Project Risk Management Planning

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Question 31

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According to the PMBOK, risk ________ planning is the process of developing options and determining actions to enhance opportunities and reduce threats to a project's objectives.

A) elimination
B) management
C) response
D) mitigation

E) None of the above
F) A) and B)

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Question 32

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Decision tree analysis is a technique in qualitative risk analysis.

A) True
B) False

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Question 33

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The primary deliverable from the risk management planning process is the risk management plan.

________, the opposite of good risk management, involves trying to figure out what to do about a problem after it has occurred instead of planning for issues in advance.

Every risk should have an associated mitigation strategy.

The size, complexity, length of schedule, or ________ importance of the project should dictate the time and energy spent on the risk management process.

Contingency plans are used if the project cannot be completed as originally planned so an alternate destination needs to be sought.

The more risks a team identifies and quantifies, the more the team reduces the amount of uncertainty on the project and gives the project manager the information necessary to build in sufficient contingency reserves to help ensure that a product is delivered as defined.

Risk identification is a one-time process done only at the beginning of a project.

Which of the following is a technique in performing qualitative risk analysis?

A project manager's objective is not to remove all risk from a project-that simply can't be done-but to identify and manage risks to the benefit of the project.

The acronym EMV stands for expected monetary value.

Consequence is an explanation of the event or events that signal to the person monitoring that this risk is about to happen or has happened; it involves looking at the root cause of the risk.

What information composes the risk management plan?

Organizations that are risk neutral grow in utility at a faster pace than risk and the increase in expected outcomes.

What is qualitative risk analysis, and describe two techniques?

Describe the steps in the risk management planning process.

Quantitative risk analysis consists of subjective techniques used to determine the probability of occurrence and the project impact of identified risks.

A key benefit of this technique is the focus on both sides of each issue: strengths versus weaknesses and opportunities versus threats.

The ________ technique is another technique that helps a project team brainstorm ideas anonymously.