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28 Cards in this Set
- Front
- Back
TRUE/FALSE:
Project risk involves understanding potential problems that might occur on the project and how they might impede project success. |
True. |
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TRUE/FALSE:
Qualitative risk analysis involves measuring the probability and consequences of risks and estimating their effects on project objectives. |
False. |
|
TRUE/FALSE:
Quantitative risk analysis involves characterizing and analyzing risks and prioritizing their effects on project objectives. |
False. |
|
TRUE/FALSE:
A risk management plan documents the procedures for managing risk throughout the project. |
True. |
|
TRUE/FALSE:
Risk mitigation is increasing the impact of a risk event by decreasing the probability of its occurrence. |
False. |
|
TRUE/FALSE:
Contingency plans are predefined actions that the project team will take if an identified risk event occurs. |
True. |
|
TRUE/FALSE:
Fallback plans are developed for risks that have a low impact on meeting project objectives, and are put into effect if attempts to reduce the risk are not effective. |
False. |
|
TRUE/FALSE:
Delphi technique is to derive a consensus among a panel of experts who make predictions about future developments. |
True |
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Top 10 risk item tracking is a quantitative risk analysis tool. |
False. |
|
Simulation is a qualitative risk analysis tool. |
False. |
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The major processes of project risk management are: (4). |
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A risk management plan should cover (3). |
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A risk management plan is a major component of the _________ plan. |
Project. |
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Risk identification should be done ________________. |
On a regular basis throughout the project |
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Risk management techniques should be used only on the following types of projects (3). |
(all projects) |
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What 3 techniques can be used in analysis of risk in a project? (3) |
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What are the 3 important outputs of the risk response development process? |
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Monte Carlo analysis is the basis for most schedule _________________________. |
simulations |
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A project manager would use the ____________________ technique to derive a consensus among a panel of experts, to make predictions about future developments. |
Delphi |
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In any well managed project, ____________________ risks will remain after all of the response strategies have been implemented. |
residual |
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____________________ diagrams are used to represent decision problems by displaying essential elements, and how they influence each other. |
Influence |
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Projects that have not done thorough risk management, will more than likely have a ____________________ project. |
Runaway |
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Risk ____________________ is reducing the impact of a risk event by reducing the probability of its occurrence. |
mitigation |
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Risk ____________________ is having a low tolerance for risk. |
averse |
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If changes in project scope or quality occur, the project sponsor has ____________________ reserves that can be used to mitigate cost or schedule risk. |
contingency |
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What are the most important success criteria for information technology projects, according to the Standish Group? |
User involvement, executive management support, and a clear statement of requirements. |
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If a project has a 50 percent probability or making $100 and a 50 percent probability of making no money at all, what is its expected monetary value? |
$50 |
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What does risk mitigation mean? Provide an example of how to mitigate risk on a project. |
Risk mitigation means reducing the impact of a risk event by reducing its probability of occurrence. An example of mitigating risk on a project would be to assign a very experienced project manager to a project to mitigate the risk of poor management. |