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20 Cards in this Set
- Front
- Back
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A ________ person prefers outcomes that are more uncertain and is often willing to pay a penalty to take risks.
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*a. risk-seeking
b. risk-sharing c. risk-adverse d. risk-neutral |
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Utility rises at a decreasing rate for a ________ person. In other words, when more payoff or money is at stake, the person gains less satisfaction from the risk, or has lower tolerance for the risk.
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a. risk-sharing
b. risk-neutral *c. risk-adverse d. risk-seeking |
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Which of the following processes of risk management involves taking steps to enhance opportunities and reduce threats to meeting project objectives?
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*a. risk response planning
b. quantitative risk analysis c. risk management planning d. qualitative risk analysis |
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Which of the following processes of risk management involves numerically estimating the effects of risks on project objectives?
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a. qualitative risk analysis
b. risk response planning c. risk management planning *d. quantitative risk analysis |
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________ involves prioritizing risks based on their probability and impact of occurrence.
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*a. Qualitative risk analysis
b. Quantitative risk analysis c. Risk management planning d. Risk response planning |
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A ________ summarizes how risk management will be performed on a particular project.
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a. fallback plan
b. risk response plan c. contingency plan *d. risk management plan |
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________ are developed for risks that have a high impact on meeting project objectives, and are put into effect if attempts to reduce the risk are not effective.
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a. Risk management plans
b. Contingency plans *c. Fallback plans d. Risk response plans |
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Which of the following is a technique by which a group attempts to generate ideas or find a solution for a specific problem by amassing ideas spontaneously and without judgement?
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*a. brainstorming
b. Delphi technique c. risk tracking d. interviewing |
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Which of the following is used to derive a consensus among a panel of experts who make predictions about future developments?
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*a. Delphi technique
b. interviewing c. risk tracking d. brainstorming |
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A(n) ________ is a document that contains results of various risk management processes, often displayed in a table or spreadsheet format.
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*a. risk register
b. risk event c. flow chart d. influence diagram |
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Which of the following is a diagram that shows how different parts of a system interrelate, e.g., to show programming logic?
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*a. flow charts
b. influence diagrams c. risk events d. risk registers |
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A(n) ________ lists the relative probability of a risk occurring on one axis on a chart and the relative impact of the risk occurring on the other.
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a. decision tree
b. influence diagram c. risk register *d. probability/impact matrix |
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Which of the following describe numbers that represent the overall risk of specific events, based on their probability of occurring and the consequences to the project if they do occur?
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a. secondary risks
b. risk events c. triggers *d. risk factors |
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Which of the following involves establishing a periodic review of the project's most significant risk items with management and, optionally, with the customer?
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a. probability/impact matrix
*b. Top Ten Risk Item Tracking c. sensitivity analysis d. Monte Carlo analysis |
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A ________ is a diagramming analysis technique used to help select the best course of action in situations in which future outcomes are uncertain.
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a. watch list
b. Monte Carlo analysis c. sensitivity analysis *d. decision tree |
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Which of the following simulates a model's outcome many times to provide a statistical distribution of the calculated results?
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*a. Monte Carlo analysis
b. quantitative risk analysis c. qualitative risk analysis d. sensitivity analysis |
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Which of the following response strategies for negative risks includes shifting the consequence of a risk and responsibility for its management to a third party?
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a. risk mitigation
b. risk acceptance *c. risk transference d. risk avoidance |
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Which of the following response strategies for negative risks includes reducing the impact of a risk event by reducing the probability of its occurrence?
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a. risk avoidance
b. risk transference c. risk acceptance *d. risk mitigation |
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Which of the following response strategies for positive risk includes allocating ownership of the risk to another party?
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*a. risk sharing
b. risk enhancement c. risk acceptance d. risk exploitation |
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Which of the following response strategies for positive risk includes doing whatever you can to make sure the positive risk happens?
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a. risk acceptance
b. risk sharing *c. risk exploitation d. risk enhancement |
