1. | Project risk is the uncertainty that an event or condition that affects ________ will be realized. | A. | Project performance as measured by the functional managers | | B. | Project impact on the organization | | C. | Opportunities the project could realize | | D. | At least one of the project objectives such as cost, scope, time, or quality |
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2. | True or False? Risks may have one or more causes and one or more impacts. |
3. | Risk Management Planning should be completed ________ in the project planning phase. | A. | Sometime | | B. | Late | | C. | Early | | D. | Never |
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4. | What is a Risk Breakdown Structure (RBS)? | A. | Flowchart of risks | | B. | Risk impacts on the organization | | C. | List or diagram of risks by category | | D. | Risk management activities that are on the schedule |
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5. | Which of the following would be used to describe the significance of the negative impact of threats or the positive impact of opportunities? | A. | Cost, time, scope, and quality | | B. | Sources of the risk events | | C. | Types of risk responses | | D. | Very Low, Low, Moderate, High |
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6. | According to Table 15-2, the impact of a risk to the project schedule will be classified as ________ if the delay to the project (as a result of the risk event) will be one week to a 20-week project schedule. | A. | Low | | B. | High | | C. | Very Low | | D. | Moderate |
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7. | ________ usually follows the Risk Identification process, but sometimes ________ directly follows the Risk Identification process when an experienced risk manager is involved. | A. | Risk Management Planning, Quantitative Risk Analysis | | B. | Qualitative Risk Analysis, Quantitative Risk Analysis | | C. | Quantitative Risk Analysis, Qualitative Risk Analysis | | D. | Risk Monitoring and Control, Risk Response Planning |
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8. | The inputs to Risk Identification are similar to the inputs to the Risk Management Planning process with the addition of the ________. | A. | Scope Statement | | B. | Risk Management Plan | | C. | Risk Identification method | | D. | WBS |
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9. | Which of the following is NOT an information gathering technique for risk management? | A. | Interviews | | B. | Probability and Impact Matrix | | C. | Delphi technique | | D. | Root cause analysis |
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10. | The Risk Register consists of: | A. | Qualitative Risk Analysis, Quantitative Risk Analysis, and Risk Management Plan | | B. | Qualitative Risk Analysis, Risk Response Plan, list of identified risks | | C. | List of identified risks, potential responses, root causes, and updated risk categories | | D. | Risk Responses, Risk Categories, Risk Management Plan |
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11. | ________ and ________ are assessed for each identified risk in the Qualitative Risk Analysis process. | A. | Probability, impact | | B. | Impact, priority | | C. | Probability, costs | | D. | None of the above |
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12. | The ________ section of the Risk Register can be used to ensure that some risk events are not overlooked during the project life cycle. | A. | Priority | | B. | Watch List | | C. | Qualitative Risk Analysis | | D. | None of the above |
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13. | The Risk Register is updated periodically throughout the project life cycle. The Risk Register is initiated during ________ and further updated based on the information developed in the ________. | A. | Risk Management Planning, Qualitative Risk Analysis | | B. | Risk Identification, Quantitative Risk Analysis | | C. | Risk Identification, Qualitative Risk Analysis | | D. | Risk Management Planning, Risk Identification |
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14. | The inputs to the Quantitative Risk Analysis process are the Project Management Plan, Risk Register, Risk Management Plan, ________, and ________. | A. | Organizational Process Assets, Project Scope Statement | | B. | Impact and Probability Matrix, Project Scope Management Plan | | C. | Risk Probability, Impact Assessment | | D. | Project Scope Management Plan, Organizational Process Assets |
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15. | Name the two tools and techniques of the Quantitative Analysis that are most subjective, i.e., based on opinions. | A. | Interviewing, Decision Tree Analysis. | | B. | Probability distributions | | C. | Expert judgment, Interviewing | | D. | Expert judgment, Sensitivity Analysis |
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16. | What parts of the Risk Register are added during Quantitative Risk Analysis? | A. | Trends in Quantitative Risk Analysis results | | B. | Probabilities of achieving project objectives | | C. | Estimates of cost and schedule outcomes | | D. | B and C | | E. | A and B |
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17. | Name the strategies for negative risks. | A. | Avoid, Mitigate, Transfer, Contingency, Accept | | B. | Avoid, Transfer, Mitigate | | C. | Avoid, Transfer, Accept, Mitigate | | D. | None of the above |
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18. | True or False? Mitigation as a response strategy will always add time and/or money to the project. |