Liberty MGMT610 Test 1 Latest 2020

Question # 00784956 Posted By: rey_writer Updated on: 11/26/2020 04:04 AM Due on: 11/26/2020
Subject Education Topic General Education Tutorials:
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Question 1 After risks have been identified and categorized, the next major component in developing a risk management plan is to _____ each risk to determine probability and impact.

identify

label

analyze

ascertain

Question 2There are two types of risk events – risks and opportunities.

 True

 False

Question 3A primary goal in analyzing risk is to determine a probability of occurrence and the potential impact a given risk can have on the quality of the project deliverable, budget, or schedule.

 True

 False

Question 4The _____ consolidates a large amount of information into a single location for each work activity, enabling the project manager and project staff to quickly assess each work activity.

activity information checklist

activity breakdown structure

work breakdown structure

risk information register

Question 5The first step in the identification of risks is the process of gathering and reviewing information of project work activities.

True

 False

Question 6Sources of information for project activities might include the project charter or project statement of work.

True

 False

Question 7Three important questions asked during the information gathering phase in risk planning include all of the following EXCEPT:

Who will be gathering the information?

What information should be gathered?

What sources of information are available and reliable?

How many risks should be included in the plan?

Question 8The risk response type for the person who has no problem with taking risks, especially for a particular advantage or gain, would be risk _____.

Neutral

Averse

Seeker

Avoidant

Question 9According to PMBOK, sensitivity analysis, expected monetary analysis, and modeling and simulation are examples of quantitative analysis.

True

 False

Question 10Which of the following would most likely be done at the strategic risk planning level?

Risk identification

Risk trigger planning

Risk response planning

Risk tolerance

Question 11A higher, more strategic-level approach to how the project manager responds to risks is mitigation or _____.

Contingency

Elimination

Response

Acceptance

Question 12In a projectized organization, functional managers retain authority of resources within the project.

 True

 False

Question 13Tactical risk planning is high-level and strategic in nature.

True

 False

Question 14Beta and Triangular distributions utilize common formulas that include _____.

optimistic, most likely, pessimistic

optimistic, best-case, ideal

most likely, average, pessimistic

pessimistic, most likely, average

Question 15Which of the following would be the primary source when gathering information for risk identification?

activity checklists

risk register

work breakdown structure

risk response matrix

Question 16According to PMBOK, the goal of brainstorming when identifying risks is to obtain a comprehensive list of project risks.

 True

 False

Question 17Resources to help identify risks include the _____ method, which, at its heart, is a dialog between a panel of experts that results in the reconsideration and narrowing-down process of potential risks.

brainstorming

SWOT

checklist

Delphi

Question 18A popular probability simulation for calculating probability of a risk occurring is Monte Carlo simulation.

 True

 False

Question 19It is important to ensure that risk events have closure.

True

 False

Question 20A benefit of quantitative risk analysis is that objective assessments can be quickly attained and categorized.

 True

 False

 

Question 21The tool _____ analysis studies the impact risks can have on a project.

distribution

triangular

cause

sensitivity

Question 22According to PMBOK, the most aggressive risk response to capture a positive opportunity is to ____ the risk.

exploit

accept

retain

mitigate

Question 23Which of the following structures is a hybrid or blend of organizational structure?

Functional

Projectized

Matrix

Departmental

Question 24A _____ is an important planning tool that indicates when a risk event is imminent.

trigger

respondent

contingency

mitigation

Question 25When a project manager includes risk management as a process in the development of a project, she changes her way of evaluating risk from that of designing reactive responses to _____.

developing a proactive mitigation plan

designing contingencies as they are needed

responding to risks realized

responding with necessary adjustments

 

 

 

Question 26According to PMBOK, what response seeks to shift risk to another party?

accept

transfer

mitigate

exploit

Question 27Risk strategy and risk planning are synonymous terms regarding project risk.

 True

 False

Question 28The _____ diagram is structured such that work activities are connected together within a network, illustrating the flow of work throughout the project life cycle.

influence

cause/effect

checklist

network

Question 29A common budgetary risk is schedule conflicts, when payroll can’t be made.

 True

 False

Question 30According to PMBOK, risk responses and contingencies are synonymous.

 True

 False

Question 31Which is NOT one of the primary components for the identification of risk?

risk identification

risk response

information gathering

documenting risk

Question 32According to PMBOK, two of the following are processes in risk management. Which are they?

plan risk management, plan risk responses

identify risks, documenting risks

                               

control risks, monitor risks

document risks, identify risks

Question 33Which of the following would be an example of a specification risk?

lack of funding

poor communication

scheduled payments

lack of leadership

Question 34According to PMBOK, project risk is a(an) _____ event or condition that, if it occurs, has a positive or negative effect on an aspect of a project.

likely

uncertain

unknowable

unplanned

Question 35The four critical aspects of understanding how to manage risk include:

severity or impact

probability of occurrence

both a and b

neither a or b

Question 36The “master template” of risk, typically in the form of a spreadsheet, is the risk _____.

plan

diagram

list

register

Question 37Two levels of risk communication include real-time risk information and _____.

pre-risk information

delayed-response information

planned risk information

post risk results

 

Question 38Two of the biggest concerns in managing risk for any project is the severity of the risk and the ____.

cost of the risk

planning contingency for the risk

processes to address the risk

impact to the project and/or organization

Question 39Risk events are likely to happen, to some degree, on every project.

 True

 False

Question 40The “Big Three,” or triple constraint, of any project includes all of the following EXCEPT:

schedule/time

cost/resources

plans/estimates

scope/quality

 

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