Liberty MGMT610 Test 1 Latest 2020

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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Solution: Liberty MGMT610 Test 1 Latest 2020