PROJ 420 - Project Risk Management - Quiz
Project risk has been described as:
A planned or scheduled event that has a positive outcome.
A planned or scheduled event that has a negative outcome.
A uncertain event that has a positive or negative effect on at least one project objective.
All of the above.
None of the above
The four stages of Risk Planning are:
Identification, Ranking, Avoidance and Control.
Monitoring, Integration, Acceptance and Identification.
Avoidance, Quantification, Planning and Control.
Identification, Quantification, Response, and Monitoring and Control.
Identification, Response, Acceptance, and Monitoring and Control.
The four possible responses to the Response step in Risk planning are
Avoid, Control, Mitigate, Transfer
Avoid, Transfer, Mitigate, Accept
Avoid, Transfer, Control and Accept.
Accept, Control, Mitigate, Transfer
What document should outline the steps required in a project deliverable?
Work Breakdown Structure (WBS)
Explanation: . Project Scope IDs the project but does not outline the steps. Project Templates should only be templates for plans, matrices, and other risk documentation. Defined Roles are to define the roles of the persons involved in the project. Risk Policies should only be documents as to how the company intends to manage risk
If a task were not identified in the WBS:
It will have no effect on the project
It may later create a risk exposure event
Will cause problems for competing companies
Will have no effect on the production line
Will have no effect on schedules or budgets
The most important inputs, outputs and tools for Risk Management Planning are:
Policies and Procedures, Defined Roles, Planning Templates, and WBS.
Scope document, Resources, WBS, and Deliverables
Roles, Responsibilities, Scope, Deliverables and WBS.
Of the following processes concerned with conducting risk management, which one uses numerical analysis?
Quantitative Risk Analysis
Risk Management Planning
Risk Monitoring and Control
Risk Response Planning
Which of the following is useful in reviewing a project for risks?
Work Breakdown Structure
All of the Above
What Qualitative Risk Analysis tool would contain a list of low priority risks?
Project Scope Statement
None of the above