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Project risk involves understanding potential problems that might occur on the project and how they might impede project success. TRUE/FALSE: Qualitative risk analysis involves measuring the probability and consequences of risks and estimating their effects on project objectives. TRUE/FALSE: Quantitative risk analysis involves characterizing and analyzing risks and prioritizing their effects on project objectives. TRUE/FALSE: A risk management plan documents the procedures for managing risk throughout the project. TRUE/FALSE: Risk mitigation is increasing the impact of a risk event by decreasing the probability of its occurrence. TRUE/FALSE: Contingency plans are predefined actions that the project team will take if an identified risk event occurs. TRUE/FALSE: Fallback plans are developed for risks that have a low impact on meeting project objectives, and are put into effect if attempts to reduce the risk are not effective. TRUE/FALSE: Delphi technique is to derive a consensus among a panel of experts who make predictions about future developments. Top 10 risk item tracking is a quantitative risk analysis tool. Simulation is a qualitative risk analysis tool. The major processes of project risk management are: (4).
A risk management plan should cover (3).
A risk management plan is a major component of the _________ plan. Risk identification should be done ________________. On a regular basis throughout the project Risk management techniques should be used only on the following types of projects (3).
(all projects) What 3 techniques can be used in analysis of risk in a project? (3)
What are the 3 important outputs of the risk response development process?
Monte Carlo analysis is the basis for most schedule _________________________. A project manager would use the ____________________ technique to derive a consensus among a panel of experts, to make predictions about future developments. In any well managed project, ____________________ risks will remain after all of the response strategies have been implemented. ____________________ diagrams are used to represent decision problems by displaying essential elements, and how they influence each other. Projects that have not done thorough risk management, will more than likely have a ____________________ project. Risk ____________________ is reducing the impact of a risk event by reducing the probability of its occurrence. Risk ____________________ is having a low tolerance for risk. If changes in project scope or quality occur, the project sponsor has ____________________ reserves that can be used to mitigate cost or schedule risk. What are the most important success criteria for information technology projects, according to the Standish Group? User involvement, executive management support, and a clear statement of requirements. If a project has a 50 percent probability or making $100 and a 50 percent probability of making no money at all, what is its expected monetary value? What does risk mitigation mean? Provide an example of how to mitigate risk on a project. Risk mitigation means reducing the impact of a risk event by reducing its probability of occurrence. An example of mitigating risk on a project would be to assign a very experienced project manager to a project to mitigate the risk of poor management. _____ are predefined actions that the project team will take if an identified risk event occurs.a.Workaroundsb.Management reservesc.Contingency plansd.Secondary risks _____ involves allocating ownership of the risk to another party. Get answer to your question and much more _____ is a fact-finding technique that can be used for collecting information in face-to-face, phone, e-mail, or instant-messaging discussions. Get answer to your question and much more _____ analysis simulates a model’s outcome many times to provide a statistical distribution of thecalculated results. Get answer to your question and much more Which action involves doing whatever you can to make sure the positive risk happens?occurrence. _____ involves doing whatever you can to make sure the positive risk happens. Risk exploitation involves doing whatever you can to make sure the positive risk happens.
Which process involves prioritizing risks based on their probability of occurrence and impact?Performing qualitative risk analysis involves: prioritizing risks based on their probability and impact of occurrence.
Which process involves determining what risks are likely to affect a project?Risk identification involves determining which risks might affect the project and documenting their characteristics. Risk identification is an ongoing process and should be performed throughout the project.
Which action involves shifting the consequence of a risk and responsibility for its management to a third party?Risk transfer is a common risk management technique where the potential loss from an adverse outcome faced by an individual or entity is shifted to a third party.
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_____ are predefined actions that the project team will take if an identified risk event occurs.
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