Chapter 11 Review
____ helps professionals to see the effects of changing one or more variables on an outcome
sensitivity analysis
a ____ is a technique used to show the effects of changing one or more variables on an outcome
sensitivity analysis
____ involves allocating ownership of the risk to another party
risk sharing
The basic concept of the ____ technique is to derive a consensus among a panel of experts who make predictions about future developments
Delphi
____ is the product of a risk event probability and the risk events monetary value
Estimated monetary value (EMV)
_____ involves monitoring identified and residual risks, identifying new risks, carrying out risk response plans, and evaluating the effectiveness of risk strategies throughout the life of the project.
controlling risk
A(n) ____ is a diagramming analysis technique used to help select the best course of action in situations in situtation in which future outcomes are uncertain
decision tree
The lower the earned monetary value calculation for a project, the chances of project success is higher
false
the psychology literature shows that individuals, working alone, produce fewer ideas than the same individuals produce through brainstorming in small, face to face groups
false
unknown risks can be managed proactively
false
The term ____ is used to describe risks that the project team has identified and analyzed
known risks
The Monte Carlo analysis can predict the probability of finishing by a certain date or the probability that the cost will be equal to or less than a certain value
true
a probability/impact matrix or chart lists the relative probabliity of a risk occuring on one side of a matrix or axis on a chart and the relative impact of the risk occuring on the other
true
identified risks may not materialize, or their probabilities of occurrence or loss may diminish
true
quantitative risk analysis need not be done for projects that are large and complex
true
____ are unplanned responses to risk events used when project teams do not have contingency plans in place.
workarounds
brainstorming is a systematic, interactive forecasting procedure based on independent and ananymous input regarding future events.
false
risk events refer to specific, certain events that may occur to the detriment or enhancement of the project
false
the last step in the project risk managmenet is deciding how to address this knowledge area for a particular project by performing risk management planning
false
Risk ____ refers to reducing the impact of a risk event by reducing the probability of its occurence
mitigation
identifying risks is a subprocess of the ____ process of project risk management
planning
The ____ lists the relative probability of a risk occurring and the relative impact of the risk occurring
probability/impact matrix
____ risks are risks that remain after all of the response strategies have been implemented
residual
____ applies to positive risks when the project team cannot or chooses not to take any actions toward a risk
risk acceptance
Tisk utility rises at a decreasing rate for a(n) ___ person
risk averse
___. involves eliminating a specific threat, usually by eliminating its causes
risk avoidance
A(n) ___ documents the procedures for managing risk throughout the project
risk management plan
The _____ is the person who will own or take responsibility for the risk
risk owner
____ is the amount of satisfaction or pleasure received from a potential payoff
risk utility
____ risks refer to those that are direct results of implementing risk responses
secondary
