IT 464 Quiz 11

Delphi technique

Derive a consensus among a panel of experts. Provides independent and anonymous input regarding future events.

Interviewing

Fact-finding technique for collecting information in face-to-face, phone, e-mail, or virtual discussions

Fallback plans are predefined actions that the project team will take if an identified risk event occurs. (True or False)

False

The lower the earned monetary value calculation for a project, the chances of project success is higher. (True or False)

False

Top Ten Risk Item Tracking is a quantitative risk analysis tool. (True or False)

False

Brainstorming

Group attempts to generate ideas or find a solution for a specific problem by amassing ideas spontaneously and without judgment. Create a comprehensive list of risks

_____ 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

Monitoring risk

_____ analysis simulates a model's outcome many times to provide a statistical distribution of the calculated results.

Monte Carlo

_____ involves prioritizing risks based on their probability and impact of occurrence.

Performing qualitative risk analysis

The _____ lists the relative probability of a risk occurring and the relative impact of the risk occurring.

Probability/impact matrix

_____ involves eliminating a specific threat, usually by eliminating its causes.

Risk avoidance

Those who are _____ have a higher tolerance for risk, and their satisfaction increases when more payoff is at stake.

Risk-seeking

_____ risks refer to those that are direct results of implementing risk responses.

Secondary

A _____ is a technique used to show the effects of changing one or more variables on an outcome.

Sensitivity analysis

SWOT analysis

Strengths, weaknesses, opportunities, and threats. Usually used in strategic planning. Helps identify the broad negative and positive risks that apply to a project

A risk-seeking person prefers outcomes that are more uncertain and is often willing to pay a penalty to take risks. (True or False)

True

Contingency plans are predefined actions that the project team will take if an identified risk event occurs. (True or False)

True

One possible response to managing negative risk is to accept the potential effects from the risk. (True or False)

True

_____ are predefined actions that the project team will take if an identified risk event occurs.

Contingency plans

Risk breakdown structure is a hierarchy of potential risk categories for a project. (True or False)

True

Risks can have both negative and positive effects on meeting project objectives. (True or False)

True