MIS 4310 Ch 11
T/F? 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 Although businesses use brainstorming widely to generate new ideas, the psychology literature shows that individual people working alone produce a greater number of ideas than they produce through brainstorming in small, face-to-face groups.
T/F? Brainstorming is a systematic, interactive forecasting procedure based on independent and anonymous input regarding future events.
False Brainstorming is a technique by which a group attempts to generate ideas or find a solution for a specific problem by amassing ideas spontaneously and without judgment. The Delphi technique is a systematic, interactive forecasting procedure based on independent and anonymous input regarding future events.
T/F? The lower the earned monetary value calculation for a project, the chances of project success is higher.
False Expected monetary value (EMV) is the product of a risk event probability and the risk event's monetary value. Because the EMV provides an estimate for the total dollar value of a decision, you want to have a positive number; the higher the EMV, the better.
T/F? Unknown risks can be managed proactively.
False Known risks can be managed proactively. However, unknown risks, or risks that have not been identified and analyzed, cannot be managed.
T/F? The last step in project risk management is deciding how to address the knowledge area for a particular project by performing risk management planning.
False The first step in project risk management is deciding how to address the knowledge area for a particular project by performing risk management planning.
T/F? Top Ten Risk Item Tracking is a quantitative risk analysis tool.
False Top Ten Risk Item Tracking is a qualitative risk analysis tool.
Which analysis technique simulates a model's outcome many times to provide a statistical distribution of the calculated results? sensitivity systems Monte Carlo NPV
Monte Carlo Monte Carlo analysis simulates a model's outcome many times to provide a statistical distribution of the calculated results.
_____ is a qualitative risk analysis tool that maintains an awareness of risks throughout the life of a project in addition to identifying risks. A SharePoint portal A probability/impact matrix or chart An expectations management matrix Top Ten Risk Item Tracking
Top Ten Risk Item Tracking Top Ten Risk Item Tracking is a qualitative risk analysis tool. In addition to identifying risks, it maintains an awareness of risks throughout the life of a project by helping to monitor risks.
T/F? A risk-seeking person prefers outcomes that are more uncertain and is often willing to pay a penalty to take risks.
True A risk-seeking person prefers outcomes that are more uncertain and is often willing to pay a penalty to take risks.
_____ are unplanned responses to risk events used when project teams do not have contingency plans in place. Workarounds Fallback plans Contingency plans Triggers
Workarounds Workarounds are unplanned responses to risk events used when project teams do not have contingency plans in place.
Which diagramming technique is used to help select the best course of action in situations in which future outcomes are uncertain? decision tree activity-on-arrow workaround backward pass
decision tree A decision tree is a diagramming analysis technique used to help select the best course of action when future outcomes are uncertain. A common application of decision tree analysis involves calculating expected monetary value.
The main outputs of which process include a risk register, risk report, and project documents updates? identifying risks planning risk management planning risk response monitoring risk
identifying risks Identifying risks involves determining which risks are likely to affect a project and documenting the characteristics of each. The main outputs of this process are a risk register, risk report, and project documents updates.
Which process 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? performing quantitative risk analysis planning risk responses monitoring risk performing qualitative risk analysis
monitoring risk Monitoring risk 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.
Which process involves prioritizing risks based on their probability and impact of occurrence? performing qualitative risk analysis identifying risks planning risk responses performing quantitative risk analysis
performing qualitative risk analysis Performing qualitative risk analysis involves prioritizing risks based on their probability and impact of occurrence. After identifying risks, project teams can use various tools and techniques to rank risks and update information in the risk register.
Which process involves prioritizing risks based on their probability of occurrence and impact? performing qualitative risk analysis planning risk management monitoring and controlling risks project closing
performing qualitative risk analysis Performing qualitative risk analysis involves prioritizing risks based on their probability of occurrence and impact.
Which process involves numerically estimating the effects of risks on project objectives? performing qualitative risk analysis planning risk responses identifying risks performing quantitative risk analysis
performing quantitative risk analysis Performing quantitative risk analysis involves numerically estimating the effects of risks on project objectives.
Which process involves taking steps to enhance opportunities and reduce threats to meeting project objectives? performing quantitative risk analysis planning risk responses controlling risk performing qualitative risk analysis
planning risk responses Planning risk responses involves taking steps to enhance opportunities and reduce threats to meeting project objectives.
Which action involves eliminating a specific threat, usually by eliminating its causes? risk avoidance risk acceptance risk transference risk mitigation
risk avoidance Risk avoidance involves eliminating a specific threat, usually by eliminating its causes.
Which action involves reducing the impact of a risk event by reducing the probability of its occurrence? risk avoidance risk acceptance risk transference risk mitigation
risk mitigation Risk mitigation involves reducing the impact of a risk event by reducing the probability of its occurrence.
Which document contains results of various risk management processes; it is often displayed in a table or spreadsheet format? risk register influence diagram process flow chart work breakdown structure
risk register A risk register is a document that contains results of various risk management processes; it is often displayed in a table or spreadsheet format.
