Project Management Chapter 11

Which of the following is used to derive a consensus among a panel of experts who make predictions about future developments?

Delphi technique

_______ are developed for risks that have a high impact on meeting project objectives, and are put into effect if attempts to reduce the risk are not effective

Fallback plans

Which of the following simulates a model's outcome many times to provide a statistical distribution of the calculated results?

Monte Carlo analysis

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

Qualitative risk analysis

Which of the following involves establishing a periodic review of the project's most significant risk items with management and, optionally, with the customer?

Top Ten Risk Item Tracking

Which of the following 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 judgement?

brainstorming

A ________ is a diagramming analysis technique used to help select the best course of action in situations in which future outcomes are uncertain.

decision tree

Which of the following is a diagram that shows how different parts of a system interrelate, e.g., to show programming logic?

flow charts

A(n) ________ lists the relative probability of a risk occurring on one axis on a chart and the relative impact of the risk occurring on the other.

probability/impact matrix

Which of the following processes of risk management involves numerically estimating the effects of risks on project objectives?

quantitative risk analysis

Which of the following response strategies for positive risk includes doing whatever you can to make sure the positive risk happens?

risk exploitation

Which of the following describe numbers that represent the overall risk of specific events, based on their probability of occurring and the consequences to the project if they do occur?

risk factors

A ________ summarizes how risk management will be performed on a particular project

risk management plan

Which of the following response strategies for negative risks includes reducing the impact of a risk event by reducing the probability of its occurrence?

risk mitigation

A(n) ________ is a document that contains results of various risk management processes, often displayed in a table or spreadsheet format.

risk register

Which of the following processes of risk management involves taking steps to enhance opportunities and reduce threats to meeting project objectives?

risk response planning

Which of the following response strategies for positive risk includes allocating ownership of the risk to another party?

risk sharing

Which of the following response strategies for negative risks includes shifting the consequence of a risk and responsibility for its management to a third party?

risk transference

Utility rises at a decreasing rate for a ________ person. In other words, when more payoff or money is at stake, the person gains less satisfaction from the risk, or has lower tolerance for the risk.

risk-adverse

A ________ person prefers outcomes that are more uncertain and is often willing to pay a penalty to take risks.

risk-seeking