PM Chapter 8 Learnsmart

When identifying risk, a team should initially focus on what aspect of risk? -Actual events that increase the risk -Outcomes of a chance event -Consequences of a chance event -The impact of a chance event

Actual events that increase the risk

What is the benefit of a risk management plan for a project? -Preventing all project risk. -Minimizing the impact of risks occurring. -Creating multiple work breakdown structures. -Providing flexibility for project scope development

Minimizing the impact of risks occurring.

Over the life of a project, how does the cost to fix risk events behave? -Starts low and rises, ending high -Starts high and declines, ending low -Remains constant -Behaves differently for different types of projects

Starts low and rises, ending high

A _____ is the contingency budget set aside to deal with risk events. -management reserve -risk mitigation -preventive reserve

management reserve

The risk management process begins by trying to generate a list of all the possible __________ that could affect the project.

risks

All of the following pertain to "risk" in the context of project management, except for: -A risk may have a positive impact on project objectives. -Proper planning can overcome risk. -A risk may have a negative impact on project objectives. -A risk is an uncertain event or condition.

Proper planning can overcome risk.