Project Risk Management Study Questions
____ is 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 -Contingency reserves -Contingency plans -Contingency allowances
Fallback plans
____ involves determining which risks are likely to affect a project and documenting the characteristics of each -Identify Risks -Plan Risk Management -Qualitative Risk Analysis -Quantitative Risk Analysis
Identify Risks
____ involves deciding how to approach and plan the risk management activities for the project. -Identify Risks -Plan Risk Management -Qualitative Risk Analysis -Quantitative Risk Analysis
Plan Risk Management
____ involves taking steps to enhance opportunities and reduce threats to meeting project objectives -Identify Risks -Plan Risk Management -Qualitative Risk Analysis -Quantitative Risk Analysis
Plan Risk Management
____ involves prioritizing risks based on their probability and impact of occurrence -Identify Risks -Plan Risk Management -Qualitative Risk Analysis -Quantitative Risk Analysis
Qualitative Risk Analysis
____ involves numerically estimating the effects of risks on project objectives -Identify Risks -Plan Risk Management -Qualitative Risk Analysis -Quantitative Risk Analysis
Quantitative Risk Analysis
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
____ are predefined actions that the project team will take if an identified risk event occurs -Fallback plans -Contingency reserves -Contingency plans -Contingency allowances
Contingency plans
____ 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 -Control Risks -Identify Risks -Plan Risk Response -Quantitative Risk Analysis
Control Risks
A(n) ____ is a diagramming analysis technique used to help select the best course of action in situations in which future outcomes are uncertain -Decision tree -EMV -Monte Carlo analysis -Watch list
Decision tree
A project manager can chart the probability and impact of risks on a(n) ____ -risk ranking chart -risk probability table -probability/impact matrix -risk assessment matrix
probability/impact matrix
