19-Risk

4. You are the project manager of the GHK Project. You and the manufacturer have agreed to substitute the type of plastic used in the product to a slightly thicker grade should there be more than a 7 percent error in production. The thicker plastic will cost more and require that the production slow down, but the errors should diminish. This is an example of which of the following

An error value of 7 percent represents the Threshold under which the project can operate. Should the number of errors increase beyond 7 percent, the current plastic will be substituted.

9. Complete this sentence: An understanding of the different types of risk events can help the project manager work better with the enterprise environmental factors and the organizational process assets that affect the risk management in a project

Based on this information, PURE RISKS include(s) fire, theft, or injury and offer(s) no chance for gain.

2. Frances is the project manager of the LKJ Project. Which of the following techniques will she use to create the risk management plan

Planning Meetings are used to create the risk management plan. The project manager, project team leaders, key stakeholders, and other individuals with the power to make decisions regarding risk management attend the meetings.

6. As a project manager, you must understand the components of an identified risk, a risk response, a risk trigger, risk thresholds, and issues. A risk trigger is also called which of the following

Risk triggers can also be known as Warning Signs. Triggers signal that a risk is about to happen or has happened.

10. Complete this sentence: A project risk is a(n) UNKNOWN occurrence that can affect the project for good or bad

Risks are not planned—they are left to chance. The accommodation and the reaction to a risk can be planned, but the event itself is not planned. If risks could be planned, Las Vegas would be out of business.

1. Beth is the project manager for her company, and Marty, her supervisor, is concerned with the possibility of Beth accepting one of the project risks. Beth explains that this is a risk that should be accepted within the project. When is it appropriate to accept a project risk

Risks that are in Balance With The Reward are appropriate for acceptance.

3. You are the project manager of the HQQ Project, and part of your requirement in this role is to create a risk management plan. Which of the following is not part of a risk management plan

The Technical Assessment Board may be used as part of the change control system. It is not relevant to risk management planning.

5. Hans is a project manager for his organization, and he's working with his sponsor to identify the organization's risk tolerance. Understanding the risk tolerance and any associated enterprise environmental factors will help Hans and the project team plan for risk responses. An organization's risk tolerance is also known as what

The Utility Function describes a person's willingness to tolerate risk.

8. You are the project manager of your organization, and you're working with your project team and the project stakeholders to identify the risks within the project. Some of the risks have not yet happened and some of the risks are already issues. You tell the project team that all risks must be documented in the risk register, but they are not familiar with this document. Which one of the following best describes the risk register

The risk register Documents All The Outcomes of the other risk management processes.

7. The customers of the project have requested additions to the project scope. The project manager brings notice that additional risk planning will need to be added to the project schedule. Why

When the Scope Has Been Changed, the project manager should require risk planning to analyze the additions for risks to the project's success.