Chapter 11

Suppose there is a 30 percent chance that you will earn $100,000 on a particular project. What is the project's estimated monetary value?

$67,000

Your project team has decided not to use an upcoming release of software because it might cause your schedule to slip. Which negative risk response strategy are you using?

Avoidance

Your project involves using a new release of a common software application, but if that release is not available, your team has ______ plans to use the current release.

Contingency

Which risk identification tool involves deriving a consensus among a panel of experts by using anonymous input regarding future events?

Delphi Technique

Which risk management process involves prioritizing risks based on their probability and impact of occurrence?

Performing qualitative risk analysis

A risk __________ is a document that contains results of various risk management processes, and is often displayed in a table or spreadsheet format.

Register

________ is an uncertainty that can have a negative or positive effect on meeting project objectives.

Risk

A person who is risk __________ receives greater satisfaction when more payoff is at stake and is willing to pay a penalty to take risks.

Seeking

________ is a quantitative risk analysis tool that uses a model of a system to analyze its expected behavior or performance.

Simulation

________ are indicators or symptoms of actual risk events, such as a cost overrun on early activities being a symptom of poor cost estimates.

Triggers