Chapter 7 quizzes

Which of the following is not included in a failure mode and effects analysis?

All included Probability detection impact risk value

Change management systems are designed to accomplish all of the following EXCEPT

All of these are examples of what change management systems are designed to accomplish.

--------------- focuses on how to respond to events that have a positive impact on a project.

Opportunity management

_______________ focuses on how to respond to events that have a positive impact on a project.

Opportunity management

The risk associated with the unlikelihood that one of the key members will be struck by lightning would most likely be handled by which of the following?

Retaining

the risk management tool that is divided into three color-coded zones representing major, moderate, and minor risks is the risk

Severity matrix

The chances of a risk event occurring as a project proceeds through its life cycle tend to

Slowly drop

Contingency Funding is made up of budget reserves and management reserves.(T/F)

True

Fixed-price contracts are an example of transferring risk from an owner to a contractor.(T/F)

True

One common mistake made early in the risk identification process is to

focus on consequences and not on the events that could produce consequences.

the initial step in the risk management process is to

identify the risks

An uncertain event or condition that, if it occurs, has a positive or negative effect on project objectives is termed a

risk

Performance bonds, warranties, and guarantees are financial instruments used to share risk.(T/F)

False

Responses to all identifiable risks should be a top priority for the project manager.(T/F)

False

When considering risk value, the lower the value, the higher the level of risk. (T/F)

False

Enhancing a risk is a tactic that seeks to eliminate the uncertainty associated with an opportunity to ensure that it definitely happens.(T/F)

False