Project Management Ch.11 Quiz

The term _____ is used to describe risks that the project team has identified and analyzed.

Known Risks

_____ involves reducing the impact of a risk event by reducing the probability of its occurrence. a. Risk mitigation b. Risk avoidance c. Risk acceptance d. Risk transference

a. Risk mitigation Risk mitigation involves reducing the impact of a risk event by reducing the probability of its occurrence.

Risks can have both negative and positive effects on meeting project objectives. a. True b. False

a. True Project risk management involves understanding potential problems that might occur on the project and how they might impede project success. However, there are also positive risks or opportunities, which can result in good outcomes for a project.

The Delphi technique is a systematic, interactive forecasting procedure based on independent and anonymous input regarding future events. a. True b. False

a. True The Delphi technique is an approach to gathering information that helps prevent some of the negative group effects found in brainstorming. The basic concept of the Delphi technique is to derive a consensus among a panel of experts who make predictions about future developments.

_____ 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. a. Planning risk responses b. Controlling risk c. Performing quantitative risk analysis d. Performing qualitative risk analysis

b. Controlling risk Controlling risk 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.

The basic concept of the _____ technique is to derive a consensus among a panel of experts who make predictions about future developments.

Delphi

The _____ is the person who will own or take responsibility for the risk.

Risk Owner

A(n) _____ is a document that contains results of various risk management processes.

Risk Register