12. Coursera - Google Project Management - Module 3.4

Which of the following tools can help project managers visualize how to mitigate a risk in order to reduce or control it? A power grid A statement of work A decision tree A project charter

A decision tree

Define a risk as it relates to project management. A risk is a measurement that estimates the potential impact of events that could occur in the future. A risk is a known problem that has already impacted a project. A risk is a measurement that estimates the impact of known problems. A risk is an event that might occur and could impact a project in the future.

A risk is an event that might occur and could impact a project in the future.

Which three of the following scenarios represent possible opportunities that could arise from a risk? Adding two team members from another team to increase productivity and meet the project deadline Hiring a new supplier of an item required to complete a product shortly before the project closes Completing a milestone ahead of schedule Adopting a new spreadsheet software to streamline and simplify tasks in the future

Adding two team members from another team to increase productivity and meet the project deadline Completing a milestone ahead of schedule Adopting a new spreadsheet software to streamline and simplify tasks in the future

What is the difference between a risk and an issue in project management? Risks and issues are both events that might happen in the future, but they could affect projects to different degrees. An issue is a known problem; a risk is an event that might happen in the future Risks and issues are both known problems, but they affect projects to different degrees. A risk is a known problem; an issue is an event that might happen in the future

An issue is a known problem; a risk is an event that might happen in the future

As a project manager practicing risk management, you've already identified the risk. Now, you're determining the likelihood and potential impact the risk will have on your project. Which risk management step does this represent?] Analyze risks Monitor and control risks Treat risks Avoid risks

Analyze risks

A project manager completes a fishbone diagram. They completed three steps: define the problem, identify categories, and brainstorm causes. What is the next step they should take to complete the fishbone diagram? Monitor feedback Analyze the causes Mitigate the causes Identify risks

Analyze the causes

Imagine that your company is considering using a vendor. The vendor makes quality products, but you have learned they have a reputation for shipping delays. Ultimately, you decide to use a different vendor. Which risk mitigation strategy did you use? Reduce the risk Accept the risk Control the risk Avoid the risk

Avoid the risk

Continuing with the construction project scenario from the previous question, imagine that you underestimated the amount of a particular material needed to complete the new building. You purchase more of the material at full cost, since you no longer qualify for the bulk, discounted rate. What risk does this scenario demonstrate? Legal risk Budget risk Time risk Environmental risk

Budget risk

Continuing with the app-development project scenario from the previous question, which three of the following task relationships demonstrate an internal dependency? Clients must sign off on the design before the official launch. Developers must fix bugs before the Quality Assurance team begins testing. Researchers must conduct usability tests before the team can improve the design. Designers must complete wireframes before they begin prototyping. Partner agencies must deliver image assets before the app is complete.

Developers must fix bugs before the Quality Assurance team begins testing. Researchers must conduct usability tests before the team can improve the design. Designers must complete wireframes before they begin prototyping.

During which phase of the risk management life cycle do you use the information you have gained about the likelihood and potential impact of risks to prioritize risks? Treat the risk. Identify the risk. Evaluate the risk. Monitor and control the risk. Analyze the risk.

Evaluate the risk.

Imagine you're a project manager overseeing the development and launch of a new app. Which of the following problems could be a single point of failure risk in the app's development? Lack of communication between the designers and the project lead, which may lead to tension among team members. Receiving negative feedback from user testing, which may lead to more work for the developers. Completing a project milestone behind schedule, which may delay the project timeline. Failing to back up key project documentation, which may result in a complete loss of essential data.

Failing to back up key project documentation, which may result in a complete loss of essential data.

As a project manager, you're identifying task dependencies. Task B cannot start until Task A is complete. Which type of dependency does this situation represent? Start to Start (SS) Start to Finish (SF) Finish to Finish (FF) Finish to Start (FS)

Finish to Start (FS)

Question 4 Continuing with the construction project scenario from the previous question, the project team completes the designs (Task A) and then begins construction (Task B). What type of dependency describes the relationship between Tasks A and B? Start-to-Start (SS) Start-to-Finish (SF) Finish-to-Start (FS) Finish-to-Finish (FF)

Finish-to-Start (FS)

Continuing with the app-development project scenario from the previous question, you need to secure funding to develop the app. You want to write a grant proposal to an investment firm. Which of the following is an external dependency for this task? Appoint a team member to assemble the proposal. Outline your project milestones in the proposal. Identify team members to write the sections of the proposal that align with their expertise. Get feedback from the investment firm about the types of projects they are interested in funding.

Get feedback from the investment firm about the types of projects they are interested in funding.

Imagine that you're overseeing a project to construct a new office building for your company, and you need to determine your task dependencies. Which of the following tasks should come first? Set the project budget. Identify the construction site. Begin construction on the new building. Get stakeholder input to determine project goals.

Get stakeholder input to determine project goals.

Which of the following best describes the executive summary in the risk management plan? Introduction to the conditions of the project and an outline of the potential risks Charts such as the impact chart, probability chart, and the probability and impact matrix Description of each risk, its risk rating, and a mitigation plan Information such as the plan's status, creation date, and uploaded date

Introduction to the conditions of the project and an outline of the potential risks

Which of the following are true of risk management? Select all that apply. It reveals what could go wrong with a project. It helps identify who a project manager should consult about a potential risk. It helps determine how to mitigate potential risks. It is a one-time exercise at the start of a project.

It reveals what could go wrong with a project. It helps identify who a project manager should consult about a potential risk. It helps determine how to mitigate potential risks.

Which of the following are basic components of a risk management plan? Select all that apply. Mitigation plans A probability and impact matrix A Gantt chart A risk register

Mitigation plans A probability and impact matrix A risk register

Continuing with the construction project scenario from the previous question, which of the following tasks should come last in the project? Order the building materials. Move equipment to the new office. Plan for risk. Hire an architect.

Move equipment to the new office.

What risk refers to the possibility that a project won't produce the results outlined in the project goals? Scope risk Budget risk Dependency Time risk

Scope risk

Which type of risk involves the possibility that a project will not produce the results outlined in the project goals? Scope risk Time risk Environmental risk Budget risk

Scope risk

You are identifying risks for an upcoming project. You have already planned for time risks and budget risks. Which of the following is another common type of risk? Limiting risk Impact risk Scope risk Creeping risk

Scope risk

Which of the following is a recommended method to communicate a medium-level risk to stakeholders? Send stakeholders a direct email that outlines the risk and includes a detailed explanation of your mitigation plan. Present the risk and your mitigation plan during the team meeting next month. Call an urgent in-person meeting with stakeholders to present the risk and your plan to mitigate it. In the weekly planning email, briefly describe the risk and your plan to mitigate it.

Send stakeholders a direct email that outlines the risk and includes a detailed explanation of your mitigation plan.

During the planning phase, what should you consider when communicating a risk to stakeholders? Expertise of the project stakeholder Scope of the project Severity of the identified risk Size of the project team

Severity of the identified risk

What step should you take after you complete your risk management plan? Estimate the likelihood and impact of the project risks you have prioritized. Share the plan with your team and stakeholders. Create a power grid to include in the appendix of your plan. Implement the individual mitigation plans for the risks you have identified.

Share the plan with your team and stakeholders.

What is scope creep in project management? The amount of time that a project will take to complete as setbacks begin to arise The changes, growth, and uncontrolled factors that affect the project's scope at any point after the project begins The additional time a project takes to complete due to unforeseen setbacks The unexpected risks that can come together and form into a single issue that affect the scope of a project near completion

The changes, growth, and uncontrolled factors that affect the project's scope at any point after the project begins

When planning for a project, what does risk management provide an understanding of? Select all that apply. What could go wrong with the project When to share project deliverables Who to consult about risks How project risks could be mitigated

What could go wrong with the project How project risks could be mitigated

Which of the following scenarios is an example of a project issue? Select all that apply. Workers at a supplier's production are currently in a labor strike Team members complete tasks early Clients do not return the necessary paperwork on time Materials increase in price

Workers at a supplier's production are currently in a labor strike Clients do not return the necessary paperwork on time Materials increase in price

Risk management can help you avoid negative consequences like missing project timelines and goals. Which of the following is a benefit of effective risk management? You will be able to make a flexible project plan that allows for necessary adjustments. You will be able to use this project's risk management plan again in different projects. You will have access to the appropriate tools for the project. You will be able to establish necessary vendor relationships.

You will be able to make a flexible project plan that allows for necessary adjustments.

Imagine you have learned that a contractor who has done quality work for your organization in the past has received some negative reviews recently. You choose to hire another contractor for the current project. This is an example of mitigating risk by ______. reducing or controlling it transferring it accepting it avoiding it

avoiding it

Fill in the blank: Risk management is the process of _____. identifying and evaluating potential risks and issues that could impact a project identifying and mitigating risks and issues that are already impacting a project identifying and initiating projects that have a low potential for risk identifying and avoiding projects that have a high potential for risk

identifying and evaluating potential risks and issues that could impact a project

Fill in the blank: The process of identifying and evaluating potential risks and issues that could impact a project is known as _____. risk identification risk mitigation risk analysis risk management

risk management

Fill in the blank: The risk management process includes five steps: identify, analyze, evaluate, _____, and monitor and control. classify accept treat mitigate

treat