Chapter 11 IT Project Manager
_____ involves deciding how to approach and plan the risk management activities for the project.
Planning risk management
Unenforceable conditions or contract clauses and adversarial relations are risk conditions associated with the project _____ management knowledge area.
procurement
_____ are predefined actions that the project team will take if an identified risk event occurs.
Contingency plans
The last step in project risk management is deciding how to address this knowledge area for a particular project by performing risk management planning.
F
The lower the earned monetary value calculation for a project, the chances of project success is higher.
F
The psychology literature shows that individuals, working alone, produce fewer ideas than the same individuals produce through brainstorming in small, face-to-face groups.
F
Unknown risks can be managed proactively.
F
_____ involves determining which risks are likely to affect a project and documenting the characteristics of each.
Identifying risks
_____ is a fact-finding technique that can be used for collecting information in face-to-face, phone, e-mail, or instant-messaging discussions.
Interviewing
_____ involves prioritizing risks based on their probability and impact of occurrence.
Performing qualitative risk analysis
_____ involves numerically estimating the effects of risks on project objectives.
Performing quantitative risk analysis
_____ are unplanned responses to risk events used when project teams do not have contingency plans in place.
Workarounds
A(n) _____ is a diagramming analysis technique used to help select the best course of action in situations in which future outcomes are uncertain.
decision tree
_____ applies to positive risks when the project team cannot or chooses not to take any actions toward a risk.
Risk acceptance
_____ involves eliminating a specific threat, usually by eliminating its causes.
Risk avoidance
_____ involves changing the size of the opportunity by identifying and maximizing key drivers of the positive risk.
Risk enhancement
_____ involves doing whatever you can to make sure the positive risk happens.
Risk exploitation
_____ involves allocating ownership of the risk to another party.
Risk sharing
_____ involves shifting the consequence of a risk and responsibility for its management to a third party.
Risk transference
A(n) _____ represents decision problems by displaying essential elements, including decisions, uncertainties, causality, and objectives, and how they influence each other.
influence diagram
Performing qualitative and quantitative risk analyses are subprocesses of the _____ process of project risk management.
planning
The _____ lists the relative probability of a risk occurring and the relative impact of the risk occurring.
probability/impact matrix
Risk utility rises at a decreasing rate for a _____ person.
risk-averse
A _____ person achieves a balance between risk and payoff.
risk-neutral
A _____ is a technique used to show the effects of changing one or more variables on an outcome.
sensitivity analysis
_____ risks refer to those that are direct results of implementing risk responses.
Secondary
_____ are/is a qualitative risk analysis tool that maintains an awareness of risks throughout the life of a project in addition to identifying risks.
Top Ten Risk Item Tracking
The degree of uncertainty an entity is willing to take on in anticipation of a reward is
risk appetite
A probability/impact matrix or chart lists the relative probability of a risk occurring on one side of a matrix or axis on a chart and the relative impact of the risk occurring on the other.
T
Identified risks may not materialize, or their probabilities of occurrence or loss may diminish.
T
Quantitative risk analysis need not be done for projects that are large and complex.
T
The Monte Carlo analysis can predict the probability of finishing by a certain date or the probability that the cost will be equal to or less than a certain value.
T
The risk register can be created with a simple Microsoft Word or Excel file.
T
Identifying risks is a subprocess of the _____ process of project risk management.
planning