IT 464 Quiz 11
Delphi technique
Derive a consensus among a panel of experts. Provides independent and anonymous input regarding future events.
Interviewing
Fact-finding technique for collecting information in face-to-face, phone, e-mail, or virtual discussions
Fallback plans are predefined actions that the project team will take if an identified risk event occurs. (True or False)
False
The lower the earned monetary value calculation for a project, the chances of project success is higher. (True or False)
False
Top Ten Risk Item Tracking is a quantitative risk analysis tool. (True or False)
False
Brainstorming
Group attempts to generate ideas or find a solution for a specific problem by amassing ideas spontaneously and without judgment. Create a comprehensive list of risks
_____ 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
Monitoring risk
_____ analysis simulates a model's outcome many times to provide a statistical distribution of the calculated results.
Monte Carlo
_____ involves prioritizing risks based on their probability and impact of occurrence.
Performing qualitative risk analysis
The _____ lists the relative probability of a risk occurring and the relative impact of the risk occurring.
Probability/impact matrix
_____ involves eliminating a specific threat, usually by eliminating its causes.
Risk avoidance
Those who are _____ have a higher tolerance for risk, and their satisfaction increases when more payoff is at stake.
Risk-seeking
_____ risks refer to those that are direct results of implementing risk responses.
Secondary
A _____ is a technique used to show the effects of changing one or more variables on an outcome.
Sensitivity analysis
SWOT analysis
Strengths, weaknesses, opportunities, and threats. Usually used in strategic planning. Helps identify the broad negative and positive risks that apply to a project
A risk-seeking person prefers outcomes that are more uncertain and is often willing to pay a penalty to take risks. (True or False)
True
Contingency plans are predefined actions that the project team will take if an identified risk event occurs. (True or False)
True
One possible response to managing negative risk is to accept the potential effects from the risk. (True or False)
True
_____ are predefined actions that the project team will take if an identified risk event occurs.
Contingency plans
Risk breakdown structure is a hierarchy of potential risk categories for a project. (True or False)
True
Risks can have both negative and positive effects on meeting project objectives. (True or False)
True
