How To Identify Project Risks?

How To Identify Project Risks?
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Risk identification in the Project Management is often done by using brainstorming sessions to identify and clarify the main risks that may work against the project achieving its stated outcomes. It is important to clearly define the scope of the project so that the identification of risks can remain focused upon what potentially threatens the achievement of outcomes, delivery of outputs, level of resourcing, time, cost and quality.
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Related questions

The main aim of a project risk management process should be to: a. identify project risks and then manage them appropriately. b. identify all project risks and transfer them immediately. c. identify all the things that are threats or opportunities on a project. d. satisfy the organization’s project management process.

Description : The main aim of a project risk management process should be to: a. identify project risks and then manage them appropriately. b. identify all project risks and transfer them immediately. c ... are threats or opportunities on a project. d. satisfy the organization's project management process.

Last Answer : a. identify project risks and then manage them appropriately.

The main outcome of risk identification, in a risk management process, is to: a. identify and determine the relative importance of the project risks. b. identify and describe all risks that might occur on the project. c. identify and determine the responses to the project risks. d. identify and describe risks that have occurred on previous projects.

Description : The main outcome of risk identification, in a risk management process, is to: a. identify and determine the relative importance of the project risks. b. identify and describe all risks that ... responses to the project risks. d. identify and describe risks that have occurred on previous projects.

Last Answer : b. identify and describe all risks that might occur on the project.

Once the project is approved and moves into the planninb. The total risk on the project typically reduces as activities are performed without loss. c. Risks must be weighed against the potential benefit of the project’s success in order to decide if the project should be chosen. d. Risks are identified with each major group of activities. e. A risk response plan can be used to identify increasing levels of detailed risk analysisg stage, what happens in the next phase of the project life cycle? Select one: a. Agreements for risk sharing need to be concluded.

Description : Once the project is approved and moves into the planning stage, what happens  in the next phase of the project life cycle? Select one: a. Agreements for risk sharing need to be concluded. ... activities. e. A risk response plan can be used to identify increasing levels of detailed risk analysis

Last Answer : d. Risks are identified with each major group of activities.

Complete the following statement. As the project progresses into the execution phase: Select one: a. risks need to be checked off on activities that have been performed. b. the total risk on the project typically increases. c. risks are identified with each major group of activities. d. a risk response plan can be used to identify increasing levels of detailed risk analysis. e. the risk breakdown structure needs to be examined to be sure all the risk events have been avoided.

Description : Complete the following statement. As the project progresses into the  execution phase: Select one: a. risks need to be checked off on activities that have been performed. b. the total risk on ... risk breakdown structure needs to be examined to be sure all the risk events have  been avoided.

Last Answer : a. risks need to be checked off on activities that have been performed.

What is the first step in developing a risk management plan? Select one: a. Analyze the risks. b. Estimate the likelihood of the risks occurring. c. Identify potential project risks. d. Develop a risk mitigation plan. e. Estimate the potential impact of risk on the project goals.

Description : What is the first step in developing a risk management plan? Select one: a. Analyze the risks. b. Estimate the likelihood of the risks occurring. c. Identify potential project risks. d. Develop a risk mitigation plan. e. Estimate the potential impact of risk on the project goals.

Last Answer : c. Identify potential project risks.

Once the project is approved and moves into the planning stage, what happens in the next phase of the project life cycle?Select one: a. Agreements for risk sharing need to be concluded. b. The total risk on the project typically reduces as activities are performed without loss. c. Risks must be weighed against the potential benefit of the project’s success in order to decide if the project should be chosen. d. Risks are identified with each major group of activities. e. A risk response plan can be used to identify increasing levels of detailed risk analysis

Description : Once the project is approved and moves into the planning stage, what  happens in the next phase of the project life cycle? Select one: a. Agreements for risk sharing need to be concluded. ... activities. e. A risk response plan can be used to identify increasing levels of detailed risk analysis

Last Answer : d. Risks are identified with each major group of activities.

The main aim of a project risk management process should be to: a. identifies project risks and then manage them appropriately. b. identify all project risks and transfer them immediately. c. identify all the things that are threats or opportunities on a project. d. satisfy the organisation’s project management process.

Description : The main aim of a project risk management process should be to:  a. identifies project risks and then manage them appropriately.  b. identify all project risks and transfer them immediately.  ... are threats or opportunities on a project.  d. satisfy the organisation's project management process.

Last Answer : a. identifies project risks and then manage them appropriately.

The main outcome of risk identification, in a risk management process, is to: a. identify and determine the relative importance of the project risks. b. identify and describe all risks that might occur on the project. c. identify and determine the responses to the project risks. d. identify and describe risks that have occurred on previous projects.

Description : The main outcome of risk identification, in a risk management process, is to:  a. identify and determine the relative importance of the project risks.  b. identify and describe all risks that ... to the project risks.  d. identify and describe risks that have occurred on previous projects.

Last Answer : b. identify and describe all risks that might occur on the project.

During which stage of Risk planning are risks prioritized based on probability and impact? a. Identify Risks b. Plan Risk responses c. Perform Qualitative risk analysis d. Perform Quantitative risk analysis

Description : During which stage of Risk planning are risks prioritized based on probability and impact? a. Identify Risks b. Plan Risk responses c. Perform Qualitative risk analysis d. Perform Quantitative risk analysis

Last Answer : c. Perform Qualitative risk analysis

During which stage of Risk planning are risks prioritized based on probability and impact? a. Identify Risks b. Plan Risk responses c. Perform Qualitative risk analysis d. Perform Quantitative risk analysis

Description : During which stage of Risk planning are risks prioritized based on probability and impact? a. Identify Risks b. Plan Risk responses c. Perform Qualitative risk analysis d. Perform Quantitative risk analysis

Last Answer : c. Perform Qualitative risk analysis

Which one of the following statements about the project risk register is false? a. It facilitates the review and monitoring of risks. b. It facilitates the risk appetite. c. It facilitates the recording of risk responses. d. It facilitates the recording of risks.

Description : Which one of the following statements about the project risk register is false? a. It facilitates the review and monitoring of risks. b. It facilitates the risk appetite. c. It facilitates the recording of risk responses. d. It facilitates the recording of risks.

Last Answer : b. It facilitates the risk appetite.

Which of the following best describes a project environment? a. The type of organization concerned with implementation. b. The structured method used to control the project. c. The context within which a project is undertaken. d. An understanding of the risks involved in the project.

Description : Which of the following best describes a project environment? a. The type of organization concerned with implementation. b. The structured method used to control the project. c. The context within which a project is undertaken. d. An understanding of the risks involved in the project.

Last Answer : c. The context within which a project is undertaken.

Andrew has joined as the Project Manager of a project. One of the project documents available to Andrew lists down all the risks in a hierarchical fashion. What is this document called? a. Risk Management Plan. b. List of risks. c. Monte Carlo diagram. d. Risk Breakdown Structure.

Description : Andrew has joined as the Project Manager of a project. One of the project documents available to Andrew lists down all the risks in a hierarchical fashion. What is this document called? a. Risk Management Plan. b. List of risks. c. Monte Carlo diagram. d. Risk Breakdown Structure.

Last Answer : d. Risk Breakdown Structure.

Project managers have to assess the risks that may affect a project. a) True b) False

Description : Project managers have to assess the risks that may affect a project. a) True b) False

Last Answer : b) False

Project managers have to assess the risks that may affect a project. a) True b) False

Description : Project managers have to assess the risks that may affect a project. a) True b) False

Last Answer : b) False

Which of the following statements about risk is true? Select one: a. Project risk focuses on identifying, assessing, and eliminating the risks on the project. b. Risk management is all about eliminating risk. c. Project risk is an uncertain event that, even if it occurs, has no effect on project objectives. d. There are no risk-free projects. e. Risk management involves identification, evaluation, and elevation of risk

Description : Which of the following statements about risk is true? Select one: a. Project risk focuses on identifying, assessing, and eliminating the risks on the project. b. Risk management is all ... are no risk-free projects. e. Risk management involves identification, evaluation, and elevation of risk

Last Answer : d. There are no risk-free projects.

Project managers have to assess the risks that may affect a project. a. True b. False

Description : Project managers have to assess the risks that may affect a project. a. True b. False

Last Answer : b. False

Monte Carlo analysis can help predict the impact of risks on project deliverables. This is an element of one of the tools and techniques of which of the following processes? A. Risk Response Planning B. Quantitative Risk Analysis C. Risk Identification D. Qualitative Risk Analysis

Description : Monte Carlo analysis can help predict the impact of risks on project deliverables.  This is an element of one of the tools and techniques of which of the following processes? A. Risk Response Planning B. Quantitative Risk Analysis C. Risk Identification D. Qualitative Risk Analysis

Last Answer : B. Quantitative Risk Analysis

All of the following statements are true regarding risk events except which one? Choose the least correct answer.A. Project risks are uncertain events. B. If risks occur, they can have a positive or negative effect on project objectives. C. Unknown risks are threats to the project objectives, and nothing can be done to plan for them. D. Risks that have more perceived rewards to the organization than the consequences of the risk should be accepted.

Description : All of the following statements are true regarding risk events except which one?  Choose the least correct answer. A. Project risks are uncertain events.  B. If risks occur, they can ... that have more perceived rewards to the organization than the consequences of  the risk should be accepted.

Last Answer : C. Unknown risks are threats to the project objectives, and nothing can be done to  plan for them.

All of the following statements are true regarding risks except for which one? Choose the least correct answer. A. Risks might be threats to the objectives of the project. B. Risks are certain events that may be threats or opportunities to the objectives of the project. C. Risks might be opportunities to the objectives of the project. D. Risks have causes and consequences.

Description : All of the following statements are true regarding risks except for which one? Choose the least correct answer.  A. Risks might be threats to the objectives of the project.  B. Risks are ... Risks might be opportunities to the objectives of the project.  D. Risks have causes and consequences.

Last Answer : B. Risks are certain events that may be threats or opportunities to the objectives of  the project

The process of assessing the probability and consequences of identified risks to the project objectives, assigning a risk score to each risk, and creating a list of prioritized risks describes which of the following processes? A. Quantitative Risk Analysis B. Risk Identification C. Qualitative Risk Analysis D. Risk Management Planning

Description : The process of assessing the probability and consequences of identified risks to the project objectives, assigning a risk score to each risk, and creating a list of prioritized risks describes ... Risk Analysis B. Risk Identification C. Qualitative Risk Analysis D. Risk Management Planning

Last Answer : C. Qualitative Risk Analysis

Andrew has joined as the Project Manager of a project. One of the project documents available to Andrew lists down all the risks in a hierarchical fashion. What is this document called? a. Risk Management Plan. b. List of risks. c. Monte Carlo diagram. d. Risk Breakdown Structure.

Description : Andrew has joined as the Project Manager of a project. One of the project documents  available to Andrew lists down all the risks in a hierarchical fashion. What is this document  called? a. Risk Management Plan. b. List of risks. c. Monte Carlo diagram. d. Risk Breakdown Structure.

Last Answer : d. Risk Breakdown Structure.

Which one of the following statements about the project risk register is false? a. It facilitates the review and monitoring of risks. b. It facilitates the risk appetite. c. It facilitates the recording of risk responses. d. It facilitates the recording of risks

Description : Which one of the following statements about the project risk register is false?  a. It facilitates the review and monitoring of risks.  b. It facilitates the risk appetite.  c. It facilitates the recording of risk responses.  d. It facilitates the recording of risks

Last Answer : b. It facilitates the risk appetite

Which of the following best describes a project environment?a. The type of organisation concerned with implementation. b. The structured method used to control the project. c. The context within which a project is undertaken. d. An understanding of the risks involved in the project.

Description : Which of the following best describes a project environment? a. The type of organisation concerned with implementation.  b. The structured method used to control the project.  c. The context within which a project is undertaken.  d. An understanding of the risks involved in the project.

Last Answer : c. The context within which a project is undertaken.

)The total amount of risk that is calculated for a project is found by 1. Multiplying the sum of each the risk times the amount at stake2. Calculating the cumulative sum of the probability for each risk and multiplying this value times the consequence of occurrence of the risk events 3. Cannot be calculated since all risks are not know 4. The amount of project reserves available

Description : )The total amount of risk that is calculated for a project is found by 1. Multiplying the sum of each the risk times the amount at stake 2. Calculating the cumulative sum of the probability for ... 3. Cannot be calculated since all risks are not know  4. The amount of project reserves available

Last Answer : 2. Calculating the cumulative sum of the probability for each risk and multiplying this value times the consequence of occurrence of the risk events

)Which of the following fit the category of external risks? 1. Project delays, budget under-runs, movement of city utilities 2. Regulatory, currency changes, taxation 3. Natural disasters, regulatory, design 4. Inflation, design, social impact 5. Political unrest, budget overruns, size and complexity of the project

Description : )Which of the following fit the category of external risks? 1. Project delays, budget under-runs, movement of city utilities  2. Regulatory, currency changes, taxation  3. Natural disasters, ... , design, social impact  5. Political unrest, budget overruns, size and complexity of the project

Last Answer : 2. Regulatory, currency changes, taxation

An Organizational Breakdown Structure (OBS) is used to identify: a. the reporting structure and current availability of all individuals in the project. b. technical ability and line of communication for all individuals in the project. c. lines of communication and responsibility for all the individual managers in the project. d. the reporting structure and lines of communication for all individuals in the projects.

Description : An Organizational Breakdown Structure (OBS) is used to identify: a. the reporting structure and current availability of all individuals in the project. b. technical ability and line of communication ... . d. the reporting structure and lines of communication for all individuals in the projects.

Last Answer : d. the reporting structure and lines of communication for all individuals in the projects.

Which one of the following is a responsibility of the project steering group/board? a. To identify potential problems for the project team to solve. b. To provide strategic direction and guidance to the sponsor. c. To manage the project team in all daily activities. d. To receive and consider daily reports from team members.

Description : Which one of the following is a responsibility of the project steering group/board? a. To identify potential problems for the project team to solve. b. To provide strategic direction and guidance ... project team in all daily activities. d. To receive and consider daily reports from team members.

Last Answer : b. To provide strategic direction and guidance to the sponsor.

Which one of the following statements best defines the purpose of a Product Breakdown Structure (PBS)? a. To define the hierarchy of deliverables that are required to be produced on the project. b. To define how the products are produced by identifying derivations and dependencies. c. To establish the extent of work required prior to project commissioning and the handover. d. To identify the health and safety strategies and procedures to be used on the project

Description : Which one of the following statements best defines the purpose of a Product Breakdown Structure (PBS)? a. To define the hierarchy of deliverables that are required to be produced on the project. ... . d. To identify the health and safety strategies and procedures to be used on the project

Last Answer : a. To define the hierarchy of deliverables that are required to be produced on the project.

The purpose of project planning is to identify various areas of the project work and the influencing factors, and subsequently define the boundaries of the project performance. (True/False)

Description : The purpose of project planning is to identify various areas of the project work and the  influencing factors, and subsequently define the boundaries of the project performance.  (True/False)

Last Answer : Ans. True

The project manager works with the project sponsor to identify the necessary resources and team members needed to further develop the key project parameters – Cost, Scope, Schedule, and Quality (CSSQ). (True/False)

Description : The project manager works with the project sponsor to identify the necessary resources  and team members needed to further develop the key project parameters – Cost, Scope,  Schedule, and Quality (CSSQ). (True/False)

Last Answer : Ans. True

The methods and regulation used to define goals, plan and monitor tasks and resources, identify and resolve issues, and control costs and budgets for a specific project is known as … a. project management. b. Process Management c. Process d. Activities

Description : The methods and regulation used to define goals, plan and monitor tasks and resources, identify and resolve issues, and control costs and budgets for a specific project is known as … a. project management. b. Process Management c. Process d. Activities

Last Answer : a. project management.

. It is not wise to identify tasks for a current project using existing methodology, because methodologies that have been used by an organization for other projects probably will not work for this project without extensive changes.

Description : . It is not wise to identify tasks for a current project using existing methodology,  because methodologies that have been used by an organization for other projects probably will not work for this project without extensive changes.

Last Answer : Ans: False

To identify the tasks for a work plan the project manager can _____. a. control and direct the project b. estimate the size, staff the project, and remember technical skills c. establish a possible reporting structure d. list the four phases of the SDLC and the steps that occur in each e. set conservative numbers for the project software

Description : To identify the tasks for a work plan the project manager can _____.  a. control and direct the project  b. estimate the size, staff the project, and remember technical skills  c. establish a ... of the SDLC and the steps that occur in each  e. set conservative numbers for the project software

Last Answer : d. list the four phases of the SDLC and the steps that occur in each

A critical success factor for project management is to _____. a. create a work plan b. follow the three steps of project management c. identify most project tasks d. manage the hundreds of tasks

Description : A critical success factor for project management is to _____.  a. create a work plan  b. follow the three steps of project management  c. identify most project tasks  d. manage the hundreds of tasks

Last Answer : e. start with a realistic assessment of the work

Once the logic of a network is laid out, the project manager will conduct a forward pass and a backward pass through the network. This will provide information regardiC. Resource shortages, high risk activities D. The high risk activities, non-critical pathng ______ and will identify the________. A. The total duration of the project, critical path B. The slack for each activity, high risk activities

Description :  Once the logic of a network is laid out, the project manager will conduct a forward  pass and a backward pass through the network. This will provide information regarding  ______ and will identify ... C. Resource shortages, high risk activities D. The high risk activities, non-critical path

Last Answer : A. The total duration of the project, critical path

An Organisational Breakdown Structure (OBS) is used to identify: a. the reporting structure and current availability of all individuals in the project.b. technical ability and line of communication for all individuals in the project. c. lines of communication and responsibility for all the individual managers in the project.d. the reporting structure and lines of communication for all individuals in the projects.

Description : An Organisational Breakdown Structure (OBS) is used to identify:  a. the reporting structure and current availability of all individuals in the project. b. technical ability and line of ... project. d. the reporting structure and lines of communication for all individuals in the projects.

Last Answer : d. the reporting structure and lines of communication for all individuals in the projects.

Which one of the following is a responsibility of the project steering group/board? a. To identify potential problems for the project team to solve. b. To provide strategic direction and guidance to the sponsor. c. To manage the project team in all daily activities. d. To receive and consider daily reports from team members.

Description : Which one of the following is a responsibility of the project steering group/board?  a. To identify potential problems for the project team to solve.  b. To provide strategic direction and ... project team in all daily activities. d. To receive and consider daily reports from team members.

Last Answer : b. To provide strategic direction and guidance to the sponsor.

Which one of the following statements best defines the purpose of a Product Breakdown Structure(PBS)? a. To define the hierarchy of deliverables that are required to be produced on the project. b. To define how the products are produced by identifying derivations and dependencies. c. To establish the extent of work required prior to project commissioning and the handover. d. To identify the health and safety strategies and procedures to be used on the project.

Description : Which one of the following statements best defines the purpose of a Product Breakdown  Structure(PBS)?  a. To define the hierarchy of deliverables that are required to be produced on the project.  b. ... .  d. To identify the health and safety strategies and procedures to be used on the project.

Last Answer : a. To define the hierarchy of deliverables that are required to be produced on the project.

A critical path network diagram does NOT: A. Help determine the amount of float B. Identify the particularly important activities C. Calculate earned value D. Calculate the duration of the whole project

Description : A critical path network diagram does NOT: A. Help determine the amount of float B. Identify the particularly important activities C. Calculate earned value D. Calculate the duration of the whole project

Last Answer : C. Calculate earned value

An example of the risk involved in development is a) Key personnel may resign before the product is complete b) The manufacturer of critical components (e.g. the hardware associated with a real-time system) may go bankrupt c) Technology changes may render the product obsolete d) Competitors may market a fully functional lower-cost equivalent package e) All of these are risks involved in development.

Description : An example of the risk involved in development is a) Key personnel may resign before the product is complete b) The manufacturer of critical components (e.g. the hardware  associated with a ... a fully functional lower-cost  equivalent package e) All of these are risks involved in development.

Last Answer : e) All of these are risks involved in development.

Which of the following is not the part of Risk Control A. Execution of the risk response strategy B. Monitoring of triggering events C. Initiating contingency plans D. Not watching for new risks

Description : Which of the following is not the part of Risk Control  A. Execution of the risk response strategy  B. Monitoring of triggering events  C. Initiating contingency plans  D. Not watching for new risks

Last Answer : D. Not watching for new risks

Each of the following statements is true regarding the risk management plan except for which one? A. The risk management plan is an output of the Risk Management Planning process. B. The risk management plan includes a description of the responses to risks and triggers. C. The risk management plan includes thresholds, scoring and interpretation methods, responsible parties, and budgets. D. The risk management plan is an input to all the remaining risk-planning processes.

Description : Each of the following statements is true regarding the risk management plan except  for which one?  A. The risk management plan is an output of the Risk Management Planning process. B. The risk ... and budgets. D. The risk management plan is an input to all the remaining risk-planning processes.

Last Answer : B. The risk management plan includes a description of the responses to risks and  triggers.

All of the following are true regarding the Qualitative Risk Analysis process except which one? A. Probability and impact and expert interview are used to help correct biases that occC. Qualitative Risk Analysis is an easy method of determining risk probability and impact that usually takes a good deal of time to perform. D. Risk urgency assessment is a tool and technique of this process used to determine which risks need near-term response plans.ur in the data you’ve gathered during this process. B. The probability and impact matrix is used during this process to assign red, yellow, and green conditions to risks.

Description : All of the following are true regarding the Qualitative Risk Analysis process except  which one?  A. Probability and impact and expert interview are used to help correct biases that occur  in the data ... of this process used to determine  which risks need near-term response plans.

Last Answer : C. Qualitative Risk Analysis is an easy method of determining risk probability and  impact that usually takes a good deal of time to perform.

Identify the sub-process of process improvement a) Process introduction b) Process analysis c) De-processification d) Process distribution

Description : Identify the sub-process of process improvement a) Process introduction b) Process analysis c) De-processification d) Process distribution

Last Answer : b) Process analysis

Identify the sub-process of process improvement a) Process introduction b) Process analysis c) De-processification d) Process distribution

Description : Identify the sub-process of process improvement a) Process introduction b) Process analysis c) De-processification d) Process distribution

Last Answer : b) Process analysis

Identify, from among the following, the correct statement. a) One of the main challenges Engineering facing today is the requirement of most systems to wob) ‘Legacy systems’ are custom developed systems for the legal domain c) does not wear-out in the traditional sense of the term, but does tend to deteriorate as it evolves d) Since is essentially ‘intangible’ it is relatively easy to manage projects With the advent of component based assembly, we find that onlyless than 20% of today’s is still custom builtrk with a multitude of homogenous systems

Description : Identify, from among the following, the correct statement. a) One of the main challenges Engineering facing today is the requirement of most systems to work with a multitude of  homogenous systems ... of component based assembly, we find  that onlyless than 20% of today's is still custom built

Last Answer : c) does not wear-out in the traditional sense of the term, but  does tend to deteriorate as it evolves

Identify the sub-process of process improvement (A)Process introduction (B) Process analysis (C) De-processification (D)Process distribution

Description : Identify the sub-process of process improvement (A)Process introduction (B) Process analysis (C) De-processification (D)Process distribution

Last Answer : (A)Process introduction