In project management, which of the following is NOT a method of reducing the impact of an unexpected event? (A) Risk avoidance (B) Risk sharing (C) Risk transfer (D) Risk elimination

In project management, which of the following is NOT a method of reducing the impact of an

unexpected event?

(A) Risk avoidance

(B) Risk sharing

(C) Risk transfer

(D) Risk elimination
by

1 Answer

Answer :

D) Risk elimination
by

Related questions

The cost impact of a risk event occurring as a project proceeds through its life cycle tends to A. Slowly rise B. Slowly drop C. Drop sharply and then level out D. Rise sharply and then level out

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Last Answer : A. Slowly rise

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.

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

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

Risk in project management is defined as A.An uncertain event that, if it occurs, has a positive effect on project objectives B.An uncertain event that, if it occurs, has a negative effect on project objectives C.An uncertain event that, if it occurs, has a positive or negative effect on project objectives D.An uncertain event that do not have any effect on project objectives

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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.

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

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.

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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.

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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.

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

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An Expected Monetary Value (EMV) of $100000 on a potential project event in the project means which of the following? Select one: a. A number that can be ignored b. An opportunity that must be explored c. Actual losses on the event d. Actual investment returns on the event e. A threat that must be considered to minimize the project risk

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Last Answer : b. An opportunity that must be explored

Fill in the blank. Risk represents the likelihood that an event will happen during the life of the project that will negatively affect the ________________ of project goals. Select one: a. scope creep b. achievement c. float d. rough order of magnitude e. slack

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Political unrest, budget overruns, size and complexity of the project Answer: B (8)Decision trees are best used for : 1. Determining the interaction of the amount at stake and the expected value 2. Association of the probabilities with the risk events 3. An illustration of how to see the interactions between decisions and the associated events 4. A flow chart which determines the standard deviation of the risk event

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Last Answer : 3. An illustration of how to see the interactions between decisions and the associated events

The Three attributes of project risk are _________, ___________ and ___________. 1. What might happen, who it happens to, and how much will it cost 2. Notification, frequency of5. Risk event, probability occurrence, the amount at stake relevant events, probability of occurrence 3. Risk cost, quality, control 4. Quality, risk planning, total number of risk events

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Last Answer : 5. Risk event, probability occurrence, the amount at stake

An uncertain event or condition that, if it occurs, has a positive or negative effect on a project objectives is termed. A. Random Chance B. Disaster C. Risk

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Last Answer : (A) Time, Responsiveness, Information sharing, Processes, structured planning

According to the PMBOK guide which of the following sta. Reserve analysis always plans contingency reserves for unexpected project scope and project costs, which are part of your project budget. b. Reserves should not be included in the project budget. c. If you only have limited resources, you may completely ignore reserve analysis when you try to determine your project budget. d. Planning contingency reserves for a project is not practical. e. Contingency reserves have never been a concern when planning a project budget.atements is right in terms of using reserve analysis to determine a project budget ?

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Last Answer : A. Reserve analysis always plans contingency reserves for unexpected project scope and  project costs, which are part of your project budget.

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The main purpose of the Project Management Plan is to: a. provide justification for undertaking the project in terms of evaluating the benefit, cost and risk of alternative options. b. ensure the project sponsor has tight control of the project manager’s activity. c. document the outcomes of the planning process and provide the reference document for managing the project. d. document the outcome of the risk, change and configuration management processes.

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Last Answer : d. allocate work packages to those responsible for project work.

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.

Project risk management is best described as: a. managing responses to threats. b. identifying and acknowledging threats and opportunities. c. planning responses to threats. d. minimising threats and maximising opportunities.

Description : Project risk management is best described as: a. managing responses to threats. b. identifying and acknowledging threats and opportunities. c. planning responses to threats. d. minimising threats and maximising opportunities.

Last Answer : d. minimising threats and maximising opportunities.

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.

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Last Answer : d. Risk Breakdown Structure.

Which of the following is the most important element ofA. Risk Management activities B. Quality Assurance activities C. Activity Resource requirements D. Budget Control activities Project Management Plan that is useful in HR Planning process:

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Last Answer : C. Activity Resource requirements

Which of the following is not considered as a risk in project management? a) Specification delays b) Product competition c) Testing d) Staff turnover

Description : Which of the following is not considered as a risk in project management? a) Specification delays b) Product competition c) Testing d) Staff turnover

Last Answer : c) Testing

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What should be done by the project manager to ensure that all the work in the project is included? Select one: a. Create a contingency plan. b. Create a risk management plan. c. Create a WBS. d. Create a statement of work. e. Create a scope statement.

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Last Answer : c. Create a WBS.

Which of the following is not considered as a risk in project management? a) Specification delays b) Product competition c) Testing d) Staff turnover

Description : Which of the following is not considered as a risk in project management? a) Specification delays b) Product competition c) Testing d) Staff turnover

Last Answer : c) Testing

Which of the following is not considered as a risk in project management? a. Specification delays b. Product competition c. Testing d. Staff turnover

Description : Which of the following is not considered as a risk in project management? a. Specification delays b. Product competition c. Testing d. Staff turnover

Last Answer : c. Testing

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

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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 of the following is the most important element of Project Management Plan that is useful in HR Planning process: A. Risk Management activities B. Quality Assurance activities C. Activity Resource requiremD. Budget Control activitiesents

Description : Which of the following is the most important element of Project Management Plan that is  useful in HR Planning process: A. Risk Management activities B. Quality Assurance activities C. Activity Resource requirements D. Budget Control activities

Last Answer : C. Activity Resource requirements

The main purpose of the Project Management Plan is to: a. provide justification for undertaking the project in terms of evaluating the benefit, cost and risk of alternatd. document the outcome of the risk, change and configuration management processes.ive options. b. ensure the project sponsor has tight control of the project manager’s activity. c. document the outcomes of the planning process and provide the reference document for managing the project.

Description : The main purpose of the Project Management Plan is to:  a. provide justification for undertaking the project in terms of evaluating the benefit, cost and risk  of alternative options.  b ... managing the project. d. document the outcome of the risk, change and configuration management processes.

Last Answer : c. document the outcomes of the planning process and provide the reference document for  managing the project.

A Responsibility Assignment Matrix (RAM) can be used to: a. define the terms of reference of the project manager. b. define the limits of the project sponsor’s responsibilities. c. allocate risk management response activities to project personnel. d. allocate work packages to those responsible for project work.

Description : A Responsibility Assignment Matrix (RAM) can be used to:  a. define the terms of reference of the project manager.  b. define the limits of the project sponsor's responsibilities.  ... response activities to project personnel.  d. allocate work packages to those responsible for project work.

Last Answer : d. allocate work packages to those responsible for project work.

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.

Project risk management is best described as: a. managing responses to threats. b. identifying and acknowledging threats and opportunities. c. planning responses to threats. d. minimising threats and maximising opportunities.

Description : Project risk management is best described as:  a. managing responses to threats.  b. identifying and acknowledging threats and opportunities.  c. planning responses to threats.  d. minimising threats and maximising opportunities.

Last Answer : d. minimising threats and maximising opportunities.

During the planning development process, at times it is necessary to make certain assumptions to enhance the project plan when the data is not available. In regard to making those assumptions, which one of the following is most true for project planning purposes? 1. The assumptions will be considered as true, real, or certain. 2. By making the assumption, it tends to reduce the project risk. 3. Project assumptions are based upon historical data used for the project. 4. Senior management predefines the budget constraints.

Description : During the planning development process, at times it is necessary to make certain assumptions to enhance the project plan when the data is not available. In regard to making those assumptions, ... upon historical data used for the project.  4. Senior management predefines the budget constraints.

Last Answer : 1. The assumptions will be considered as true, real, or certain.

What Is A Risk In The Context Of Project Management?

Description : What Is A Risk In The Context Of Project Management?

Last Answer : In the context of Project Management, a risk is any factor (or threat) that may adversely affect the successful completion of the project in terms of achievement of its outcomes, delivery of its outputs or adverse effects upon resourcing, time, cost and quality.

What Are The Benefits Of Risk Management In The Context Of Project Management?

Description : What Are The Benefits Of Risk Management In The Context Of Project Management?

Last Answer : The benefit of risk management is to increase the likelihood that the project will be completed successfully by ensuring levels of risk and uncertainty in the project is properly managed. It enables ... risks, the manner in which they can be contained and the likely cost of mitigation strategies.

Is It Still Worthwhile To Do Risk Management When A Project Is Half Over?

Description : Is It Still Worthwhile To Do Risk Management When A Project Is Half Over?

Last Answer : Yes, there are still risks associated with a project even if it is half over. This also forms a baseline for the remainder of the project.

What Is The Difference Between A Risk And An Issue In The Context Of Project Management?

Description : What Is The Difference Between A Risk And An Issue In The Context Of Project Management?

Last Answer : An issue is a problem or concern that may impede the progress of the project if not addressed. A risk is any factor (or threat) that may adversely affect the successful completion of the ... of its outcomes, delivery of its outputs or adverse effects upon resourcing, time, cost and quality.

What is the most accurate method of obtaining project information that can reduce the amount of risk? 1. Observations on the current project 2. Determining the risk by using brainstorming techniques 3. The use of historical data from previous projects that were similar in nature 4. Sensitivity analysis 5. Delphi technique.

Description : What is the most accurate method of obtaining project information that can reduce the amount  of risk? 1. Observations on the current project  2. Determining the risk by using brainstorming ... from previous projects that were similar in nature  4. Sensitivity analysis  5. Delphi technique.

Last Answer : 3. The use of historical data from previous projects that were similar in nature

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 of the following is NOT one of the primary needs for good project scheduling? 1. Cutting costs and reducing time 2. Decreasing the time required for decision making 3. Eliminating idle time 4. Developing better trouble shooting procedures.

Description : )Which of the following is NOT one of the primary needs for good project scheduling? 1. Cutting costs and reducing time  2. Decreasing the time required for decision making  3. Eliminating idle time  4. Developing better trouble shooting procedures.

Last Answer : 4. Developing better trouble shooting procedures.

Complete the following statement. The method of incorporating change into project planning and execution processes is called the: Select one: a. project logic diagram. b. change management process. c. milestone schedule d. critical path e. rough order of magnitude

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Last Answer : b. change management process.