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

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 of relevant events, probability of occurrence 

3. Risk cost, quality, control 

4. Quality, risk planning, total number of risk events

5. Risk event, probability occurrence, the amount at stake
by

1 Answer

Answer :

5. Risk event, probability occurrence, the amount at stake
by

Related questions

)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

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

Description : 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 ... and the associated events  4. A flow chart which determines the standard deviation of the risk event

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

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 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

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:

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

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

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

Description : 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

Last Answer : b. achievement

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.

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. ensure ... 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.

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.

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.

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

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

Description : 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

Last Answer : A. Slowly rise

Fill in the blanks. It is during the ______________ phase that the decision should be made regarding whether the project should continue. During this phase, ____________ must be considered and weighed against the potential benefit of the project’s success. Select one: a. completion, cost b. closeout, resources c. execution, performance d. planning, timing e. initiation, risk

Description : Fill in the blanks. It is during the ______________ phase that the decision should be  made regarding whether the project should continue. During this phase, ____________  must be considered and weighed ... . closeout, resources c. execution, performance d. planning, timing e. initiation, risk

Last Answer : e. initiation, risk

A risk is defined as what might happened to the ____________ of the project 1. assessment 2. detriment 3. schedule 4. cost 5. scope

Description : A risk is defined as what might happened to the ____________ of the project 1. assessment  2. detriment  3. schedule  4. cost  5. scope

Last Answer : 2. detriment

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.

What is the probability of a non -occurrence of an event that is certain to happen? a. 0 b. 1 c. -1 d. 2

Description : What is the probability of a non -occurrence of an event that is certain to happen? a. 0 b. 1 c. -1 d. 2

Last Answer : a. 0

Project cycle is a collection of generally sequential project phases whose description and order of occurrence are determined by the control needs of the organisation or organisations involved in the project. (True/False)

Description : Project cycle is a collection of generally sequential project phases whose description and  order of occurrence are determined by the control needs of the organisation or  organisations involved in the project. (True/False)

Last Answer : Ans. True

. The process that evaluates overall project performance to provide confidence is called: a. quality assurance. b. quality planning. c. quality control. d. quality audit.

Description : . The process that evaluates overall project performance to provide confidence is called: a. quality assurance. b. quality planning. c. quality control. d. quality audit.

Last Answer : a. quality assurance.

Which one of the following statements is true? a. Independ. Quality planning enables the project manager to manage the trade-off between customer expectations and budgetdent reviews and quality audits form part of quality assurance to ensure the project manager delivers on time and to budget. b. Quality assurance provides confidence to stakeholders that requirements for quality will be exceeded. c. Quality control verifies that the project deliverables conform to specification, are fit for purpose and meet stakeholder expectations.

Description : Which one of the following statements is true? a. Independent reviews and quality audits form part of quality assurance to ensure the project manager delivers on time and to budget. ... Quality planning enables the project manager to manage the trade-off between customer expectations  and budget

Last Answer : c. Quality control verifies that the project deliverables conform to specification, are fit for purpose and  meet stakeholder expectations.

Which one of the following statements is true? a. Independent reviews and quality audits form part of quality assurance to ensure the project manager delivers on time and to budget. b. Quality assurance provides confidence to stakeholders that requirements for quality will be exceeded. c. Quality control verifies that the project deliverables conform to specification, are fit for purpose and meet stakeholder expectations. d. Quality planning enables the project manager to manage the trade-off between customer expectations and budget.

Description : Which one of the following statements is true?  a. Independent reviews and quality audits form part of quality assurance to ensure the project  manager delivers on time and to budget. ... planning enables the project manager to manage the trade-off between customer  expectations and budget.

Last Answer : c. Quality control verifies that the project deliverables conform to specification, are fit for  purpose and meet stakeholder expectations.

The primary components of the quality management function are : 1. quality planning 2. quality control and assurance 3. quantitative measurement 4. quantitative assessment of the project

Description : The primary components of the quality management function are : 1. quality planning  2. quality control and assurance  3. quantitative measurement  4. quantitative assessment of the project

Last Answer : 5. a and b

Which one of the following best describes a project stakeholder? a. A party who is concerned about the project going ahead. b. A party with an interest or role in the project or is impacted by the project. c. A party who has a vested interest in the outcome of the project. d. A party who has a financial stake in the organization managing the project.

Description : Which one of the following best describes a project stakeholder? a. A party who is concerned about the project going ahead. b. A party with an interest or role in the project or is impacted by ... of the project. d. A party who has a financial stake in the organization managing the project.

Last Answer : b. A party with an interest or role in the project or is impacted by the project.

Which one of the following best describes a project stakeholder? a. A party who is concerned about the project going ahead. b. A party with an interest or role in the project or is impacted by the project. c. A party who has a vested interest in the outcome of the project. d. A party who has a financial stake in the organisation managing the project.

Description : Which one of the following best describes a project stakeholder?  a. A party who is concerned about the project going ahead.  b. A party with an interest or role in the project or is impacted by ... of the project.  d. A party who has a financial stake in the organisation managing the project.

Last Answer : b. A party with an interest or role in the project or is impacted by the project.

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.

)In a program or project plan, there are always revisions to account for new or missing data. Which one of the following provides the best reason for performing a revision of the plan? 1. A supplier has changed the way their product is delivered to your supplier 2. Project tasks are crashed to meet their end dates 3. Human resources will remain constant through out the project 4. Historical data on a similar project suggests that risk events are not included in the current plan.

Description : )In a program or project plan, there are always revisions to account for new or missing data.  Which one of the following provides the best reason for performing a revision of the plan? 1. ... 4. Historical data on a similar project suggests that risk events are not included in the current  plan.

Last Answer : 2. Project tasks are crashed to meet their end dates

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

Description : 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 ... Actual investment returns on the event e. A threat that must be considered to minimize the project risk

Last Answer : b. An opportunity that must be explored

When is the project's amount at stake the lowest 1. conceptual 2. design 3. close-out 4. implementation

Description : When is the project's amount at stake the lowest 1. conceptual  2. design  3. close-out  4. implementation

Last Answer : 1. conceptual

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

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.

Risk Event Graph is having following on X axis A.Gantt Chart B.Work Break Down Structure C.Project Life Cycle D.Splitting

Description : Risk Event Graph is having following on X axis  A.Gantt Chart  B.Work Break Down Structure  C.Project Life Cycle  D.Splitting

Last Answer : C.Project Life Cycle

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

Description : 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  D.An uncertain event that do not have any effect on project objectives

Last Answer : C.An uncertain event that, if it occurs, has a positive or negative effect on project  objectives

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

Description : 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

Last Answer : D) Risk elimination

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

Description : 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

Last Answer : C. Risk

Which of the following terms, according to Lazarus, refers to the process through which an event is evaluated with respect to what is at stake and what might and can be done? a) Cognitive appraisal The outcome of cognitive appraisal is identification of the situation as either stressful or non-stressful. b) Coping Coping consists of both cognitive and behavioral efforts made to manage the specific external or internal demand that taxes a person’s resources. c) Hardiness Hardiness is a personality characteristic that is composed of control, commitment, and challenge. d) Adaptation Lazarus believed adaptation was affected by emotion that subsumed stress and coping.

Description : Which of the following terms, according to Lazarus, refers to the process through which an event is evaluated with respect to what is at stake and what might and can be done? a) ... and challenge. d) Adaptation Lazarus believed adaptation was affected by emotion that subsumed stress and coping.

Last Answer : a) Cognitive appraisal The outcome of cognitive appraisal is identification of the situation as either stressful or non-stressful.

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.

Fill in the blank. Risk must be considered in the _____ phase and weighed against the potential benefit of the project’s success in order to decide if the project should be chosen. Select one: a. completion b. closeout c. execution d. planning e. initiation

Description : Fill in the blank. Risk must be considered in the _____ phase and weighed against  the potential benefit of the project’s success in order to decide if the project should  be chosen. Select one: a. completion b. closeout c. execution d. planning e. initiation

Last Answer : e. initiation

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

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.

___ should be made of all cost factors so as to reflect on all relevant investment and operational costs of the project including contingencies.

Description : ___ should be made of all cost factors so as to reflect on all relevant investment and  operational costs of the project including contingencies.

Last Answer : Ans. Realistic estimates

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.

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.

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

This activity is undertaken once the development activities start? A. Project Planning B. Project Monitoring and Control C. Project size estimation D. Project cost estimation

Description : This activity is undertaken once the development activities start? A. Project Planning B. Project Monitoring and Control C. Project size estimation D. Project cost estimation

Last Answer : B. Project Monitoring and Control

What is the most critical aspect in developing a project plan that meets project specifications within the timeframe and at the lowest costs? Select one: a. Assessing risk managemenc. Emphasizing error prevention and customer satisfaction d. Requiring commitment to quality by all the employees and business partners e. Developing a project execution plan that matches the complexity level of the projectt b. Providing documents that specifically comply with the quality standards in use

Description : What is the most critical aspect in developing a project plan that meets project  specifications within the timeframe and at the lowest costs? Select one: a. Assessing risk management b ... business partners e. Developing a project execution plan that matches the complexity level of the project

Last Answer : e. Developing a project execution plan that matches the complexity level of the project

Conflict occurrence in projects is A. Unavoidable B. Depend on type of project C. Avoidable D. Depends on culture

Description : Conflict occurrence in projects is  A. Unavoidable  B. Depend on type of project  C. Avoidable  D. Depends on culture

Last Answer : A. Unavoidable

Quality planning is the process of developing a quality plan for a) team b) project c) customers d) project manager

Description : Quality planning is the process of developing a quality plan for a) team b) project c) customers d) project manager

Last Answer : b) project