8 Risk Quiz

Despite detailed planning, a negative risk event occurred. The production of a critical part was delayed by several weeks. What is the best thing that the project team can do next?

Create a work around

Update the project scope

Accept the risk and create a new risk strategy

Create a risk management plan

George is reviewing the latest risk assessment and notices one particular positive risk is becoming more likely. If it does happen, he can save 5% of the reserves set aside for that portion of the project. George is evaluating which of the following?

Reserve analysis

Contingency reserves

Work performance data

Technical performance

Monte Carlo Analysis is a tool and technique of?

Quantitative Risk Analysis

Point of Total Assumption

Benefit Cost ratio

Earned Monetary Value Analysis

Risk appetites refers to

The degree of risk which a stakeholder can take in anticipation of a reward

The degree of risk which a stakeholder can avoid

The degree of risk which a stakeholder can withstand

The degree of risk which a stakeholder can have specific interest

The head of the team reviewing risks brings his documentation that lists all of the identified risks in a hierarchical fashion. This is known as what?

Risk Breakdown Structure

Risk register

SWOT analysis

Work Breakdown Structure

The Project Charter is an important input to Identify Stakeholders, Develop Project Management Plan, Plan Scope Management, Collect Requirements, Define Scope, Plan Schedule Management and Plan Cost Management. There is one process that the uses the Project Charter as an input that was not listed here and it is which of the following?

Plan Risk Management

Close Procurements

Plan Procurement Management

Plan Stakeholder Management

The Risk management plan is an input to all of the following processes EXCEPT

Plan schedule management

Plan risk responses

Perform qualitative risk analysis

Identify risks

Which of the following is a 'Responsibility' of the project manager?

Ensure risk audits are performed at an appropriate frequency

Approves the budget

Makes key organizational/commercial decisions for the project

Ensure that business need is valid and correctly prioritized

Which of these tools is the best to use as part of a quantitative risk analysis to identify how a project can finish on schedule if delays occur?

Monte Carlo analysis

Reserve analysis

Brainstorming

Delphi technique

How often is the perform qualitative risk analysis done during a project?

As many times as is listed in the risk management plan

Once during the planning process

Once during project initiation

As many times as is listed in the project charter

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