Project Management Chapter 10 Review

Project risk involves understanding potential problems that might occur on the project and how they might impede project success:

Qualitative risk analysis involves measuring the probability and consequences of risks and estimating their effects on project objectives:

Quantitative risk analysis involves characterizing and analyzing risks and prioritizing their effects on project objectives:

A risk management plan documents the procedures for managing risk throughout the project:

Risk mitigation is increasing the impact of a risk event by decreasing the probability of its occurrence:

Contingency plans are predefined actions that the project team will take if an identified risk event occurs:

Fallback plans are developed for risks that have a low impact on meeting project objectives, and are put into effect if attempts to reduce the risk are not effective:

Delphi technique is to derive a consensus among a panel of experts who make predictions about future developments:

Top 10 risk item tracking is a quantitative risk analysis tool:

Simulation is a qualitative risk analysis tool:

The major processes of project risk management are:

A risk management plan should cover:

The risk management plan is a major component of:

Risk identification should be done:

Risk Management techniques should be used only on the following types of projects:

The following technique(s) can be used in the analysis of risk in a project

Important outputs of the risk response development process include:

Monte Carlo analysis is the basis for most schedule _________________________.

A project manager would use the ____________________ technique to derive a consensus among a panel of experts, to make predictions about future developments.

In any well managed project, ____________________ risks will remain after all of the response strategies have been implemented.

____________________ diagrams are used to represent decision problems by displaying essential elements, and how they influence each other.

Projects that have not done thorough risk management, will more than likely have a ____________________ project.

Risk ____________________ is reducing the impact of a risk event by reducing the probability of its occurrence.

Risk ____________________ is having a low tolerance for risk.

If changes in project scope or quality occur, the project sponsor has ____________________ reserves that can be used to mitigate cost or schedule risk.

What are the most important success criteria for information technology projects, according to the Standish Group?

What does risk mitigation mean? Provide an example of how to mitigate risk on a project.