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Exam 11: Project Risk Management

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Question 1

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The term _____ is used to describe risks that the project team has identified and analyzed.

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Question 2

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Brainstorming is a systematic, interactive forecasting procedure based on independent and anonymous input regarding future events.

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B) False

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Unknown risks can be managed proactively.

_____ involves determining which risks are likely to affect a project and documenting the characteristics of each.

One possible response to managing negative risk it to accept the potential effects from the risk.

System or process _____ are diagrams that show how different parts of a system interrelate.

_____ is the process of understanding what potential events might hurt or enhance a particular project.

A(n) _____ is a list of risks that are low priority, but are still identified as potential risks.

A(n) _____ documents the procedures for managing risk throughout the project.

The main output of the _____ process is the start of a risk register.

_____ analysis simulates a model's outcome many times to provide a statistical distribution of the calculated results.

Explain the basic steps involved in performing a Monte Carlo analysis.

Project teams sometimes use _____, which are unplanned responses to risk events, when they do not have contingency plans in place.

_____ involves deciding how to approach and plan the risk management activities for the project.

The Microsoft Solution Framework (MSF) includes a risk management model that includes developing and monitoring a top-ten master list of risks.

_____ involves accepting the consequences should a risk occur.

Top Ten Risk Item Tracking is a quantitative risk analysis tool.

Risk events refer to specific, certain events that may occur to the detriment or enhancement of the project.

The basic concept of the _____ technique is to derive a consensus among a panel of experts who make predictions about future developments.

_____ involves shifting the consequence of a risk and responsibility for its management to a third party.