MAN 4583 EXAM 3 QUESTIONS AND VERIFIED
ANSWERS
All of the following are ways to control risk EXCEPT - Answers - Have one team
member be responsible for monitoring big risks
You are holding a document that analyzes and identifies risks on your project,
categorizes them, and provides a scale to help you figure out the probability of the risk.
What is the name of this document? - Answers - Risk Management Plan
Adopting proven technology instead of experimental technology in order to eliminate
technical failure would be an example of which risk response? - Answers - Avoiding
Which of the following procurement documents is best to use when you are looking to
purchase new hard hats of a specific brand with known specifications and don't need
additional information from the vendor or partner? - Answers - RFQ
For your project, you want to purchase smart phones for the team to use. What type of
contract would expose the project to the least risk? - Answers - Fixed Contract
In which of the following types of projects would agile project management be
appropriate? - Answers - Video game development
Waterfall project management differs from agile project management in that
__________. - Answers - it requires is a high degree of certainty
When planning for a sprint, what do you do to gain commitment from the project team? -
Answers - Get team members to voluntarily commit to what they think they can
complete out of the highest priority tasks
The point in time when project execution gives way to project closing is when the
_____________ accept(s) the project deliverable. - Answers - Primary customer
When you are facing a decision, it is important to make sure you identify and assess all
the facts about the ethical issues involved. According to the ethical decision making
model, what is the next thing you should do? - Answers - Consider alternatives
Known Unknowns - Answers - Things like weather delays or resources being
unavailable
Risks - Answers - - Technology
- Widely dispersed project team
- Miscommunication
, - Lack of teamwork
- Lack of detail (deliverables)
- Limited options
Risk Information Form Includes: - Answers - - What objectives are in danger?
- What events can cause the risk to occur?
- What do you do about the risks you can't predict?
- What the consequences are?
- Who owns the risk?
Unknown Unknowns - Answers - The risks you CAN'T predict. Situations that are so
unlikely (ex. 9/11) unforeseeable events
How to plan for unknown risks: - Answers - set aside contingency funds & time (use a
percentage of the projects budget)
Risk Management Plan - Answers - Documents which risks your going to worry about &
how you plan to handle them. (helps protect your project from thing that can go wrong)
1. evaluate risks (how likely & serious)
2. Rate Risks (use scale 1-5, 1=low, 5=high) (you need to plan for any risks with score
of 9 or more)
3. plan how you'll handle each risk
4. defining how to monitor risks and measure responses (create a risk log to summarize
the risks you'll manage)
The goal of risk response is: - Answers - to plan the you would take to reduce adverse
consequences a risk might have on your project
Some risk responses you can use: - Answers - - easiest option: is to accept the
consequences (low probability and impact)
- avoiding risk (changing project scope)
- mitigate risk (reducing impact)
- transferring risk (handing risk to someone else, like insurance)
Your response to risk should: - Answers - reflect the impact of the risk
For each risk include: - Answers - - a description of the risk
- events or circumstances that trigger the risk
- the probability and impact
- the response you've chosen
- who will monitor the risk
- the result you expect from the response if you have to use it
- the risk status
Review and update the: - Answers - risk management plan regularly
ANSWERS
All of the following are ways to control risk EXCEPT - Answers - Have one team
member be responsible for monitoring big risks
You are holding a document that analyzes and identifies risks on your project,
categorizes them, and provides a scale to help you figure out the probability of the risk.
What is the name of this document? - Answers - Risk Management Plan
Adopting proven technology instead of experimental technology in order to eliminate
technical failure would be an example of which risk response? - Answers - Avoiding
Which of the following procurement documents is best to use when you are looking to
purchase new hard hats of a specific brand with known specifications and don't need
additional information from the vendor or partner? - Answers - RFQ
For your project, you want to purchase smart phones for the team to use. What type of
contract would expose the project to the least risk? - Answers - Fixed Contract
In which of the following types of projects would agile project management be
appropriate? - Answers - Video game development
Waterfall project management differs from agile project management in that
__________. - Answers - it requires is a high degree of certainty
When planning for a sprint, what do you do to gain commitment from the project team? -
Answers - Get team members to voluntarily commit to what they think they can
complete out of the highest priority tasks
The point in time when project execution gives way to project closing is when the
_____________ accept(s) the project deliverable. - Answers - Primary customer
When you are facing a decision, it is important to make sure you identify and assess all
the facts about the ethical issues involved. According to the ethical decision making
model, what is the next thing you should do? - Answers - Consider alternatives
Known Unknowns - Answers - Things like weather delays or resources being
unavailable
Risks - Answers - - Technology
- Widely dispersed project team
- Miscommunication
, - Lack of teamwork
- Lack of detail (deliverables)
- Limited options
Risk Information Form Includes: - Answers - - What objectives are in danger?
- What events can cause the risk to occur?
- What do you do about the risks you can't predict?
- What the consequences are?
- Who owns the risk?
Unknown Unknowns - Answers - The risks you CAN'T predict. Situations that are so
unlikely (ex. 9/11) unforeseeable events
How to plan for unknown risks: - Answers - set aside contingency funds & time (use a
percentage of the projects budget)
Risk Management Plan - Answers - Documents which risks your going to worry about &
how you plan to handle them. (helps protect your project from thing that can go wrong)
1. evaluate risks (how likely & serious)
2. Rate Risks (use scale 1-5, 1=low, 5=high) (you need to plan for any risks with score
of 9 or more)
3. plan how you'll handle each risk
4. defining how to monitor risks and measure responses (create a risk log to summarize
the risks you'll manage)
The goal of risk response is: - Answers - to plan the you would take to reduce adverse
consequences a risk might have on your project
Some risk responses you can use: - Answers - - easiest option: is to accept the
consequences (low probability and impact)
- avoiding risk (changing project scope)
- mitigate risk (reducing impact)
- transferring risk (handing risk to someone else, like insurance)
Your response to risk should: - Answers - reflect the impact of the risk
For each risk include: - Answers - - a description of the risk
- events or circumstances that trigger the risk
- the probability and impact
- the response you've chosen
- who will monitor the risk
- the result you expect from the response if you have to use it
- the risk status
Review and update the: - Answers - risk management plan regularly
