BUSI 313 Project Management Exam 3
Question and answers 100% correct
2026
Provides a basis for prioritizing which risks to address. - correct answer ✔Risk Severity Matrix
PERT stands for... - correct answer ✔Program Evaluation and Review Technique
Used to reduce the likelihood that the event will occur. - correct answer ✔Mitigating Risk
Changing the project plan to eliminate the risk or condition. - correct answer ✔Avoiding Risk
Paying a premium to pass the risk to another party. - correct answer ✔Transferring Risk
Making a conscious decision to accept the risk. - correct answer ✔Retaining Risk
An alternative plan that will be used if a possible foreseen risk event actually occurs. - correct answer
✔Contingency Plan
Backup strategies if chosen technology fails. - correct answer ✔Technical Risk
Compression of project schedules due to a shortened project duration date. - correct answer
✔Schedule Risk
Time/cost dependency links: costs increase when problems take longer to solve than expected. - correct
answer ✔Cost Risk
, Changing the supply of funds for the project can dramatically affect the likelihood of implementation or
successful completion of a project. - correct answer ✔Funding Risk
An event that can have a positive impact on project objectives. - correct answer ✔Opportunity
Seeking to eliminate the uncertainty associated with an opportunity to ensure that it definitely happens.
- correct answer ✔Exploit
Allocating some or all of the ownership of an opportunity to another party who is best able to capture
the opportunity for the benefit of the project. - correct answer ✔Share
Taking action to increase the probability and/or the positive impact of an opportunity. - correct answer
✔Enhance
Being willing to take advantage of an opportunity if it occurs, but not taking action to pursue it. - correct
answer ✔Accept
Amounts of time used to compensate for unplanned delays in the project schedule. - correct answer
✔Time Buffers
Reducing the time of a critical activity usually incurs additional ___________ ___________ - correct
answer ✔Direct Costs
The following are examples of actions that are acceptable when resources are __________:
->Fast-tracking (think concurrent rather than linear)
->Critical-chain (resource focus, be good if not great, buffers, close monitoring)
Question and answers 100% correct
2026
Provides a basis for prioritizing which risks to address. - correct answer ✔Risk Severity Matrix
PERT stands for... - correct answer ✔Program Evaluation and Review Technique
Used to reduce the likelihood that the event will occur. - correct answer ✔Mitigating Risk
Changing the project plan to eliminate the risk or condition. - correct answer ✔Avoiding Risk
Paying a premium to pass the risk to another party. - correct answer ✔Transferring Risk
Making a conscious decision to accept the risk. - correct answer ✔Retaining Risk
An alternative plan that will be used if a possible foreseen risk event actually occurs. - correct answer
✔Contingency Plan
Backup strategies if chosen technology fails. - correct answer ✔Technical Risk
Compression of project schedules due to a shortened project duration date. - correct answer
✔Schedule Risk
Time/cost dependency links: costs increase when problems take longer to solve than expected. - correct
answer ✔Cost Risk
, Changing the supply of funds for the project can dramatically affect the likelihood of implementation or
successful completion of a project. - correct answer ✔Funding Risk
An event that can have a positive impact on project objectives. - correct answer ✔Opportunity
Seeking to eliminate the uncertainty associated with an opportunity to ensure that it definitely happens.
- correct answer ✔Exploit
Allocating some or all of the ownership of an opportunity to another party who is best able to capture
the opportunity for the benefit of the project. - correct answer ✔Share
Taking action to increase the probability and/or the positive impact of an opportunity. - correct answer
✔Enhance
Being willing to take advantage of an opportunity if it occurs, but not taking action to pursue it. - correct
answer ✔Accept
Amounts of time used to compensate for unplanned delays in the project schedule. - correct answer
✔Time Buffers
Reducing the time of a critical activity usually incurs additional ___________ ___________ - correct
answer ✔Direct Costs
The following are examples of actions that are acceptable when resources are __________:
->Fast-tracking (think concurrent rather than linear)
->Critical-chain (resource focus, be good if not great, buffers, close monitoring)
