MAN 4583 Final Exam UCF Questions and Answers Already Passed

MAN 4583 Final Exam UCF Questions and Answers Already Passed What is an uncertain event or condition that, if it occurs, has a positive or negative effect on project objectives? Risk What are the 3 steps in understanding risks? 1. Hold a brainstorming session 2. Industry specific risk categories 3. Look at WBS and identify risks by tasks or group of tasks What are the four ways to manage project risk? Develop a risk management plan 1. Identify risks 2. Perform qualitative & quantitative risk analysis 3. Risk response plans 4. Risk register What is a document that describes how project risk management will be structured and performed on a project? Risk Plan Adopting proven technology instead of experimental technology in order to eliminate technical failure would be an example of which risk response? Avoiding What is the initial step in the risk management process? Identify risks The attempt to recognize and manage potential and unforeseen trouble spots that may occur when a project is implemented is known as what? Risk Management What is one common mistake made early in the risk identification process? Focus on consequences and not on the events that could produce consequences. The risk response plans should have _______ owner(s). One Organizations use ____ in conjunction with work breakdown structures to help management teams identify and eventually analyze risk. Risk breakdown structures The risk management plan should be created prior to a ________. Baseline Schedule After your team has successfully identified potential risks that could affect the project, what is the next step? Assess identified risks Tools such as a risk assessment form and a risk severity matrix are used to do what? Assess risks Which of the following is your least important risk? Risk/Probability/Impact? A 50% $90,000 B 75% $100,000 C 25% $200,000 D 40% $160,000 A 50% $90,000 Purchasing an accident insurance policy would be an example of responding to a risk by ____ it. Transferring Risks are evaluated in terms of what? Likelihood and impact What are two important basic concepts at the core of any type of project risk analysis? Probability and Impact Which of the following defines risk mitigation? Taking action that will cause the risk to do as little damage to the project as possible Which of the following is NOT one of the potential responses to a specific risk event Ignoring The risk associated with the unlikelihood that one of the key members will be struck by lightning would most likely be handled by which of the following? Retaining Risks that can result in a system or process that will not work are known as what? Technical risks Funds that are for identified risks that have a low probability of occurring and that decrease as the project progresses are called ______ reserves. Budget Which of the following is identified to cover major unforeseen risks and, hence, are applied to the total project? Management Reserves The first step in the risk management process is ____. Risk Anticipation The ____ form identifies each risk event, the likelihood of it occurring, the potential impact, when it may occur, and the degree of difficulty in detecting