EXAM 3- Chapter 7- BUSI 313- Class
Notes Question and answers already
passed 2026
uncertain or chance event that, if it occurs, has a positive or negative effect on project objectives -
correct answer ✔risk
a proactive attempt to recognize and manage internal events and external threats that affect the
likelihood of a project's success - correct answer ✔risk management
a proactive approach rather than reactive, reduces surprises and negative consequences, prepares the
project manager to take advantage of appropriate risks, provides better control over the future,
improves chances of reaching project performance objectives within budget and on time. - correct
answer ✔Risk management benefits
1) risk identification, 2) risk assessment, 3) risk response development, ,4) risk response control - correct
answer ✔Steps in risk management
♣ generate a list of possible risks through brainstorming, problem identification and risk profiling
• Macro risks first, then specific event
♣ Use a RBS
♣ Develop a risk profile- a list of questions that address traditional areas of uncertainty on a project
(see p. 215)
♣ Drill down to events (i.e. meeting schedule)
Get input! - correct answer ✔Step 1) Risk Identification
♣ Scenario analysis for event probability and impact
♣ Risk assessment matrix- see p. 217
Notes Question and answers already
passed 2026
uncertain or chance event that, if it occurs, has a positive or negative effect on project objectives -
correct answer ✔risk
a proactive attempt to recognize and manage internal events and external threats that affect the
likelihood of a project's success - correct answer ✔risk management
a proactive approach rather than reactive, reduces surprises and negative consequences, prepares the
project manager to take advantage of appropriate risks, provides better control over the future,
improves chances of reaching project performance objectives within budget and on time. - correct
answer ✔Risk management benefits
1) risk identification, 2) risk assessment, 3) risk response development, ,4) risk response control - correct
answer ✔Steps in risk management
♣ generate a list of possible risks through brainstorming, problem identification and risk profiling
• Macro risks first, then specific event
♣ Use a RBS
♣ Develop a risk profile- a list of questions that address traditional areas of uncertainty on a project
(see p. 215)
♣ Drill down to events (i.e. meeting schedule)
Get input! - correct answer ✔Step 1) Risk Identification
♣ Scenario analysis for event probability and impact
♣ Risk assessment matrix- see p. 217
