MAN 4583 FINAL EXAM UCF UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
What is an uncertain event or condition that, if it occurs, has a positive or negative
effect on project objectives?
Answer:
Risk
Question:
What are the 3 steps in understanding risks?
Answer:
1. Hold a brainstorming session
2. Industry specific risk categories
3. Look at WBS and identify risks by tasks or group of
tasks
Question:
What are the four ways to manage project risk?
Answer:
Develop a risk management plan
1. Identify risks
2. Perform qualitative & quantitative risk analysis
3. Risk response plans
4. Risk register
Question:
What is a document that describes how project risk management will be
structured and performed on a project?
Answer:
Risk Plan
Question:
Adopting proven technology instead of experimental technology in order to
eliminate technical failure would be an example of which risk response?
Answer:
Avoiding
Question:
The attempt to recognize and manage potential and unforeseen trouble spots
that may occur when a project is implemented is known as what?
Answer:
Risk Management
Question:
What is one common mistake made early in the risk identification process?
, Answer:
Focus on consequences and not on the events that could
produce consequences.
Question:
Organizations use ____ in conjunction with work breakdown structures to help
management teams identify and eventually analyze risk.
Answer:
Risk breakdown structures
Question:
After your team has successfully identified potential risks that could affect the
project, what is the next step?
Answer:
Assess identified risks
Question:
Tools such as a risk assessment form and a risk severity matrix are used to do
what?
Answer:
Assess risks
Question:
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
Answer:
A 50% $90,000
Question:
Transferring
Answer:
Purchasing an accident insurance policy would be an example of responding to a
risk by ____ it.
Question:
What are two important basic concepts at the core of any type of project risk
analysis?
Answer:
Probability and Impact
Question:
Which of the following defines risk mitigation?
Answer:
QUESTIONS AND CORRECT ANSWERS
Question:
What is an uncertain event or condition that, if it occurs, has a positive or negative
effect on project objectives?
Answer:
Risk
Question:
What are the 3 steps in understanding risks?
Answer:
1. Hold a brainstorming session
2. Industry specific risk categories
3. Look at WBS and identify risks by tasks or group of
tasks
Question:
What are the four ways to manage project risk?
Answer:
Develop a risk management plan
1. Identify risks
2. Perform qualitative & quantitative risk analysis
3. Risk response plans
4. Risk register
Question:
What is a document that describes how project risk management will be
structured and performed on a project?
Answer:
Risk Plan
Question:
Adopting proven technology instead of experimental technology in order to
eliminate technical failure would be an example of which risk response?
Answer:
Avoiding
Question:
The attempt to recognize and manage potential and unforeseen trouble spots
that may occur when a project is implemented is known as what?
Answer:
Risk Management
Question:
What is one common mistake made early in the risk identification process?
, Answer:
Focus on consequences and not on the events that could
produce consequences.
Question:
Organizations use ____ in conjunction with work breakdown structures to help
management teams identify and eventually analyze risk.
Answer:
Risk breakdown structures
Question:
After your team has successfully identified potential risks that could affect the
project, what is the next step?
Answer:
Assess identified risks
Question:
Tools such as a risk assessment form and a risk severity matrix are used to do
what?
Answer:
Assess risks
Question:
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
Answer:
A 50% $90,000
Question:
Transferring
Answer:
Purchasing an accident insurance policy would be an example of responding to a
risk by ____ it.
Question:
What are two important basic concepts at the core of any type of project risk
analysis?
Answer:
Probability and Impact
Question:
Which of the following defines risk mitigation?
Answer:
