MAN 4583 UCF FINAL Exam Questions and Correct Answers

Known unknowns risks you are aware of like weather delays, technology, widely dispersed project team, deliverable issues, limited options Unknown unknowns risks you can't predict and they come from super unlikely events like 9/11 event and you plan for them by setting up contingency funds based on past experiences. Risk management plan documents which risks to worry about and how you will handle them 1. evaluate risk 2. rate risk by probability and impact plan for risks of 9 or more risk responses to use 1. accept the consequence 2. avoid the risk by changing project scope 3. mitigate risk aka reducing impact 4. transferring risk like handing risk to someone else (insurance) keep risk plan up to date and they change as project goes on protects project from things that might go wrong monitoring and controlling risks -people are assigned to risks before a risk occurs: 1. implement proactive risk responses 2. watch for high priority risks unfolding 3. monitor events that trigger contingency plans 4.. launch risk responce 5. report on risk status procurement plan involves getting work done by people outside the project team includes processes, project phases, and key deliverables involves build vs. buy decisions 1. identify purchase needs like skills or products 2. document procurement processes like manage contracts 3. describe the make or buy decision process by understanding needs 4. list potential vendors