MAN 4583 FINAL EXAM UCF
Risk-Answer- What is an uncertain event or condition that, if it occurs, has a positive or
negative effect on project objectives?
1. Hold a brainstorming session
2. Industry specific risk categories
3. Look at WBS and identify risks by tasks or group of tasks-Answer- What are the 3
steps in understanding risks?
Develop a risk management plan
1. Identify risks
2. Perform qualitative & quantitative risk analysis
3. Risk response plans
4. Risk register-Answer- What are the four ways to manage project risk?
Risk Plan-Answer- What is a document that describes how project risk management will
be structured and performed on a project?
Avoiding-Answer- Adopting proven technology instead of experimental technology in
order to eliminate technical failure would be an example of which risk response?
Identify risks-Answer- What is the initial step in the risk management process?
Risk Severity-Answer- The ____ matrix is divided into red, yellow, and green zones
representing major, moderate, and minor risks.
Transferring risk-Answer- What is a fixed price contract an example of?
A risk response is part of the actual implementation plan and action is taken before the
risk can materialize, while a contingency plan goes into effect only after the risk has
transpired-Answer- What is a key distinction between a risk response and a contingency
plan?
Avoiding-Answer- When considering risk response development, changing the plan to
eliminate the risk or condition is known as ____ the risk.
Retaining-Answer- When considering risk response development, assuming the risk
because the chance of such an event is slim is known as ____ the risk.
Mitigating-Answer- When considering risk response development, reducing the
likelihood that an event will occur and/or reducing the impact that an adverse event
would have on a project is known as ____ the risk.
Transferring-Answer- When considering risk response development, passing risk to
another party instead of changing it is known as ____ the risk.
, Mitigating-Answer- Testing a new project on a smaller isolated area prior to installing it
for the entire organization is an example of ____ a risk.
Transferring-Answer- Performance bonds, warranties, and insurance are examples of
____ a risk.
Avoiding-Answer- Choosing to move a concert indoors to eliminate the threat of bad
weather is an example of ____ a risk.
Retain-Answer- Flooding would be devastating to the project; however, it is very
unlikely. The project manager is most likely to ____ this risk.
Risk Management-Answer- The attempt to recognize and manage potential and
unforeseen trouble spots that may occur when a project is implemented is known as
what?
Focus on consequences and not on the events that could produce consequences.-
Answer- What is one common mistake made early in the risk identification process?
One-Answer- The risk response plans should have _______ owner(s).
Risk breakdown structures-Answer- Organizations use ____ in conjunction with work
breakdown structures to help management teams identify and eventually analyze risk.
Baseline Schedule-Answer- The risk management plan should be created prior to a
________.
Assess identified risks-Answer- After your team has successfully identified potential
risks that could affect the project, what is the next step?
Assess risks-Answer- Tools such as a risk assessment form and a risk severity matrix
are used to do what?
A 50% $90,000-Answer- 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
Transferring-Answer- Purchasing an accident insurance policy would be an example of
responding to a risk by ____ it.
Likelihood and impact-Answer- Risks are evaluated in terms of what?
Risk-Answer- What is an uncertain event or condition that, if it occurs, has a positive or
negative effect on project objectives?
1. Hold a brainstorming session
2. Industry specific risk categories
3. Look at WBS and identify risks by tasks or group of tasks-Answer- What are the 3
steps in understanding risks?
Develop a risk management plan
1. Identify risks
2. Perform qualitative & quantitative risk analysis
3. Risk response plans
4. Risk register-Answer- What are the four ways to manage project risk?
Risk Plan-Answer- What is a document that describes how project risk management will
be structured and performed on a project?
Avoiding-Answer- Adopting proven technology instead of experimental technology in
order to eliminate technical failure would be an example of which risk response?
Identify risks-Answer- What is the initial step in the risk management process?
Risk Severity-Answer- The ____ matrix is divided into red, yellow, and green zones
representing major, moderate, and minor risks.
Transferring risk-Answer- What is a fixed price contract an example of?
A risk response is part of the actual implementation plan and action is taken before the
risk can materialize, while a contingency plan goes into effect only after the risk has
transpired-Answer- What is a key distinction between a risk response and a contingency
plan?
Avoiding-Answer- When considering risk response development, changing the plan to
eliminate the risk or condition is known as ____ the risk.
Retaining-Answer- When considering risk response development, assuming the risk
because the chance of such an event is slim is known as ____ the risk.
Mitigating-Answer- When considering risk response development, reducing the
likelihood that an event will occur and/or reducing the impact that an adverse event
would have on a project is known as ____ the risk.
Transferring-Answer- When considering risk response development, passing risk to
another party instead of changing it is known as ____ the risk.
, Mitigating-Answer- Testing a new project on a smaller isolated area prior to installing it
for the entire organization is an example of ____ a risk.
Transferring-Answer- Performance bonds, warranties, and insurance are examples of
____ a risk.
Avoiding-Answer- Choosing to move a concert indoors to eliminate the threat of bad
weather is an example of ____ a risk.
Retain-Answer- Flooding would be devastating to the project; however, it is very
unlikely. The project manager is most likely to ____ this risk.
Risk Management-Answer- The attempt to recognize and manage potential and
unforeseen trouble spots that may occur when a project is implemented is known as
what?
Focus on consequences and not on the events that could produce consequences.-
Answer- What is one common mistake made early in the risk identification process?
One-Answer- The risk response plans should have _______ owner(s).
Risk breakdown structures-Answer- Organizations use ____ in conjunction with work
breakdown structures to help management teams identify and eventually analyze risk.
Baseline Schedule-Answer- The risk management plan should be created prior to a
________.
Assess identified risks-Answer- After your team has successfully identified potential
risks that could affect the project, what is the next step?
Assess risks-Answer- Tools such as a risk assessment form and a risk severity matrix
are used to do what?
A 50% $90,000-Answer- 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
Transferring-Answer- Purchasing an accident insurance policy would be an example of
responding to a risk by ____ it.
Likelihood and impact-Answer- Risks are evaluated in terms of what?
