Information Technology Project Management Chapter 11 Test Bank Solution Manual Already Passed

Information Technology Project Management Chapter 11 Test Bank Solution Manual Already Passed risk - Answers an uncertainty that can have a negative or positive effect on meeting project objectives. risk appetite - Answers degree of uncertainty an entity is willing to take on, in anticipation of a reward. risk tolerance - Answers the maximum acceptable deviation an entity is willing to accept on the project or business objectives as the potential impact Risk utility - Answers amount of satisfaction or pleasure received from a potential payoff. risk-averse - Answers when more payoff or money is at stake, a person or organization that is risk-averse gains less satisfaction from the risk, or has lower tolerance for the risk. risk-seeking - Answers higher tolerance for risk, and their satisfaction increases when more payoff is at stake. risk-neutral - Answers person achieves a balance between risk and payoff. known risks - Answers describe risks that the project team has identified and analyzed. unknown risks - Answers not been identified and analyzed, cannot be managed Planning risk management - Answers involves deciding how to approach and plan risk management activities for the project. Identifying risks - Answers determining which risks are likely to affect a project and documenting the characteristics of each. Performing qualitative risk analysis - Answers prioritizing risks based on their probability of occurrence and impact. Performing quantitative risk analysis - Answers involves numerically estimating the effects of risks on project objectives. Planning risk responses - Answers taking steps to enhance opportunities and reduce threats to meeting project objectives. Controlling risk - Answers monitoring identified and residual risks, identifying new risks, carrying out risk response plans, and evaluating the effectiveness of risk strategies throughout the life of the project. risk management plan - Answers documents the procedures for managing risk throughout the project. Contingency plans - Answers predefined actions that the project team will take if an identified risk event occurs. Fallback plans - Answers developed for risks that have a high impact on meeting project objectives and are put into effect if attempts to reduce the risk do not work. Contingency reserves or contingency allowances - Answers funds included in the cost baseline that can be used to mitigate cost or schedule overruns if known risks occur. Management reserves - Answers funds held for unknown risks that are used for management control purposes. risk breakdown structure - Answers a hierarchy of potential risk categories for a project. Brainstorming - Answers technique by which a group attempts to generate ideas or find a solution for a specific problem by amassing ideas spontaneously and without judgment. Delphi technique - Answers derive a consensus among a panel of experts who make predictions about future developments. Interviewing - Answers a fact-finding technique for collecting information in face-to-face, phone, e-mail, or virtual discussions. risk register - Answers document that contains results of various risk management processes; it is often displayed in a table or spreadsheet format. risk events - Answers specific, uncertain events that may occur to the detriment or enhancement of the project. Triggers - Answers indicators or symptoms of actual risk events. risk owner - Answers person who will take responsibility for the risk a probability/impact matrix or chart - Answers which lists the relative probability of a risk occurring and the relative impact of the risk occurring. risk factors - Answers factors—numbers that represent the overall risk of specific events, based on their probability of occurring and the consequences to the project if they do occur. Top Ten Risk Item Tracking - Answers a qualitative risk analysis tool. In addition to identifying risks, it maintains an awareness of risks throughout the life of a project by helping to monitor risks. watch list - Answers a list of risks that have low priority but are still identified as potential risks.