bmgt485 – final UPDATED ACTUAL Exam
Questions and CORRECT Answers
risk - CORRECT ANSWER - uncertain event condition that if it occurs, has a positive or
negative effect on project objectives
poject lifecycle (risk chart) - CORRECT ANSWER - - risk is higher earlier in the project,
as project goes on risk decreases
- cost of risk is lower earlier in the project, as the project goes on the cost of risk increases
risk management process - CORRECT ANSWER - 1. identification
2. assessment
3. response development
4. response control
technical risks - CORRECT ANSWER - technology, requirements, performance, quality,
interfaces
internal risks - CORRECT ANSWER - resrouces (people), finding, presentation, culture,
policy, project dependencies
external risks - CORRECT ANSWER - market risk, environment, regulatory,
subcontractors/suppliers, brand, customers
risk identification - CORRECT ANSWER - internal, technical, external risks
risk assessment - CORRECT ANSWER - scoring of risk
, risk scoring - CORRECT ANSWER - measuring liklihood and impact to plot risks based
on severity
risk response development - CORRECT ANSWER - deciding which response type to use
1. avoiding
2. transferring
3. accept
4. mitigating
avoiding risk - CORRECT ANSWER - changing projects to eliminate risk
transferring risk - CORRECT ANSWER - outsourcing 3rd party
accepting risk - CORRECT ANSWER - assume risk and develop a contingency plan
mitigating risk - CORRECT ANSWER - training, quality control, redundant systems
response control - CORRECT ANSWER - reduce liklihood that event will occur and
reduce impact of event on the project
leadership vs management - CORRECT ANSWER - leadership is:
- setting direction
- providing motivation
- aligning people
management is the area between leadership and administration (where the work is done)
Questions and CORRECT Answers
risk - CORRECT ANSWER - uncertain event condition that if it occurs, has a positive or
negative effect on project objectives
poject lifecycle (risk chart) - CORRECT ANSWER - - risk is higher earlier in the project,
as project goes on risk decreases
- cost of risk is lower earlier in the project, as the project goes on the cost of risk increases
risk management process - CORRECT ANSWER - 1. identification
2. assessment
3. response development
4. response control
technical risks - CORRECT ANSWER - technology, requirements, performance, quality,
interfaces
internal risks - CORRECT ANSWER - resrouces (people), finding, presentation, culture,
policy, project dependencies
external risks - CORRECT ANSWER - market risk, environment, regulatory,
subcontractors/suppliers, brand, customers
risk identification - CORRECT ANSWER - internal, technical, external risks
risk assessment - CORRECT ANSWER - scoring of risk
, risk scoring - CORRECT ANSWER - measuring liklihood and impact to plot risks based
on severity
risk response development - CORRECT ANSWER - deciding which response type to use
1. avoiding
2. transferring
3. accept
4. mitigating
avoiding risk - CORRECT ANSWER - changing projects to eliminate risk
transferring risk - CORRECT ANSWER - outsourcing 3rd party
accepting risk - CORRECT ANSWER - assume risk and develop a contingency plan
mitigating risk - CORRECT ANSWER - training, quality control, redundant systems
response control - CORRECT ANSWER - reduce liklihood that event will occur and
reduce impact of event on the project
leadership vs management - CORRECT ANSWER - leadership is:
- setting direction
- providing motivation
- aligning people
management is the area between leadership and administration (where the work is done)
