Exam 2 (EGS4625 - Fundamentals
of Engineering Project
Management) UPDATED ACTUAL
Exam Questions and CORRECT
Answers
Save
Terms in this set (107)
Risk = uncertainty of an
event/consequence
- it's inherent in every project
What is "risk"?
- can be good or bad
- don't fear risk, manage it
Risk = opportunity
, The amount of satisfaction or
Risk utility (or
pleasure received from a potential
risk tolerance)
payoff
Allocation - directs responsibility
and control
Risk strategies Mitigation - the 'art' of managing
risks
Avoidance - don't take on the risk
Types of risk - Direct Control
(from a PM's - Influenced Only
perspective)? - Outside of Control
- Client Selection
- Project Selection
Directly
- Project Team Performance
controllable
- Employee Safety
risks
- Staff Selection
- Subcontractor Selection
, - Contract Terms and Conditions
- Client Satisfaction and
Expectations
- Subcontractor Performance and
'Influenced
Safety
only' risks
- Actual 3rd Party Impacts
^ Involves parties you do not have
direct oversight of
- Subcontractor Business
Management/Compliance
Risks beyond a - Regulatory Changes
PM's control - Legal Standards, Judgment and
Decisions Regarding Our Action
- Perceived 3rd Party Impacts
Project risk management is the art
and science of identifying,
What is risk analyzing, and responding to risk
management? throughout the life of a project
and in the best interests of
meeting project objectives
, The Key - Planning
Components of - Identification
A Risk - Analysis
Management - Response
Plan - Monitoring and Control
Step 1: Planning - Know your client/stakeholders
(of Risk - Know your contract
Management - Know your scope
Process) - Know your resources
A risk register:
Primary tool: - Contains the results of various
risk register risk management analyses
does what? - Documents potential risk events
and related information
of Engineering Project
Management) UPDATED ACTUAL
Exam Questions and CORRECT
Answers
Save
Terms in this set (107)
Risk = uncertainty of an
event/consequence
- it's inherent in every project
What is "risk"?
- can be good or bad
- don't fear risk, manage it
Risk = opportunity
, The amount of satisfaction or
Risk utility (or
pleasure received from a potential
risk tolerance)
payoff
Allocation - directs responsibility
and control
Risk strategies Mitigation - the 'art' of managing
risks
Avoidance - don't take on the risk
Types of risk - Direct Control
(from a PM's - Influenced Only
perspective)? - Outside of Control
- Client Selection
- Project Selection
Directly
- Project Team Performance
controllable
- Employee Safety
risks
- Staff Selection
- Subcontractor Selection
, - Contract Terms and Conditions
- Client Satisfaction and
Expectations
- Subcontractor Performance and
'Influenced
Safety
only' risks
- Actual 3rd Party Impacts
^ Involves parties you do not have
direct oversight of
- Subcontractor Business
Management/Compliance
Risks beyond a - Regulatory Changes
PM's control - Legal Standards, Judgment and
Decisions Regarding Our Action
- Perceived 3rd Party Impacts
Project risk management is the art
and science of identifying,
What is risk analyzing, and responding to risk
management? throughout the life of a project
and in the best interests of
meeting project objectives
, The Key - Planning
Components of - Identification
A Risk - Analysis
Management - Response
Plan - Monitoring and Control
Step 1: Planning - Know your client/stakeholders
(of Risk - Know your contract
Management - Know your scope
Process) - Know your resources
A risk register:
Primary tool: - Contains the results of various
risk register risk management analyses
does what? - Documents potential risk events
and related information
