Defense Acquisition University Risk
Management Questions With
Verified Solutions 100% Correct
Answers Already Graded A+
QUESTIONS AND ANSWERS
What is Risk? ANSWER -Risk: a measure of the potential inability to achieve overall
program objectives within defined cost, schedule, and technical constraints.
What is Risk Management? ANSWER -A method for dealing with uncertainty.
- "Known-unknowns" - can be planned for, monitored and actively countered
- "Unknown-unknowns" - Identified/reduced through Risk Management process,
residuals are Risk Management failures; the program can only react to these
What are the five major phases in the Risk Management process? ANSWER -1. Risk
Management Planning
2. Risk Identification
3. Risk Analysis
4. Risk Response Planning
5. Risk Monitoring and Control
What are some activities of the Risk Management Planning phase? ANSWER --
Deciding how to approach and conduct risk management for a specific project
-Analysis of the level, type, and visibility of risk management needed
-Produces the Risk Management Plan
, What are some activities of the Risk Identification phase? ANSWER -Answers the
question "What can go wrong?" by:
-Looking at current and proposed staffing, process, design, supplier, operational
employment, resources, dependencies, etc.
-Monitoring test results, especially test failures
-Reviewing potential shortfalls against expectations
-Analyzing negative trends
What are some activities of the Risk Analysis phase? ANSWER -Answers the
question "How big is the risk?" by:
-Considering the likelihood of the root cause occurrence
-Identifying the possible consequences in terms of performance, schedule, and cost
-Identifying the risk level using the Risk Reporting Matrix
What are some activities of the Risk Response Planning phase? ANSWER -Answers
the question "What is the program approach for addressing this potential unfavorable
consequence?" by one or more of the following:
-Assuming the level of risk and continuing on the current program plan
-Avoiding risk by eliminating the root cause and/or the consequence
-Mitigating the cause or consequence
-Transferring the risk
What are some activities of the Risk Monitoring and Control phase? ANSWER -
Answers the question "How can the planned risk response be implemented?"
It:
Management Questions With
Verified Solutions 100% Correct
Answers Already Graded A+
QUESTIONS AND ANSWERS
What is Risk? ANSWER -Risk: a measure of the potential inability to achieve overall
program objectives within defined cost, schedule, and technical constraints.
What is Risk Management? ANSWER -A method for dealing with uncertainty.
- "Known-unknowns" - can be planned for, monitored and actively countered
- "Unknown-unknowns" - Identified/reduced through Risk Management process,
residuals are Risk Management failures; the program can only react to these
What are the five major phases in the Risk Management process? ANSWER -1. Risk
Management Planning
2. Risk Identification
3. Risk Analysis
4. Risk Response Planning
5. Risk Monitoring and Control
What are some activities of the Risk Management Planning phase? ANSWER --
Deciding how to approach and conduct risk management for a specific project
-Analysis of the level, type, and visibility of risk management needed
-Produces the Risk Management Plan
, What are some activities of the Risk Identification phase? ANSWER -Answers the
question "What can go wrong?" by:
-Looking at current and proposed staffing, process, design, supplier, operational
employment, resources, dependencies, etc.
-Monitoring test results, especially test failures
-Reviewing potential shortfalls against expectations
-Analyzing negative trends
What are some activities of the Risk Analysis phase? ANSWER -Answers the
question "How big is the risk?" by:
-Considering the likelihood of the root cause occurrence
-Identifying the possible consequences in terms of performance, schedule, and cost
-Identifying the risk level using the Risk Reporting Matrix
What are some activities of the Risk Response Planning phase? ANSWER -Answers
the question "What is the program approach for addressing this potential unfavorable
consequence?" by one or more of the following:
-Assuming the level of risk and continuing on the current program plan
-Avoiding risk by eliminating the root cause and/or the consequence
-Mitigating the cause or consequence
-Transferring the risk
What are some activities of the Risk Monitoring and Control phase? ANSWER -
Answers the question "How can the planned risk response be implemented?"
It:
