FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 8: Managing Risk

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 21

True/False

Review LaterAdd Note

Review Later

Addressing risks proactively will increase the chances of achieving the project objective.

Correct Answer

verified

Show Answer

Question 22

Multiple Choice

Review LaterAdd Note

Review Later

Risks are prioritised based on

A) the likelihood of occurrence and degree of impact.
B) the order they are identified.
C) the gut feeling of the project team.
D) the priorities set in a different project.

Correct Answer

verified

Show Answer

Question 23

Multiple Choice

Review LaterAdd Note

A risk is an uncertain event that, if it occurs,

If the risks seem , the contractor may decide to not bid on a proposed project.

Establishing risk categories may help to identify and evaluate risks.Some categories to help identify risks include all the following except:

involves identifying, assessing, and responding to project risks in order to minimise the likelihood of occurrence and/or potential impact of adverse events on the achievement of the project objective.

If the risks seem too great, the contractor may decide to not bid on a proposed project.

Risks can be identified by using all the following except:

Risks ____ should be given higher priority because if the risk occurs, it would have a greater impact on the schedule than if it was associated with activities on a path that has a large positive value of total slack.

Risk identification is determining which risks may adversely affect the development of the project work breakdown structure and what the impact of each risk might be if it occurs.

With knowledge of potential risks, the contractor can include contingency or management reserve amounts in the bid price.

Some level of risk planning should be done during of the project life cycle to make sure that a contractor understands the risks involved with bidding on a proposed project.With knowledge of potential risks, the contractor can include contingency or management reserve amounts in the bid price.

Managing risk includes taking action to foster the likelihood of occurrence or the impact of such unfavourable events.

can be to avoid the risk, mitigate the risk, or accept the risk.

The project manager needs to set the tone for encouraging open and timely discussion of risks among the project team.

involves developing an action plan to reduce the likelihood of occurrence or potential impact of each risk, establishing a trigger point for when to implement the actions to address each risk, and assigning responsibility to specific individuals for implementing each response plan.

Risks may change as the project progresses and should be reflected in

is the warning flag for when to implement the action plan for the risk.

is a rating of low, medium, or high based upon the expected probability of a risk occurring during the project.

A risk is an uncertain event that, if it occurs, can jeopardise achieving the project objective.