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Exam 11: Project Risk Management

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Question 31

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 A(n) _____ is a list of risks that are low priority, but are still identified as potential risks.

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Question 32

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 The basic concept of the _____ technique is to derive a consensus among a panel of experts who make predictions about future developments.

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Question 33

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 A project _____ is an uncertainty that can have a negative or positive effect on meeting project objectives.

 Explain the basic steps involved in performing a Monte Carlo analysis.

 List and briefly describe the major processes involved in risk management.

 One possible response to managing negative risk it to accept the potential effects from the risk.

 The _____ is the person who will own or take responsibility for the risk.

 Which action involves doing whatever you can to make sure the positive risk happens?

 Which process involves numerically estimating the effects of risks on project objectives?

 _____ is the process of understanding what potential events might hurt or enhance a particular project.

 Which action involves allocating ownership of the risk to another party?

 _____ is the product of a risk event probability and the risk event's monetary value.

 Which diagramming technique is used to help select the best course of action in situations in which future outcomes are uncertain?

 Which risks are direct results of implementing risk responses?

 The Monte Carlo analysis can predict the probability of finishing by a certain date or the probability that the cost will be equal to or less than a certain value.

 Unenforceable conditions or contract clauses and adversarial relations are risk conditions associated with the project _____ management knowledge area.

 Which action involves changing the size of the opportunity by identifying and maximizing key drivers of the positive risk?

 Which process involves taking steps to enhance opportunities and reduce threats to meeting project objectives?

 _____ is a qualitative risk analysis tool that maintains an awareness of risks throughout the life of a project in addition to identifying risks.

 Which analysis technique simulates a model's outcome many times to provide a statistical distribution of the calculated results?