Quiz 13 All Correct
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Information Systems
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Feb 20, 2024
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Quiz 13 All Correct
1.
When the project team is dealing with threats, which risk response strategies will require more effort?
Risk avoidance and risk mitigation
2.
Which of the following is NOT an objective of the risk monitoring process?
Implement the agreed-upon risk response plans
3.
What is the difference between risk appetite, risk threshold, and risk tolerance?
Risk appetite describes the general attitude of the organization regarding risk, risk tolerance defines how much impact the organization will accept, and risk threshold defines the impact point where the risk will no longer be accepted.
4.
Which risk management processes use the risk register and the risk report?
They are used by all the risk management processes throughout the project.
5.
Risk A has a probability of 50 percent and an impact score of 9. Risk B has a probability of 60 percent and an impact score of 8. Risk C has a probability of 90 percent and an impact score of 6. Risk D has a probability of 30 percent and an impact score of 10. Which risk will be ranked the highest?
Risk C
6.
By considering the uncertainty level of both the requirements and the technical solution for the project, the project manager refers to the Stacey complexity model and determines the project falls into the complicated range. What project approach does the Stacey complexity model recommend in this situation?
Adaptive approach
7.
If an organization is comfortable with most uncertainty and accepts risk as a normal part of doing business and projects, how you would describe the risk appetite of the organization?
Risk-tolerant
8.
Which risk analysis tool is used to determine which risks have the greatest impact on the project’s critical path?
Monte Carlo simulation
9.
What are some other factors besides probability and impact that should be evaluated before assigning a final priority level to a given risk?
Urgency, proximity and propinquity
10.
What are some examples of quantitative risk analysis tools?
Simulation, sensitivity diagrams, and influence diagrams
11.
What is the objective of qualitative risk analysis?
To prioritize and rank the identified risks so the project can focus on the high-priority risks
12.
Due to the potential impact to multiple project objectives, the project team has decided to take action to eliminate a particular risk. Which risk response strategy have they selected?
Risk avoidance
13.
Which of the following statements are true about the risk management plan? (Choose two.)
It often contains sections describing the risk strategy, the risk categories to be used, and the definitions for risk probability and impact to be used. It documents how risks will be managed and controlled for the project.
14.
During risk identification, the project team discovered an opportunity to reduce the project cost by 30 percent. Due to this potential savings, the project team decided to make sure this opportunity occurs. What risk response strategy are they employing in this scenario?
Risk exploitation
15.
What are some of the reasons organizations do not leverage quantitative risk analysis during the
risk analysis process? (Choose three.)
It requires a solid baseline for scope, schedule, and cost.
It requires additional time and investment.
It requires high-quality data for each individual project risk.
16.
What are the response options for dealing with threats?
Escalate, Transfer, Accept, Avoid, and Mitigate
17.
What are common acronyms used to describe common sources of project risks?
PESTLE, TECOP, and VUCA
18.
What is secondary risk?
A new risk resulting from the implementation of a risk response plan
19.
What is the difference between a threat and an opportunity?
Threats are risks that can negatively impact project objectives. Opportunities are risks that can positively impact project objectives
20.
The project team documents in the risk management plan that it will use risk classifications of scope, schedule, cost, and quality. What type of risk classification is this?
Effect-Based
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