OMGT 229 Quiz 6 Chapter 8
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Centennial College *
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229
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Information Systems
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Feb 20, 2024
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Quiz 6 Chapter 8
1.
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 occurs.
Answer: False
2.
The risk should be those that are somewhat likely to occur and/or can have a significant positive impact on accomplishing the project objective.
Answer: False
3.
Waiting for favorable events to occur and then reacting to them can result in panic and costly responses.
Answer: False
4.
A risk is an uncertain event that, if occurs, can jeopardize accomplishing the project objective.
Answer: True 5.
Risk management involves identifying, assessing, and responding to project risks in order to minimize the likelihood of occurrence and/or potential impact of the accomplishment of the project objective.
Answer: True
6.
_____ is the warning flag for when to implement the action plan for the risk.
Answer: The action trigger
7.
_____ can be to avoid the risk, mitigate the risk, or accept the risk.
Answer: A risk response plan
8.
Regularly review and evaluate _____ to determine if there are any changes to the likelihood of occurrence or the potential impact of any of the risks.
Answer: all risks
9.
A risk is
Answer: an uncertain event that, if it occurs, can jeopardize accomplishing the project objective.
10.
_____ risk involves determining the likehood that the risk event will occur and the degree of impact the event will have on the project objective.
Answer: Assessing
11.
_____ Is a defined set of actions to prevent or reduce the likehood of occurrence or the impact of the risk, or to implement if the risk event occurs.
Answer: A risk response plan
12.
A realistic approach to managing the risk is to
Answer: brainstorm possible risks and assess the likelihood of occurrence and level of impact.
13.
Risk can be prioritized based on
Answer: the likehood of occurrence and degree of impact
14.
_____ involves identifying, assessing, and responding to project risks in order to minimize the likehood of occurrence and/or potential impact of adverse events on the accomplishment of the
project objective.
Answer: Risk management
15.
If the risks seem too great the contractor may decide to not bid on a proposed project.
ANSWER: TRUE
16.
Addressing risks proactively will increase the chances of accomplishing the project objective.
ANSWER: TRUE
17.
Addressing risks ______ will increase the chances of accomplishing the project objective.
ANSWER: proactively
18.
Risks are prioritized based on
ANSWER: The likelihood of occurrence and degree of impact.
19.
The possible impact for rain or snow on the day of an event is
ANSWER: Low attendance at the event
20.
As the project progresses, the project team should
ANSWER: Regularly review the risk management matrix to evaluate any changes
21.
Includes determining which risks may adversely affect the project objective and what the impact
of each risk might be if it occurs.
ANSWER: Risk identification
22.
____ involves determining the likelihood that the risk event will occur and the degree of impact the event will have on the project objective.
ANSWER: Assessing each risk
23.
_____ includes taking action to prevent or minimize the likelihood of occurrence or the impact of such unfavorable events.
ANSWER: Managing risk
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