There is a lot of news about risk management in project management. Identify and discuss the one thing about risk management that concerns you.
There is a lot of news about risk management in project management. Identify and discuss the one thing about risk management that concerns you.
BUS519 Project Risk Management
Week 2 Discussion
There are four critical success factors that are important for effective risk management: supportive organization; competent people; appropriate methods, tools, and techniques; and simple, scalable processes. Determine three obstacles for an organization to manage risk effectively. Suggest strategies from the perspective of a project manager to avoid the obstacles.
BUS519 Project Risk Management
Week 3 Discussion
One of the most important aspects of managing risk for a project is to accurately define the size of the project. Determine the criteria that must be considered to perform the project sizing. Create one additional factor with a rationale.
BUS519 Project Risk Management
Week 4 Discussion
Imagine you are considering opening a business. Share the type of business you would open. Then, create a list of the five most significant risks that you must address prior to making your decision regarding the viability of your venture. Justify the risks.
BUS519 Project Risk Management
Week 5 Discussion
Using the information presented in Practical Project Risk Management Figure 6-3, “Common Influences on Risk Perception,” determine the conscious factors, subconscious factors, and affective factors for this project. Examine how awareness of such factors influences the decision to hire outside vendors. In addition, analyze how the stated factors help improve the overall facilitation and effectiveness of the risk management.
BUS519 Project Risk Management
Week 6 Discussion
Review the Monte Carlo Analysis method presented in Chapter 15 in Practical Project Risk Management. Then, determine whether you would recommend to a project manager the use of this methodology for a large, complex project. Include an example to support your response. If you would not recommend the use of a method such as Monte Carlo, explain what you would recommend as an alternative tool that would allow the project manager to make informed decisions. Provide a rationale for your recommendation.
After posting your response, respond to at least one of your classmates on their suggestions.
BUS519 Project Risk Management
Week 7 Discussion
Evaluate your project management options in terms of schedule, performance, and cost for the following scenario. Support your evaluation.
An office building construction project in the southern Virginia area is 80% complete when a major hurricane strikes, stopping progress on the worksite for 10 days while damage is assessed and repairs are completed. The project has a fixed budget and a completion date that cannot be moved.
BUS519 Project Risk Management
Week 8 Discussion
In many risk programs, risks are managed individually. A robust risk program, however, considers the cumulative effect of all risks. Assess the following scenario and identify the effect of multiple events on a risk management strategy:
When the Titanic struck the iceberg, the weather was bad, the lookouts were not properly equipped, the radio operator was not monitoring other ship traffic in the area, and the ship design had a major flaw in the construction of the hull’s “watertight” compartments.
BUS519 Project Risk Management
Week 9 Discussion
Compare and contrast the differences in the ATOM methodology for large versus small projects. Analyze the key reasons why it is important to address these differences when preparing the initial project plan.
After posting your response, respond to at least one of your classmates on their suggestions.
BUS519 Project Risk Management
Week 10 Discussion
Debate whether the cost of utilizing ATOM for large projects is justified when an organization has limited resources to dedicate to risk management efforts. Provide a description that you would present to your managers to persuade them to see matters your way.
After posting your response, respond to at least one of your classmates on their recommendations.
BUS519 Project Risk Management
Week 11 Discussion
We have covered a lot of ground regarding project risk project management. Identify and discuss the one thing about project risk management that excites you after completing this course. What additional topics would you have liked to spend more time on? Why?
After posting your response, respond to at least one of your classmates on their selection and rationale.
BUS519 Project Risk Management
Assess Organizational Readiness
The assignments in this course are a series of papers that are based on the same case, which is located in the XanEdu tab in the left-hand menu of your course. The assignments depend on one another. Review the assigned case study and complete this assignment.
Write a 4–6 page paper in which you:
Analyze how the critical success factors (CSFs) apply to the facts of the case study. Provide examples to support your analysis.
Determine the project benefits, organizational readiness, and risk culture of the company in the case study. Provide justification for your response.
Develop at least three project risk recommendations based on your analysis.
Identify the initial categories of risk (RBS Level 1 and 2) that you see as being present in the case study using the Example Risk Checklist (Figure A-2, in Practical Project Risk Management).
Use at least three quality resources in this assignment. Note: Wikipedia and similar websites do not qualify as quality resources.
This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.
The specific course learning outcome associated with this assignment is:
Assess the critical success factors (CSFs), project benefits, organizational readiness, and risk culture of a company to inform the development of project risk recommendations.
BUS519 Project Risk Management
Risk Management Plan
Note: The assignments in this course are a series of papers that are based on the same case, which is located in the XanEdu tab in the left-hand menu of your course. The assignments depend on one another. In this assignment, you will create a risk management plan. You have a budget of $100,000 and a timeline of six months for the plan. Please refer to the Risk Management Plan Template (Figure A-1 in Practical Project Risk Management) to create the plan.
Write an 8–10 page paper in which you:
Prepare the scope and objectives of the Risk Management Process section of the Risk Management Plan, based on the facts presented in the case study.
Determine the project size, based on the facts presented in the case study, and provide justification based on the Example Project Sizing Tool (Figure 3-4 in Practical Project Risk Management).
Select the risk tools and techniques, and complete the Risk Tools and Techniques section of the Risk Management Plan for both the qualitative and quantitative aspects of the project. Provide a rationale for the selections.
Develop the Risk Reviews and Reporting section of the Risk Management Plan, based on the project size previously determined.
Define the Probability and Impacts section of the Risk Management Plan, and justify the values assigned.
Define the Risk Thresholds section of the Risk Management Plan, and justify the values assigned.
Use at least three quality resources in this assignment. Note: Wikipedia and similar websites do not qualify as quality resources.
This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.
The specific course learning outcome associated with this assignment is:
Create a risk management plan that includes justification to support your rationale.
BUS519 Project Risk Management
Risk Workshop and Risk Register
Note: The assignments in this course are a series of papers that are based on the same case, which is located in the XanEdu tab in the left-hand menu of your course. The assignments depend on one another.
Write an 8–10 page paper in which you:
Identify the required pre-workshop activities.
Prepare a risk workshop agenda based on the Sample Agenda for a First Risk Assessment/Two-Day Risk Workshop (Figure B-8 in Practical Project Risk Management). Include suggested time intervals for each activity and justify why each agenda item is relevant for this case.
Determine the top five threats in a risk register following the Sample Simplified Risk Register Format (Figure B-11 in Practical Project Risk Management). Include information from the case for each threat.
Justify the assignment of probability and impacts for each threat identified.
Document the top three opportunities in a risk register following the Sample Simplified Risk Register Format (Figure B-11 in Practical Project Risk Management). Include information from the case for each opportunity.
Justify the assignment of probability and impacts for each opportunity identified.
Use at least three quality resources in this assignment. Note: Wikipedia and similar websites do not qualify as quality resources.
This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.
The specific course learning outcome associated with this assignment is:
Create a risk register that assesses the probability of impacts for threats and opportunities and is informed by a risk workshop.
BUS519 Project Risk Management
PROJECT PROGRESS
Note: The assignments in this course are a series of papers that are based on the same case, which is located in the XanEdu tab in the left-hand menu of your course. The assignments depend on one another. During the project life cycle, project risk reviews and reports are required, as previously identified in the risk management plan. Two months after the project started, the following events have taken place:
The top two threats have occurred.
The top opportunity has been realized.
The project’s risk budget is already exhausted.
The risk management schedule has been shortened by two months.
Write a 4–6 page paper in which you:
Analyze the impact of the events on the project.
Determine if any mitigation activities are required, and explain why.
Determine if budget or schedule changes are necessary, and explain why.
Update the risk register and highlight the changes made. Provide the justification for the changes.
Use at least four quality resources in this assignment. Note: Wikipedia and similar websites do not qualify as quality resources.
This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.
The specific course learning outcome associated with this assignment is:
Assess the impact of events on the project’s progress in order to determine an appropriate risk response plan.
BUS519 Project Risk Management
Quiz 1
Question 1 Which of the following is an enterprise environmental factor that can affect the availability of resources and influence how projects are conducted?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Organizational communication
B Organizational process assets
C Organizational culture
D Organizational structure
Question 2 You are a project manager for Tech Perfect Inc. While studying the project, you find that there are too many stakeholders in the project. You are concerned about some influencing stakeholders. Which of the following process groups can be highly affected by stakeholder influence?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Initiating
B Closing
C Monitoring and controlling
D Planning
Question 3 Which of the following processes includes documenting requirements, budget, and work flow for the project?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Planning
B Initiating
C Closing
D Executing
Ben is the project manager of the YHT project for his company. Alice, one of his team members, is confused about when project risks will happen in the project. Which one of the following statements is the most accurate about when project risk happens?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Project risk is always in the future.
B Project risk can happen at any moment.
C Project risk is uncertain, so no one can predict when the event will happen.
D Project risk happens throughout the project execution.
For successful and timely completion, a project includes five phases. Which of the following phases defines internal and external stakeholders who will interact and influence the overall project outcome?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Executing
B Initiating
C Closing
D Monitoring and controlling
Which of the following process groups contains the lowest number of processes?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Executing and closing
B Executing and planning
C Initiating and closing
D Initiating and planning
Which of the following is a set of projects, programs, and related work that is managed in a coordinated fashion to achieve strategic business objectives in an organization?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Process
B Portfolio
C Project
D Program
Which of the following is an example of an intangible element in business value?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Stockholder equity
B Fixture
C Monetary asset
D Brand recognition
Which of the following phases includes processes to keep close track of project performance, changes, and risks?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Initiating
B Planning
C Executing
D Monitoring and controlling
Which of the following phases monitors the progress of the project to identify the variance from the plan and to correct it?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Monitoring and controlling
B Initiating
C Planning
D Executing
Explanation
Question In what portion of a project are risk and opportunities greatest and require intense planning and anticipation of risk events?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Closing
B Executing
C Planning
D Initiating
Explanation
Which of the following is a hierarchical organization where each employee has one clear superior and is managed by a person with expertise in that area?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Projectized
B Functional
C Composite
D Matrix
Explanation
Fran is the project manager in her organization. She reports to a project management office that takes control of the projects. Fran, through the PMO, will directly manage the project. Fran is a part of what type of PMO?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Controlling
B Directive
C Functional
D Supportive
Explanation
BUS519 Project Risk Management
Week 2 Quiz
Which of the following processes are included in the project risk management?
Each correct answer represents a complete solution. Choose all that apply.
This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Perform negative risk analysis
B Plan risk management
C Plan risk responses
D Control risks
Which of the following is the process of defining the way to conduct the risk management activities?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Plan risk responses
B Plan risk management
C Perform qualitative risk analysis
D Perform quantitative risk analysis
Billy is the project manager of the HAR Project and is in month six of the project. The project is scheduled to last for 18 months. Management asks Billy how often the project team is participating in risk reassessment in this project. What should Billy tell management if he is following the best practices for risk management?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Project risk management is scheduled for every month in the 18-month project.
B Project risk management has been concluded with the project planning.
C Project risk management is an agenda item at every status meeting.
D Project risk management happens at every milestone.
All of the following are included in the risk registers except for which one?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Network diagram analysis of critical path activities
B List of potential risk responses
C Trends in qualitative risk analysis results
D Symptoms and warning signs of risks
Which of the following is an input/output document that outlines exactly how risk management will be performed on a given project?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Risk management plan
B Project charter
C Technical documentation
D Project scope statement
Which of the following risk management methods is the conversion of risk data into risk decision-making information?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Track
B Plan
C Analyze
D Identify
Which of the following processes included in risk management decides how risk management activities for the project at hand will be performed?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Perform qualitative risk analysis
B Plan risk responses
C Plan risk management
D Identify risks
BUS519 Project Risk Management
Week 3 Quiz
You, as a project manager, are in the process of gathering, creating, storing, distributing, and disposing of project communications. Which process are you working on?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Perform monitoring
B Plan communications management
C Manage communications
D Control communications
Which of the following inputs of the manage stakeholder engagement process directly addresses the risks that could affect the project?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Change log
B Communications management plan
C Organizational process assets
D Stakeholder management plan
Question 3 :Which of the following outputs of the control communications process comes about as a result of actions taken to correct issues; to modify scope, schedule, or budget; or other items?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Project management plan update
B Change request
C Work performance information
D Project documents update
Which input of the plan stakeholder management includes company culture, organizational structure, and governmental or industry standards?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Project management plan
B Organizational process asset
C Enterprise environmental factor
D Stakeholder register
Question 5 :Which of the following theories attempts to formalize the subjective views of the decision makers (or stakeholders) for risk management purposes?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Achievement theory
B Expectancy theory
C Utility theory
D Organizational theory
John is the project manager of the NHQ project for his company. His project has 75 stakeholders, some of which are external to the organization. John needs to ensure that he converses about risks in the most appropriate method for the external stakeholders. Which project management plan will be the best guide for him to connect to the external stakeholders?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Risk Response Plan
B Communications Management Plan
C Project Management Plan
D Risk Management Plan
Della works as a project manager for Tech Perfect Inc. She is studying the documentation of planning of a project. The documentation states that there are twenty-eight stakeholders with the project. What will be the number of communication channels for the project?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A 300
B 250
C 378
D 28
Which of the following are the leadership styles?
Each correct answer represents a complete solution. Choose all that apply.
This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Autocratic
B Legitimate
C Situational
D Laissez-faire
Which of the following conflict management techniques is achieved when each of the parties involved in the conflict gives up something to reach a solution?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Forcing
B Accommodation
C Avoidance
D Compromising
Which type of power is given to someone by their subordinates based on their respect and regard?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Referent power
B Legitimate power
C Reward power
D Expert power
John works as a project manager for uCertify Inc. He’s working on a project and finds that there are multiple risks that will affect several stakeholder requirements. Which of the following will he use to share all information on the project risks to stakeholders?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Risk management plan
B Stakeholder management plan
C Procurement management plan
D Communications management plan
The documentation of a project planning states that there are 25 stakeholders with the project. What will be the number of communication channels for the project?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A 50
B 25
C 600
D 300
.
BUS519 Project Risk Management
Week 4 Quiz
Which of the following documents is most useful to communicate and solicit inputs of the project stakeholders during risk identification? This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Project charter
B Requirements management plan
C Stakeholder register
D Risk register
Question 2 :A technique that measures what an organization can and cannot do, and its potential opportunities and threats is known as which of the following?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Checklist analysis
B Root cause analysis
C SWOT analysis
D Assumptions analysis
Tom works as a project manager for BlueWell, Inc. He’s determining which risks can affect his project. Which of the following inputs of the “identify risks” process is useful in doing so and provides a quantitative assessment of likely cost to complete scheduled activities?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Cost management plan
B Risk management plan
C Activity cost estimates
D Activity duration estimates
Question 4 :You and your project team are just starting the risk identification activities for a project that is scheduled to last for 18 months. Your project team has already identified a long list of risks that need to be analyzed. How often should you and the project team do risk identification?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Several times until the project moves into execution
B At least once a month
C Identify risk is an iterative process.
D It depends on how many risks are initially identified.
Which of the following techniques is used to verify the fundamental basis that causes a defect, a variance, or a risk?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Risk transference
B Risk mitigation
C Risk avoidance
D Root cause analysis
Which of the following techniques depicts how the elements of a system are related to each other and shows the logical flow of a process?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Analysis diagram
B Influence diagram
C System or process flow chart diagram
D Cause-and-effect diagram
John works as a project manager for uCertify Inc. He’s working on a project and finds that the project is not running according to project plans. He needs to examine the existing project plans for determining whether they were consistent with the project requirements. Which of the following techniques will John use to accomplish the task?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Checklist analysis
B Process flow chart
C Documentation reviews
D Brainstorming
Question 8 :You are working with your project stakeholders to identify risks within JKP Project. You want to use an approach to engage stakeholders to increase the breadth of identified risks by including internally generated risks. Which identify risks approach is best suited for this goal?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A SWOT analysis
B Delphi technique
C Assumptions analysis
D Brainstorming
The identify risks process determines the risks that affect the project and document their characteristics. Why should the project team members be involved in the identify risks process?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A They are the individuals that will most likely cause and respond to the risk events.
B They are the individuals that will have the best responses for identified risk events within the project.
C They are the individuals that are most affected by the risk events.
D They are the individuals that will need a sense of ownership and responsibility for the risk events.
You are the project manager of the GYH project in your organization. Management has asked you to begin identifying risks and to use an information gathering technique. Which one of the following risk identification approaches is an information gathering technique?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Root cause analysis
B SWOT analysis
C Documentation reviews
D Assumptions analysis
Which of the following are objectives of risk identification?
Each correct answer represents a complete solution. Choose all that apply.
This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
AIt establishes and maintains the strategy to be used for risk management.
BIt should explicitly address uncertainty and assumptions.
CIt identifies and categorizes risks that could affect the project and documents these risks.
DIt defines the parameters used for analyzing and categorizing risks, and the parameters used for controlling the risk management effort.
BUS519 Project Risk Management
Week 5 Quiz
Which of the following distributions represents possible scenarios in a decision tree, outcomes of a test, results of a prototype, and other uncertain events?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Normal
B Triangular
C Discrete
D Lognormal
As a project manager, you are looking for all possible options of project risks, which may impact the project schedule. In order to get this detailed information in an accurate form, which type of data analysis technique can be used?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A EMV analysis
B SWOT analysis
C Assumptions analysis
D Monte Carlo analysis
Which of the following qualitative risk analysis techniques is normally used in the planning phase to identify weaknesses and hazards in a processing facility?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A FMECA
B HAZOP
C SWIFT
D FMEA
Which of the following is the process of identifying the most probable threats to an organization and analyzing the related vulnerabilities of the organization to these threats?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Risk assessment
B Business impact analysis
C Risk communication
D Risk analysis
Question 5 :As a project manager, you have developed a risk management plan for predicting and mitigating risks. Also, you have identified all the risks that might impact the project. What is the project manager likely to do next?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Perform quantitative risk analysis
B Plan risk responses
C Control risks
D Perform qualitative risk analysis
Your project team has completed the perform quantitative risk analysis process for your project work. Based on their findings, they need to update the risk register with several pieces of information. Which one of the following components is likely to be updated in the risk register based on their analysis?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Listing of risk mitigation
B Risk ranking matrix
C Prioritized list of quantified risks
D Qualitative analysis outcomes
Mark works as a project manager for TechSoft Inc. Mark, the project team, and the key project stakeholders have completed a round of qualitative risk analysis. He needs to update the risk register with his findings so that he can communicate the risk results to the project stakeholders including management. Mark will need to update all of the following information except for which one?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Watchlist of low-priority risks
B Risks scores
C Prioritized list of quantified risks
D Trends in qualitative risk analysis
John has just finished updating the risk register with the list of risks that needs additional analysis and response. Under which of the following project risk management processes does this come?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Perform quantitative risk analysis
B Identify risks
C Plan risk management
D Perform qualitative risk analysis
BUS519 Project Risk Management
Week 6 Quiz
The risk transference is referred to the transfer of risks to a third party, usually for a fee, it creates a contractual relationship for the third party to manage the risk on behalf of the performing organization. Which one of the following is NOT an example of the transference risk response?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Warranties
B Life cycle costing
C Use of insurance
D Performance bonds
Question 2 :You are the project manager of the BJA project for your company. Management is worried about one of the identified risks in your project. The risk event has a probability of 90 percent and a cost impact of $85,000. Management and you discuss possible solutions to address the risk. You share with them that for $75,000 you can reduce the probability of the risk event to 15 percent and the impact to $25,000. This solution will add three weeks to the project schedule. Management thinks this is a good idea and they would like you to add the time and cost additions to your project plan. What type of risk response is used?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Acceptance
B Mitigation
C Avoidance
D Exploit
Jenny is the project manager of the NHJ project for her company. She has identified several positive risk events within the project and she thinks these events can save the project time and money. You, a new team member, wants to know how many risk responses are available for a positive risk event. What will Jenny reply to you?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Acceptance is the only risk response for positive risk events.
B Three
C Four
D Seven
Question 4 :Residual risk is the risk or danger of an action or an event, a method or a (technical) process that still conceives these dangers even if all theoretically possible safety measures would be applied. How residual risk can be determined?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A By determining remaining vulnerabilities after countermeasures are in place
BBy threat analysis
C By transferring all risks
D By risk assessment
You are the project manager for a construction project. The project involves casting of a column in a very narrow space. Because of lack of space, casting it is highly dangerous. High technical skill will be required for casting that column. You decide to hire a local expert team for casting that column. Which of the following types of risk response are you following?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Transference
B Acceptance
C Avoidance
D Mitigation
Holly is the project manager of the GHH project. During risk identification and the subsequent risk analysis process, she has identified a risk with a high probability and high impact for her project. She and the stakeholder agree that the project management plan should be changed to eliminate the risk threat entirely. What risk response has Holly used in this instance?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A This is the risk mitigation response.
B This is a scope change and not a risk response.
C This is the avoidance risk response.
D This is the transference risk response.
Question 7 :In the plan risk responses process, which of the following project documents are updated?
Each correct answer represents a complete solution. Choose all that apply.
This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Lessons learned register
B Change requests
C Assumptions log
D Risk register.
Diane is the project manager of the HGF project. A risk that has been identified and analyzed in the project planning processes is now coming to fruition. Which individual should respond to the risk with the preplanned risk response?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Diane
B Subject matter expert
C Risk owner
D Project sponsor
Which of the following two inputs are required by the project manager to begin risk response planning?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Risk register and the risk management plan
B Risk register and the power to assign risk responses
C Risk register and the results of risk analysis
D Risk register and the risk response plan
You work as a project manager for TechSoft Inc. You are preparing to plan risk responses for your project with your project team. How many risk responses are available for a positive risk event in the project?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Four
B Seven
C One
D Three
You are the project manager for your organization and you are working with Thomas, a project team member. You and Thomas have been working on a specific risk response for a probable risk event in the project. Thomas is empowered with a risk response and will control all aspects of the identified risk response in which a particular risk event will happen within the project. What title, in regard to risk, is bestowed on Thomas?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Risk response owner
B Risk team leader
C Risk expeditor
D Risk coordinator
Question 12 :Your project uses a piece of equipment that if the temperature of the machine goes above 450 Degree Fahrenheit, the machine will overheat and have to be shut down for 48 hours. Should this machine overheat even once, it will delay the project’s end date. You work with your project to create a response that should the temperature of the machine reach 430 Degree Fahrenheit, the machine will be paused for at least an hour to cool it down. The temperature of 430 Degree Fahrenheit is called what?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Risk event
B Risk identification
C Risk trigger
D Risk response
BUS519 Project Risk Management
Week 7 Quiz
Question 1 :The risk transference is referred to the transfer of risks to a third party, usually for a fee, it creates a contractual relationship for the third party to manage the risk on behalf of the performing organization. Which one of the following is NOT an example of the transference risk response?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Warranties
B Life cycle costing
C Use of insurance
D Performance bonds
Question 2 :You are the project manager of the BJA project for your company. Management is worried about one of the identified risks in your project. The risk event has a probability of 90 percent and a cost impact of $85,000. Management and you discuss possible solutions to address the risk. You share with them that for $75,000 you can reduce the probability of the risk event to 15 percent and the impact to $25,000. This solution will add three weeks to the project schedule. Management thinks this is a good idea and they would like you to add the time and cost additions to your project plan. What type of risk response is used?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Acceptance
B Mitigation
C Avoidance
D Exploit
Jenny is the project manager of the NHJ project for her company. She has identified several positive risk events within the project and she thinks these events can save the project time and money. You, a new team member, wants to know how many risk responses are available for a positive risk event. What will Jenny reply to you?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Acceptance is the only risk response for positive risk events.
B Three
C Four
D Seven
Residual risk is the risk or danger of an action or an event, a method or a (technical) process that still conceives these dangers even if all theoretically possible safety measures would be applied. How residual risk can be determined?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A By determining remaining vulnerabilities after countermeasures are in place
B By threat analysis
C By transferring all risks
D By risk assessment
You are the project manager for a construction project. The project involves casting of a column in a very narrow space. Because of lack of space, casting it is highly dangerous. High technical skill will be required for casting that column. You decide to hire a local expert team for casting that column. Which of the following types of risk response are you following?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Transference
B Acceptance
C Avoidance
D Mitigation
Holly is the project manager of the GHH project. During risk identification and the subsequent risk analysis process, she has identified a risk with a high probability and high impact for her project. She and the stakeholder agree that the project management plan should be changed to eliminate the risk threat entirely. What risk response has Holly used in this instance?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A This is the risk mitigation response.
B This is a scope change and not a risk response.
C This is the avoidance risk response.
D This is the transference risk response.
Question 7 :In the plan risk responses process, which of the following project documents are updated?
Each correct answer represents a complete solution. Choose all that apply.
This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Lessons learned register
B Change requests
C Assumptions log
D Risk register
Diane is the project manager of the HGF project. A risk that has been identified and analyzed in the project planning processes is now coming to fruition. Which individual should respond to the risk with the preplanned risk response?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Diane
B Subject matter expert
C Risk owner
D Project sponsor
Which of the following two inputs are required by the project manager to begin risk response planning?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Risk register and the risk management plan
B Risk register and the power to assign risk responses
C Risk register and the results of risk analysis
D Risk register and the risk response plan
You work as a project manager for TechSoft Inc. You are preparing to plan risk responses for your project with your project team. How many risk responses are available for a positive risk event in the project?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Four
B Seven
C One
D Three
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