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Multiple Choice Quiz
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1
An uncertain event or condition that, if it occurs, has a positive or negative effect on project objectives is termed a
A)Random chance
B)Disaster
C)Risk
D)Hazard
E)Bad luck
2
The cost impact of a risk event occurring as a project proceeds through its life cycle tends to
A)Slowly rise
B)Drop sharply and then level out
C)Rise sharply and then level out
D)Remain about the same
E)Slowly drop
3
Which of the following is NOT one of the steps in the risk management process?
A)Which of the following is NOT one of the steps in the risk management process?
B)Risk assessment
C)Risk identification
D)Risk tracking
E)Risk response control
4
Organizations use __________ in conjunction with work breakdown structures to help management teams identify and eventually analyze risk.
A)Risk breakdown structures
B)Contingency breakdown structures
C)Scenario analysis
D)Organizational breakdown structure
E)Risk assessment
5
Which of the following groups should NOT be a part of the risk identification process?
A)Project team
B)Customers
C)Subcontractors
D)Vendors
E)All of these groups can be included in the risk identification process
6
A list of questions that address traditional areas of uncertainty on a project is termed a
A)Risk profile
B)Questionnaire
C)Research matrix
D)Query
E)Checklist
7
_______________ focuses on how to respond to events that have a positive impact on a project.
A)Risk management
B)Risk management
C)Value management
D)Contingency management
E)Prospect management
8
The risk management tool that is divided into three color-coded zones representing major, moderate, and minor risks is the risk
A)Assessment form
B)Responsibility matrix
C)Scenario assessment
D)Impact assessment
E)Severity matrix
9
Risks are evaluated in terms of
A)Likelihood and cost
B)Cost and schedule
C)Impact and cost
D)Time and impact
E)Likelihood and impact
10
Adopting proven technology instead of experimental technology in order to eliminate technical failure would be an example of which risk response?
A)Mitigating
B)Retaining
C)Ignoring
D)Transferring
E)Avoiding
11
A Fixed price contract is an example of ___________.
A)Avoiding risk
B)Transferring risk
C)Accepting risk
D)Ignoring risk
E)Mitigating risk
12
The risk associated with the unlikelihood that one of the key members will be stuck by lightning would most likely be handled by which of the following?
A)Mitigating
B)Retaining
C)Ignoring
D)Transferring
E)Avoiding
13
Funds that are for identified risks that have a low probability of occurring and that decrease as the project progresses are called ______ reserves.
A)Management
B)Budget
C)Contingency
D)Padded
E)Just in case
14
Which of the following is NOT involved in risk control?
A)Executing the risk response strategy
B)Initiating contingency plans
C)Establishing a change control system
D)Establishing contingency funds
E)Watching for new risks
15
Change management systems are designed to accomplish all of the following EXCEPT
A)Track all changes that are to be implemented
B)Review, evaluate, and approve/disapprove proposed changes formally
C)Identify expected effects of proposed changes on schedule and budget
D)Reflect scope changes in baseline and performance measures
E)All of these are examples of what change management systems are designed to accomplish





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