Chapter 11: Project Risk Management
TRUE/FALSE
1.Risks can have both negative and positive effects on meeting project objectives.
ANS: T
Project risk management involves understanding potential problems that might occur on the project and how they might impede project success. However, there are also positive risks or opportunities, which can result in good outcomes for a project.
PTS: 1 DIF: Difficulty: Easy REF: p.443
OBJ:LO:11-1NAT:BUSPROG: Technology
TOP: The Importance Of Project Risk Management KEY: Bloom’s: Knowledge
2.A risk-seeking person prefers outcomes that are more uncertain and is often willing to pay a penalty to take risks.
ANS: T
A risk-seeking person prefers outcomes that are more uncertain and is often willing to pay a penalty to take risks.
PTS: 1 DIF: Difficulty: Moderate REF: p.445
OBJ:LO:11-1NAT:BUSPROG: Analytic
TOP: The Importance Of Project Risk Management KEY: Bloom’s: Knowledge
3.The last step in project risk management is deciding how to address this knowledge area for a particular project by performing risk management planning.
ANS: F
The first step in project risk management is deciding how to address this knowledge area for a particular project by performing risk management planning.
PTS: 1 DIF: Difficulty: Easy REF: p.447
OBJ:LO:11-1NAT:BUSPROG: Technology
TOP: The Importance Of Project Risk Management KEY: Bloom’s: Comprehension
4.Unknown risks can be managed proactively.
ANS: F
Known risks can be managed proactively.However, unknown risks, or risks that have not been identified and analyzed, cannot be managed.
PTS: 1 DIF: Difficulty: Moderate REF: p.445
OBJ:LO:11-1NAT:BUSPROG: Technology
TOP: The Importance Of Project Risk Management KEY: Bloom’s: Knowledge
5.Contingency plans are predefined actions that the project team will take if an identified risk event occurs.
ANS: T
Contingency plans are predefined actions that the project team will take if an identified risk event occurs.
PTS: 1 DIF: Difficulty: Moderate REF: p.448
OBJ:LO:11-3NAT:BUSPROG: Technology
TOP: Common Sources Of Risk On IT Projects KEY: Bloom’s: Knowledge
6.Brainstorming is a systematic, interactive forecasting procedure based on independent and anonymous input regarding future events.
ANS: F
Brainstorming is a technique by which a group attempts to generate ideas or find a solution for a specific problem by amassing ideas spontaneously and without judgment. The Delphi technique is a systematic, interactive forecasting procedure based on independent and anonymous input regarding future events.
PTS: 1 DIF: Difficulty: Moderate REF: p.453
OBJ: LO:11-3 NAT: BUSPROG: Technology TOP: Identifying Risks
KEY: Bloom’s: Comprehension
7.The psychology literature shows that individuals, working alone, produce fewer ideas than the same individuals produce through brainstorming in small, face-to-face groups.
ANS: F
Although businesses use brainstorming widely to generate new ideas, the psychology literature shows that individual people working alone produce a greater number of ideas than they produce through brainstorming in small, face-to-face groups.
PTS: 1 DIF: Difficulty: Moderate REF: p.453
OBJ: LO:11-4 NAT: BUSPROG: Technology TOP: Identifying Risks
KEY:Bloom’s: Knowledge
8.The Delphi technique is a systematic, interactive forecasting procedure based on independent and anonymous input regarding future events.
ANS: T
The Delphi technique is an approach to gathering information that helps prevent some of the negative group effects found in brainstorming. The basic concept of the Delphi technique is to derive a consensus among a panel of experts who make predictions about future developments.
PTS: 1 DIF: Difficulty: Moderate REF: p.453
OBJ: LO:11-4 NAT: BUSPROG: Technology TOP: Identifying Risks
KEY:Bloom’s: Knowledge
9.Risk events refer to specific, certain events that may occur to the detriment or enhancement of the project.
ANS: F
Risk events refer to specific, uncertain events that may occur to the detriment or enhancement of the project.
PTS: 1 DIF: Difficulty: Moderate REF: p.455
OBJ: LO:11-4 NAT: BUSPROG: Technology TOP: Identifying Risks
KEY:Bloom’s: Knowledge
10.A probability/impact matrix or chart lists the relative probability of a risk occurring on one side of a matrix or axis on a chart and the relative impact of the risk occurring on the other.
ANS: T
A project manager can chart the probability and impact of risks on a probability/impact matrix or chart, which lists the relative probability of a risk occurring and the relative impact of the risk occurring.
PTS: 1 DIF: Difficulty: Moderate REF: p.457
OBJ:LO:11-5NAT:BUSPROG: Technology
TOP: Performing Qualitative Risk Analysis KEY: Bloom’s: Knowledge
11.Top Ten Risk Item Tracking is a quantitative risk analysis tool.
ANS: F
Top Ten Risk Item Tracking is a qualitative risk analysis tool.
PTS: 1 DIF: Difficulty: Moderate REF: p.459
OBJ:LO:11-5NAT:BUSPROG: Technology
TOP: Performing Qualitative Risk Analysis KEY: Bloom’s: Knowledge
12.The Microsoft Solution Framework (MSF) includes a risk management model that includes developing and monitoring a top-ten master list of risks.
ANS: T
The Microsoft Solution Framework (MSF) includes a risk management model that includes developing and monitoring a top ten master list of risks. MSF is the methodology Microsoft uses for managing projects.
PTS: 1 DIF: Difficulty: Moderate REF: p.459
OBJ:LO:11-5NAT:BUSPROG: Technology
TOP: Performing Qualitative Risk Analysis KEY: Bloom’s: Knowledge
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