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Project Management Study Set 3

Business

Quiz 7 :

Managing Risk

Quiz 7 :

Managing Risk

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The project being delayed is an example of a major risk that should be assessed.
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True False
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False

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While a "can do" attitude is essential during implementation, project managers have to encourage critical thinking when it comes to risk identification.
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True False
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True

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Responses to all identifiable risks should be a top priority for the project manager.
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True False
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False

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When developing a response to a risk by scheduling outdoor work in the summer, investing in up-front safety training, or choosing high-quality materials, these are examples of retaining a risk.
True False
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Adopting proven technology instead of experimental technology is an example of mitigating a risk.
True False
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Risk events that occur in the early stages of a project will have a greater cost impact than those that occur in later stages.
True False
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When considering risk value, the lower the value, the higher the level of risk.
True False
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A risk is an uncertain event that, if it occurs, can have a positive or negative effect on project objectives.
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Contingency reserves are set up to cover identified risks associated with specific segments of a project while management reserves are set up to cover unidentified risks associated with the total project.
True False
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The probability that a risk event will occur is higher during the initial stages of a project.
True False
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The risk identification process should be limited to just the core project team.
True False
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Risk management is a reactive approach that is designed to ensure that surprises are reduced and that negative consequences associated with undesirable events are minimized.
True False
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Enhancing a risk is a tactic that seeks to eliminate the uncertainty associated with an opportunity to ensure that it definitely happens.
True False
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The first step in the risk management process is risk assessment.
True False
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Change management systems involve reporting, controlling, and recording changes to the project baseline.
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A risk profile is a list of questions that have been developed and refined from previous, similar projects.
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Fixed-price contracts are an example of transferring risk from an owner to a contractor.
True False
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One common mistake that is made early on in the risk identification process is to focus on consequences and not on the events that could produce consequences.
True False
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If, during risk response development, you successfully identify how you will respond to a risk, contingency planning is unnecessary.
True False
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Performance bonds, warranties, and guarantees are financial instruments used to share risk.
True False
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