$3)$ Project risk is lowest during the:

A$)$ Conceive phase of the project life cycle.

B$)$ Execute phase of the project life cycle.

C$)$ Finish phase of the project life cycle.

D$)$ Develop phase of the project life cycle.

$4)$ The period of highest risk impact for a project risk exists primarily in the:

A$)$ Develop phase of the project life cycle.

B$)$ Conceive phase of the project life cycle.

C$)$ Execute phase of the project life cycle.

D$)$ Execute and Finish phases of the project life cycle.

$5)$ The greatest project risk occurs when:

A$)$ The probability of the event is high and the consequences of the event are high.

B$)$ The probability of the event is high and the consequences of the event are low.

C$)$ The probability of the event is low and the consequences of the event are high.

D$)$ The probability of the event is low and the consequences of the event are low.

$6)$ The greatest project opportunity occurs when:

A$)$ The project is in the conceive phase.

B$)$ The project is in the develop phase.

C$)$ The project is in the execute phase.

D$)$ The project is in the finish phase.

$7)$ The amount a company has at stake in a project rises above the dollar value of opportunity in the:

A$)$ Execute phase.

B$)$ Develop phase.

C$)$ Conceive phase.

D$)$ Finish phase.

$8)$ Risk and opportunity:

A$)$ Both increase throughout the project life cycle.

B$)$ Vary inversely throughout the project life cycle.

C$)$ Both decrease throughout the project life cycle.

D$)$ Do not vary throughout the project life cycle.

$9)$ To protect his poultry from meteorites, the gentleman farmer made hard hats for each bird and installed a meteor detection system that opened umbrellas throughout the yard if a meteor were detected. The safety of his flock thus assured, the farmer was surprised when he read his latest issue of Risk Management Magazine and discovered that this event was:

A$)$ High in consequence and high in probability.

B$)$ Low in consequence and low in probability.

C$)$ Low in probability and high in consequence.

D$)$ High in probability and low in consequence.

$10)$ Jim knew instinctively that his professor wouldn't appreciate it if he brought his single scoop of vanilla ice cream into the lecture hall with him. He could almost hear the inevitable question, "Did you bring enough for everyone?" To avert such an embarrassment, he practically inhaled his frozen confection as he raced down the hall. He had eaten ice cream in this fashion before and knew he would soon have an ice cream headache, which could be described as:

A$)$ High in consequence and high in probability.

B$)$ Low in consequence and low in probability.

C$)$ Low in probability and high in consequence.

D$)$ High in probability and low in consequence.

$11)$ While thrilling, there is a chance that you would have an accident if you elected to drive on the wrong side of a divided highway in Woodward, an outcome that could be described as:

A$)$ High in consequence and high in probability.

B$)$ Low in consequence and low in probability.

C$)$ Low in probability and high in consequence.

D$)$ High in probability and low in consequence.

$12)$ The risk is highest in the earliest phase of the project life cycle.

A$)$ True

B$)$ False

$13)$ Opportunity emerges from favorable project circumstances and risk from unfavorable events.

A$)$ True

B$)$ False

$14)$ As risk decreases in the project life cycle, opportunity increases.

A$)$ True

B$)$ False

$15)$ Risks can be quantified by multiplying the likelihood a failure will occur by the severity of the failure.

A$)$ True

B$)$ False

$16)$ Risk management is a:

A$)$ Three$-$stage process.

B$)$ Four$-$stage process.

C$)$ Five$-$stage process.

D$)$ Six$-$stage process.

$17)$ The construction foreman posted a large sign requiring all work site visitors to don a hard hat and safety glasses. He also purchased copious quantities of both items and made them readily available at the entrance. The foreman is engaged in:

A$)$ Risk identification.

B$)$ Risk mitigation.

C$)$ Analysis of probability and consequences.

D$)$ Control and documentation.

$18)$ The residents of Enumclaw, Washington, live in the shadow of majestic Mount Rainier and its $26$ glaciers. The Cascades form a ring of fire around the Pacific Northwest and erupt with surprising regularity, although Mount Rainier hasn't erupted on a major scale since about a thousand years ago. When it does erupt, the pyroclastic flow $($a massive cloud of superheated ash and rock up to $1500$ degrees Fahrenheit that can travel at speeds up to $300$ miles per hour$)$ will make Enumclaw a less pleasant place to live. City leaders have completed the:

A$)$ Control and documentation phase of risk management.

B$)$ Risk identification phase of risk management.

C$)$ Analysis of probability and consequences phase of risk management.

D$)$ Risk mitigation strategies phase of risk management.

$19)$ The marketing team would develop the advertising campaign to promote the newest product but the engineers wanted to keep all product details a secret