A. Multiple Choice Questions 1. Risk management can be defined as the art and science of risk factors throughout the life cycle of a project. A. researching, reviewing, and acting on B. identifying, analyzing, and responding to C. reviewing, monitoring, and managing D. identifying, reviewing, and avoiding E. analyzing, changing, and suppressing 2. Risk Management includes all of the following processes except: A. Risk Monitoring and Control B. Risk Identification C. Risk Avoidance D. Risk Response Planning E. Risk Management Planning 3. A risk response which involves eliminating a threat is called: A. Mitigation B. Deflection C. Avoidance D. Transfer E. b and d 4. When should a risk be avoided? A. When the risk event has a low probability of occurrence and low impact B. When the risk event is unacceptable -- generally one with a very high probability of occurrence and high impact C. When it can be transferred by purchasing insurance D. A risk event can never be avoided 5. An example of risk mitigation is: A. Using proven technology in the development of a product to lessen the probability that the product will not work B. Purchasing insurance C. Eliminating the cause of a risk D. Accepting a lower profit if costs overrun E. a and b