Question (4): Ture/False 1. Designing a new software at a cost of 40,000 KD is a valid objective for a project. (True () False 2. The outcome of the hierarchical process of subdividing a project into smaller and smaller work elements is called Project Planning. () True () False 3. Although the critical path is the longest path in a project network, the critical path represents the earliest time the project can be completed. () True () False 4. The most reliable method for estimating the time and cost is to estimate them from the project network. () True () False 5. The parametric technique for estimating time and cost is recommended when there is unusual amount of uncertainty surrounds a project. () True () False 6. Risk management is a proactive attempt to recognize and manage internal events and external threats that affect the likelihood of a project's success. () True () False 7. As a project gets closer towards the end of its life cycle, the chances of risks occurring decrease. () True () False 8. The first step in the risk management process is Risk Assessment. () True () False