1. What is risk assessment? - Program Evaluation & Review Technique - for overall project risk

   		The risk severity matrix
   		The impact a risk has on a project objectives
   		The probability analysis of project risk
   		It feeds PERT

6.67 points

QUESTION 2

1. What are your choices to respond to an opportunity in a project?

   		Ignore, enhance, apply, or share the opportunity
   		Exploit, evaluate, implement, or enhance the opportunity
   		Exploit, share, enhance or accept the opportunity
   		Enhance, assess, implement, or share the opportunity

6.67 points

QUESTION 3

1. What is used for risk response control?

   		Risk response matrix
   		Risk register
   		Risk contingency plan
   		Risk assessment form

6.67 points

QUESTION 4

1. A _________________________ is an alternative plan that will be used if a possible foreseen risk event becomes a reality.

   		Contingency plan
   		Risk management plan
   		Risk severity plan
   		Risk assessment plan

6.67 points

QUESTION 5

1. As a project proceeds, what happens to the cost to fix the risk event?

   		The cost increases
   		The cost decreases
   		The cost remains the same
   		None of the above

6.67 points

QUESTION 6

1. Which risk response reduces the likelihood that a risk event will occur or reduces the impact on the project?

   		Change risk
   		Insure risk
   		Mitigate risk
   		Avoid risk

6.67 points

QUESTION 7

1. When can risk events occur?

   		During the project planning phase
   		During the risk management plan development
   		During the project life cycle
   		During project management

6.67 points

QUESTION 8

1. What type of risks are most problematic that can cause projects to be shut down?

   		Schedule risks
   		Technical risks
   		Cost risks
   		Funding risks

6.67 points

QUESTION 9

1. What is the first step in creating the risk management plan?

   		Risk assessment
   		Risk profile
   		Risk identification
   		Risk Breakdown Structure (RBS)

6.67 points

QUESTION 10

1. What is the difference between risk impact and risk severity?

   		Risk impact calculates the probability the risk will occur versus risk severity is the likelihood of the risk occurring
   		Risk impact evaluates the cost of a risk versus risk severity prioritizes the risk identified
   		Both of the above
   		None of the above

6.67 points

QUESTION 11

1. What is a risk?

   		An event which has not occurred
   		Can have negative or positive impact
   		Has a cause and a consequence
   		All of the above

6.62 points

QUESTION 12

1. What is the most important step in the change control process?

   		Change request documented
   		Updated project plan with changes
   		Change request approval by all affected parties
   		Distribute the approved changes for action

6.67 points

QUESTION 13

1. What are examples of risk response?

   		Mitigate risk, change risk, accept risk, insure risk
   		Mitigate risk, avoid risk, transfer risk, accept risk
   		Mitigate risk, transfer risk, avoid risk, insure risk
   		Mitigate risk, skip risk, avoid risk, accept risk

6.67 points

QUESTION 14

1. What are budget reserves used for?

   		To cover identified risks
   		To cover management reserves
   		To cover schedule buffers
   		To cover unidentified risks that occur

6.67 points

QUESTION 15

1. What does an opportunity have to do with risk management?

   		It allows the project to exploit an event to definitely happen
   		It allows the project to accept an opportunity but not to driving action to pursue it
   		Both of the above
   		Neither of the above