Modulo 11

Mary and Thomas are project managers for their organization and they’re discussing risk management and the risk responses. Thomas insists that an organization should never accept a project risk and Mary says that sometimes it’s okay. They’ve called on you, a project management expert, to help with this decision. When is it appropriate to accept a project risk?

Frances is the project manager of the LKJ Project. Which of the following techniques will she use to create the risk management plan?

You are the project manager of the GHK Project. You and the manufacturer have agreed to substitute the type of plastic used in the product to a slightly thicker grade should there be more than 7 percent error in production. The thicker plastic will cost more and require the production to slow down, but the errors should diminish. This is an example of which of the following?

You are a project manager consultant for the Allen T1 Company and you’re helping them create a risk management plan for their project management office. You’re explaining the concept of risk tolerance and how it affects the risk management policies. An organization’s risk tolerance is also known as what?

The customers of the project have requested additions to the project scope. The project manager notifies you that additional risk planning will need to be added to the project schedule. Why?

Jason is the project manager for his organization and he’s working with his project team to identify and analyze project risks. Jason begins to create a risk register as part of this process, but his team doesn’t understand what a risk register is or its purpose. Which one of the following best describes the risk register?

You are a project management consultant for the Steinberg Organization and you’re helping them categorize risks they may encounter in their projects. For starters you identify some basic risk categories but your client wants to see some examples of these categories. You tell them, for example, that _______________________ include(s) fire, theft, or injury, and offer(s) no chance for gain.

Complete this sentence: A project risk is a(n )______________________ occurrence that can affect the project for good or bad.

Bradley is the project manager for his organization and he’s working with his project team to identify risks. Some of the project team members are confused as to when risk identification should happen in the project. When should risk identification happen?

You are the project manager of the KLJH Project. This project will last two years and has 30 stakeholders. How often should risk identification take place?

Ruth is a project management expert and consultant for businesses creating project management offices. Ruth’s current client wants help to better identify risks. Which one of the following is an acceptable tool for risk identification?

You are the project manager for a project that will create a new and improved web site for your company. Currently, your company has over 8 million users around the globe. You would like to poll experts within your organization with a simple, anonymous form asking about any foreseeable risks in the design, structure, and intent of the web site. With the collected information, subsequent anonymous polls are submitted to the group of experts. This is an example of _________________________________.

Alice is a project manager for her organization and she’s working with the project team to identify project risks and rank them by impact and probability. Which risk analysis technique provides the project manager with a risk ranking?

A table of risks, their probability, impact, and a number representing the overall risk score is called a ____________________________.

The water sanitation project manager has determined that the risks associated with handling certain chemicals are too high. He has decided to allow someone else to complete this portion of the project, and so has outsourced the handling and installation of the chemicals and filter equipment to an experienced contractor. This is an example of which of the following?

A project manager and the project team are actively monitoring the pressure gauge on a piece of equipment. Sarah, the engineer, recommends a series of steps to be implemented should the pressure rise above 80 percent. The 80 percent mark represents what?

You are the project manager for your organization and you’re working with the project team to identify the project risks, rank the risks on probability and impact, and then create a risk contingency reserve. As part of these processes you want to explore multiple scenarios of risk events in the project so you’re utilizing different tools to analyze the project risk. Based on this information, which of the following can determine multiple scenarios, given various risks and the probability of their impact?