PROJ 420 (Project Risk Management) Final Exam Answers

 

(TCO 1) Project risk has its origins in (Points : 5)

 

(TCO 2) The identification process produces (Points : 5)

 

(TCO 3) The outputs of the identification step include (Points : 5)

 

(TCO 4) Risk assessment involves two basic functions: (Points : 5)

 

. (TCO 5) Secondary risk is caused by (Points : 5)

 

(TCO 6) The reporting step is designed to fulfill the function of (Points : 5)

 

(TCO 7) Minor risk reviews can occur (Points : 5)

 

(TCO 8) Requested changes to the risk plan should be submitted through the (Points : 5)

 

(TCO 1) Structured project risk management is (Points : 5)

 

(TCO 2) Once we identify the risks, we look to see if (Points : 5)

 

(TCO 3) A standard risk checklist includes (Points : 5)

 

(TCO 4) The first document produced at the end of the Assessment step is (Points : 5)

 

(TCO 5) The key to carrying out the implementation plan is (Points : 5)

 

(TCO 6) The risk interview will (Points : 5

 

(TCO 7) The implementation plan actions include (Points : 5)

 

(TCO 8) One of the reasons a post-project review is not done is (Points : 5)

 

(TCO 1) If we do not manage risk we will have to resort to (Points : 5)

 

(TCO 3) The real problem of not identifying a task in the WBS is (Points : 5)

 

(TCO 5) The major review is scheduled for (Points : 5)

 

(TCO 2) Risk management planning outputs include (Points : 5)

 

(TCO 2) Who would be considered stakeholders? What characteristics would they have?(Points : 15)

 

(TCO 4) What are the three heuristics that are used in the case of uncertainty?(Points : 15)

 

(TCO 7) Once an active risk is encountered and the risk register action is taken, what can develop from that action?(Points : 15)

 

(TCO 8) The focus of the post project review is to take advantage of what?(Points : 15)

 

(TCO 1) There are four critical success factors for effective risk management. List them and provide a detailed description of each. (Points : 30)

 

(TCO 2) This is a two-part question. The WBS is considered a critical tool for the project and for risk management. (1) Discuss why it is critical, and what it is not designed to do; and (2) discuss why it is important to identify all of the tasks in building the WBS.(Points : 30)

 

(TCO 5) Identify the responses to (1) threats, (2) opportunities, and (3) both threats and opportunities; briefly explain each.(Points : 30)