5/1/2021 Midterm Exam: Risk Management: PMGT 530-50- A-2021/Late Spring - Procurement Contracts and Risk

Midterm Exam: Risk Management

Due May 1 at 11:59pm Points 15 Questions 15
Available Apr 12 at 12:01am - May 1 at 11:59pm 20 days Time Limit None

Instructions
Mid-Term Exam on Risk Management

Attempt History
Attempt Time Score
LATEST Attempt 1 9 minutes 15 out of 15

 Correct answers will be available on May 25 at 11:59pm.

Score for this quiz: 15 out of 15

Submitted May 1 at 5:01pm
This attempt took 9 minutes.

Question 1 1 / 1 pts

Ideally, you should develop a risk management plan for a specific project
because –

Engaging in planning activities demonstrates professionalism

Your boss is committed to using project management techniques in every

project

The scale of a particular project – the size and complexity – require it

The Project Management Institute recommends it

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Question 2 1 / 1 pts

Risks should be managed –

As a routine part of recurring project team meetings

Primarily at the end of each phase of the project

By a person with a risk management certification from PMI

With the active daily involvement of the sponsor

Question 3 1 / 1 pts

What best describes a risk?

An issue that has not occurred yet

A small change

A known event

Always a high priority

Question 4 1 / 1 pts

What is an example of a qualitative risk analysis criterion?

Monte Carlo statistical model

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5/1/2021 Midterm Exam: Risk Management: PMGT 530-50- A-2021/Late Spring - Procurement Contracts and Risk

The additional project cost if the risk occurred

The marginal increase in resistance to change by SMEs

Probability that the risk will occur

Question 5 1 / 1 pts

What is an example of a quantitative risk analysis technique?

Impact to the project if the risk occurred

Impact to other projects if the risk occurred

Number of days the project would be delayed if the risk occurred

Probability that the risk will occur

Question 6 1 / 1 pts

What is most helpful in enforcing the process the project team and
stakeholders follow to manage risks?

Commitment from the sponsor

Clear and detailed rules and procedures

A statistical, quantitative approach to prioritizing risks

A thorough risk process with adequate milestones

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Question 7 1 / 1 pts

What is the best way to respond to a risk?

Control it

Predict it

Mitigate it

Rate it

Question 8 1 / 1 pts

What should NOT be a part of a risk management plan?

Roles and responsibilities

List of Deliverables

Impact analysis approach

Process for managing risks

Question 9 1 / 1 pts

What should you do after identifying mitigation measures for risks?

Update the project web site

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5/1/2021 Midterm Exam: Risk Management: PMGT 530-50- A-2021/Late Spring - Procurement Contracts and Risk

Send an invoice to the vendor

Re-plan the project by updating the risk management inputs

Reduce the frequency of risk management meetings

Question 10 1 / 1 pts

What would help identify the root causes of seemingly unrelated risks?

Interview a large number of stakeholders

Categorizing groups of risks by subjects like technical, resource, etc.

Conduct a search of the project management literature

Engage a consultant

Question 11 1 / 1 pts

When is a contingency plan most useful in a project?

When the risk is so intolerable to the stakeholders it cannot be allowed to

happen unchecked

When the risk that occurs will result in scope creep

When there are numerous low priority risks

When there are enough technical resources to create it

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Question 12 1 / 1 pts

Which of the following are a likely a source of risks?

Tasks that rely on the completion of other work before they can begin

Tasks that none of the project team has done before

Use of unfamiliar technologies

All of the above

Question 13 1 / 1 pts

Which of the following criteria are recommended for prioritizing risks?

Metrics, performance

Quality, customer satisfaction

Cost, time

Impact, probability

Question 14 1 / 1 pts

Which one of the following is a risk?

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The CEO announced her retirement on December 31, 2013

End users may not be available for testing

The election of a new Governor will occur in November

The labor union contract precludes some employees from participating in

the project

Question 15 1 / 1 pts

Who is responsible for the risk management process in most projects?

Business analyst

Sponsor

Technical lead

Project manager

Quiz Score: 15 out of 15

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