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Exam 7: Risk Management

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Question 21

Multiple Choice

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The difference between projects that fail and those that are ultimately successful has to do with:

A) The plans that have been made to deal with problems as they arise.
B) The fact that a successful project doesn't encounter problems.
C) Whether the project is for an internal or external customer.
D) Whether the problem is time- or budget-related.

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Question 22

Multiple Choice

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Which of these statements about the project risk analysis and management program is BEST?

A) Risk management is best handled using an ad hoc approach.
B) If a choice between accepting and transferring risk presents itself, risk should be transferred.
C) The project manager should choose a small subset of all risk management tools.
D) Multiple approaches to risk management should be integrated into a coherent, synthesized approach.

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Question 23

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Based on the projected selling price of $20 per unit, the manufacturer invested a substantial portion of its available cash in a machine that could produce twenty-thousand gumballs in an hour. If consumers weren't willing to pay this much for gum, then the manufacturer faced significant:

The mouse executive board meeting was drawing to a conclusion; the only way they would be able to detect the presence of the cat was to tie a bell around its tail. Under their risk management identification scheme, this would fall under:

You have agreed to paint your neighbor's house a lovely shade of chartreuse for $1500 and discover much to your dismay that the house has a second floor. Now you're faced with the prospect of buying a ladder or scaffolding or a really long handled brush, not to mention the 15 more gallons of paint that will be needed to cover. You won't get another penny for what will surely be increased efforts since your neighbor transferred risk with a(n) :

The deliverable from the focus step of the project risk analysis and management model is:

PRAM (project risk analysis and management) should be conducted as a "one-shot" activity during the project planning phase.

The Farm Fresh Egg project was too great for one person to pull off. The construction costs for the coop and chicken run were enormous and the sinister threat of avian flu hung over the area like a black cloud. It was only through the combined efforts of Matsushita Chickenworks and the City of Edmond that the project would be undertaken, since they would be able to:

The overall consequence of failure was 0.4 and curiously enough, the consequence of performance is twice that of reliability; the consequence of reliability is twice that of schedule; and the consequence of schedule is twice that of cost. What is the consequence of failure cost?

To protect his poultry from meteorites, the gentleman farmer made hard hats for each bird and installed a meteor detection system that opened umbrellas throughout the yard if a meteor were detected. The safety of his flock thus assured, the farmer was surprised when he read his latest issue of Risk Management Magazine and discovered that this event was:

Sketch a 2 × 2 risk management assessment matrix and discuss the impact of each quadrant.

Which of these statements about the project risk analysis and management program is BEST?

What are the four distinct stages of systematic risk management and what takes place at each?

The house had almost been framed when an F-5 tornado ripped across the plains and turned the house back into a lumber pile, albeit not stacked as neatly as it was originally. The homeowner's fears of:

Each project team member had a backup that could fill in at a moment's notice should another team member fall by the wayside. The project was able to mitigate risks in this fashion thanks to an aggressive:

The project team toiled long into the night to develop consequence of failure scores and probability of failure scores as indicated below. What is the overall risk factor for the project?

Your project team is interested in determining an overall risk factor for your project to develop a personal submarine constructed entirely of Popsicle sticks and wood glue. Describe how you would develop reasonable estimates for each of the probability of failure categories and each of the consequence of failure categories.

The risk is highest in the earliest phase of the project life cycle.

The European Association for Project Management has developed an integrated program of risk management based on efforts to extend risk management to cover a project's entire life cycle. This program is known as:

The professor wore both a belt and suspenders during lecture each day because he chose to: