MIS 4310- Chapter 11

Risks can have both negative and positive effects on meeting project objectives.

One possible response to managing negative risk it to accept the potential effects from the risk.

A risk-seeking person prefers outcomes that are more uncertain and is often willing to pay a penalty to take risks.

Unknown risks can be managed proactively.

The last step in project risk management is deciding how to address the knowledge area for a particular project by performing risk management planning.

Contingency plans are predefined actions that the project team will take if an identified risk event occurs.

Brainstorming is a systematic, interactive forecasting procedure based on independent and anonymous input regarding future events.

The psychology literature shows that individuals, working alone, produce fewer ideas than the same individuals produce through brainstorming in small, face-to-face groups.

The Delphi technique is a systematic, interactive forecasting procedure based on independent and anonymous input regarding future events.

Risk events refer to specific, certain events that may occur to the detriment or enhancement of the project.

A probability/impact matrix or chart lists the relative probability of a risk occurring on one side of a matrix or axis on a chart and the relative impact of the risk occurring on the other.

Top Ten Risk Item Tracking is a quantitative risk analysis tool.

The main output of qualitative risk analysis is updating the risk register

Large, complex projects involving leading-edge technologies often require extensive quantitative risk analysis.

The lower the earned monetary value calculation for a project, the chances of project success is higher.

The Monte Carlo analysis can predict the probability of finishing by a certain date or the probability that the cost will be equal to or less than a certain value

Identified risks may not materialize, or their probabilities of occurrence or loss may diminish.

The risk register can be created with a simple Microsoft Word or Excel file.

Risk utility rises at a decreasing rate for a _____ person.

Those who are _____ have a higher tolerance for risk, and their satisfaction increases when more payoff is at stake.

Which type of person achieves a balance between risk and payoff?

What process involves deciding how to approach and plan the risk management activities for the project?

The main outputs of which process include a risk register, risk report, and project documents updates?

Which process involves determining what risks are likely to affect a project and documenting the characteristics of each?

Which process involves prioritizing risks based on their probability and impact of occurrence?

Which process involves numerically estimating the effects of risks on project objectives?

Which process involves taking steps to enhance opportunities and reduce threats to meeting project objectives?

Which process involves monitoring identified and residual risks, identifying new risks, carrying out risk response plans, and evaluating the effectiveness of risk strategies throughout the life of the project?

_____ are predefined actions that the project team will take if an identified risk event occurs.

Unenforceable conditions or contract clauses and adversarial relations are risk conditions associated with the project _____ management knowledge area.

Which is a fact-finding technique that can be used for collecting information in face-to-face, phone, e-mail, or instant-messaging discussions?

Which document contains results of various risk management processes; it is often displayed in a table or spreadsheet format?

The _____ lists the relative probability of a risk occurring and the relative impact of the risk occurring.

_____ is a qualitative risk analysis tool that maintains an awareness of risks throughout the life of a project in addition to identifying risks.

Identifying risks is a subprocess of the _____ process of project risk management.

Which process involves prioritizing risks based on their probability of occurrence and impact?

Which diagramming technique is used to help select the best course of action in situations in which future outcomes are uncertain?

Which analysis technique simulates a model's outcome many times to provide a statistical distribution of the calculated results?

What is the first step in a Monte Carlo analysis?

Which technique is used to show the effects of changing one or more variables on an outcome?

Which action involves eliminating a specific threat, usually by eliminating its causes?

Which action involves reducing the impact of a risk event by reducing the probability of its occurrence?

Which action involves doing whatever you can to make sure the positive risk happens?

Which action involves shifting the consequence of a risk and responsibility for its management to a third party?

Which action involves allocating ownership of the risk to another party?

Which action involves changing the size of the opportunity by identifying and maximizing key drivers of the positive risk?

Which action applies to positive risks when the project team cannot or chooses not to take any actions toward a risk?

Which risks are direct results of implementing risk responses?

_____ are unplanned responses to risk events used when project teams do not have contingency plans in place.

Potential problems that might occur on the project and how they might impede project success are _____ risks.

A project _____ is an uncertainty that can have a negative or positive effect on meeting project objectives.

_____ is the amount of satisfaction or pleasure received from a potential payoff.

Risk utility rises at a decreasing rate for a(n) _____ person.

The term _____ is used to describe risks that the project team has identified and analyzed.

One main output of the _____ process is a risk register.

A(n) _____ documents the procedures for managing risk throughout the project.

. A(n) _____ is a hierarchy of potential risk categories for a project.

_____ is the process of understanding what potential events might hurt or enhance a particular project.

_____ is a technique by which a group attempts to generate ideas or find a solution for a specific problem by amassing ideas spontaneously and without judgment.

The basic concept of the _____ technique is to derive a consensus among a panel of experts who make predictions about future developments.

_____ is a fact-finding technique for collecting information in face-to-face, phone, e-mail, or virtual discussions.

A(n) _____ is a document that contains results of various risk management processes.

_____ are indicators or symptoms of actual risk events.

The _____ is the person who will own or take responsibility for the risk.

_____ are numbers that represent the overall risk of specific events, based on their probability of occurring and the consequences to the project if they do occur

The main output of qualitative risk analysis is updating the _____.

A(n) _____ is a list of risks that are low priority, but are still identified as potential risks.

_____ is the product of a risk event probability and the risk event's monetary value.

_____ are funds included in the cost baseline that can be used to mitigate cost or schedule overruns if known risks occur.

_____ helps professionals to see the effects of changing one or more variables on an outcome.

_____ involves accepting the consequences should a risk occur.

Risk _____ refers to reducing the impact of a risk event by reducing the probability of its occurrence.

_____ risks are risks that remain after all of the response strategies have been implemented.

Project teams sometimes use _____, which are unplanned responses to risk events, when they do not have contingency plans in place.