mitigation, monitoring, management

Product specific risk

clear understanding of technology

an excellent product no one wants

Three factors that affect consequences are

the nature, the scope, the timing

risk drivers affect the following components

performance, cost, support, schedule

Risk monitoring means

look for factors that indicate a risk

Technical risk threatens

the quality and timeliness of project

The Risk management process includes

risk identification, projection and RMMM

Project estimation steps are

identify, delineate, estimate, accuracy

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Introduction to Risk Managment-PJohnson

30 termsStudBud Administration86 plays

A Summary quiz for Statistics & Risk Mgt.

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Questions 30

Answers

1
Strategic risk is a sub category of Technical Risk
True
False
2
The project estimation formula is
RE=PxT
PxC=RE
CxC=RE
RE=PxP
3
RMMM means
mitigation, maintenance, management
maintenance, monitoring, management
mitigation, monitoring, management
none of the above
4
On a scale of 1-4 (1 being the highest) a marginal risk is
4
2
1
3
5
reactive strategies are
neither of the answers
both answers
I will do something later
Don't worry
6
Product specific risk
extrapolated risk
clear understanding of technology
threat to everything
specific threats to avoid
7
There are 4 steps to the Risk Mgt process
True
False
8
Management risk is loosing budget
True
False
9
Risk is only limited to situations that jeopardize money.
True
False
10
On a scale of 1-4 (1 being the highest) a negligible risk is
4
1
2
3
11
An example of and unexpected or an unpredictable event is
Loss of funds through theft
Destruction of a building
Wiping clean of all of your computer files
all of the above
12
Known risk are
extrapolated risk
difficult risk
uncovered risk
covered risk
13
Predictable risk are uncovered
False
True
14
Market risk is
losing budgetary support
building a product that does not fit the strategy of company
an excellent product no one wants
Protection of Money
15
Three factors that affect consequences are
the nature, the project, the cost
the nature, the scope, the timing
the cost, the plan, the project
the cost, the scope, the timing
16
On a scale of 1-4 (1 being the highest) a catastrophic risk is
1
3
2
4
17
Extrapolated risk are the same as
projection
performance
probability
predictable
18
Proactive strategies are
avoid risk
neither of the answers
have a contingency plan
both answers
19
Proactive strategies involve creating a contingency plan
True
False
20
Risk Mitigation is the same as
risk acceptance
risk analysis
risk avoidance
risk management
21
On a scale of 1-4 (1 being the highest) a critical risk is
2
1
3
4
22
risk drivers affect the following components
performance, monitoring, maintenance, cost
performance, maintenance, cost and schedule
performance, cost, support, schedule
performance, monitoring, maintenance, schedule
23
Risk monitoring has three objectives
none of the above
mitigate, minimize, manage
assess, ensure, collect
assess, analyze, ensure
24
Risk monitoring means
none of the above
analyze factors of a risk
look for factors that assume a risk happened
look for factors that indicate a risk
25
The probability you will pass this test
above 50%
below 50%
26
Unpredictable risk are the same as
uncovered
difficult to identify
past
predictable
27
Technical risk threatens
the project plans
the viability of business
the project schedule
the quality and timeliness of project
28
What are the two characteristics of risk
Profit and loss
uncertainty and profit
What will we do to prevent it?
Loss and uncertainty
29
The Risk management process includes
risk identification, projection and RMMM
none of the above
risk identification, projection and objection
projection, evaluation, identification
30
Project estimation steps are
identify, evaluate, estimate, accuracy
identify, delineate, estimate, accuracy
estimate, delineate, projection, accuracy
identify, analyze, estimate, accuracy

Introduction to Risk Managment-PJohnson Flashcards | StudBud