Project Risk Management

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

• Risk Utility

• Risk Tolerance

• Risk Mangement

• Risk

A person who is risk-_____ receives greater satisfaction when more payoff is at stake and is willing to pay a penalty to take risks.

• Averse

• Seeking

• Neutral

• Aware

Which risk management process involves prioritizing risks based on their probability and impact of occurrence.

• Planning Risk Management

• Identifying Risk

• Performing Qualitative Risk Analysis

• Performing Quantitative Risk Analysis

Your project involves using a new release of a common software application, but if that release is not available, your team has _____ plans to use the current release.

• Contingency

• Fallback

• Reserve

• Mitigation

Which risk identification tool involves deriving a consensus among a panel of experts by using anonymous input regarding future events?

• Risk Breakdown Structure

• Brainstorming

• Interviewing

• Delphi Technique

Your project team has decided not to use an upcoming release of software because it might cause your schedule to slip. What negative risk response strategy are you using?

• Avoidance

• Acceptance

• Transference

• Mitigation

Changing the size of an opportunity by identifying and maximizing key drivers of the positive risk.

• Risk exploitation

• Risk sharing

• Risk acceptance

• Risk enhancement

Having a low tolerance for risk

A plan that documents the procedures for managing risk throughout a project.

A document that contains results of various risk management process, often displayed in a table or spreadsheet format.