Project Management - Procurement 1/2

What is risk planning in project management?

• Creating a project timeline

• Identifying, prioritizing, and managing risks in a project

• Developing a project budget

• Selecting project team members

What is the definition of risk according to ISO 31000?

• The impact of positive outcomes

• The likelihood of project success

• The possibility of something bad happening

• The effect of uncertainty on objectives

What is the purpose of risk identification in project management?

• Developing project objectives

• Selecting project vendors

• Creating a project schedule

• Determining which risks might affect the project

What is qualitative risk analysis in project management?

• Assessing the impact and likelihood of identified risks

• Developing a risk response plan

• Assigning tasks to project team members

• Creating a risk tracking list

What is the purpose of risk response planning?

• Selecting project vendors

• Creating a project budget

• Developing strategies to mitigate or avoid risks

• Assigning project tasks

What are the strategies for responding to negative risks?

• Plan, Execute, Monitor, Control

• Exploit, Enhance, Adapt

• Initiate, Plan, Execute, Close

• Avoid, Mitigate, Transfer, Accept

What are positive risks also known as?

• Opportunities

• Threats

• Challenges

• Weaknesses

What is the consequence of lack of procurement planning?

• Delay in project implementation

• Increased project quality

• Improved project efficiency

• Decreased project costs

Why is procurement planning important?

• To optimize procurement activities

• To increase project costs

• To delay project timelines

• To reduce project quality

What is the purpose of assessing and listing the needs or requirements in procurement planning?

• Creating a risk response plan

• Developing project objectives

• Collecting a list of needs from users

• Selecting project vendors