PMP 11: Project Risk Management; Questions And Answers
6 views 0 purchase
Course
PMP
Institution
PMP
PMP 11: Project Risk Management; Questions
And Answers
Project Risk Management Correct Answer-Includes the processes of
conducting risk management planning, identification, analysis, response
planning, and monitoring and control on a project
PMP 11: Project Risk Management; Questions
And Answers
Project Risk Management Correct Answer-Includes the processes of
conducting risk management planning, identification, analysis, response
planning, and monitoring and control on a project
Objectives of Project Risk Management Correct Answer-Increase the
probability and impact of positive events, and decrease the probability and
impact of negative events in the project
Characteristics of Risk Correct Answer-• Project risk is always in the future
• A risk may have one or more causes and, if it occurs, it may have one or more
impacts. A cause may be a requirement, assumption, constraint, or condition
that creates the possibility of negative or positive outcomes.
• Project risk has its origins in the uncertainty present in all projects
• Organizations perceive risk as the effect of uncertainty on their project and
organizational objectives
• Individuals and groups adopt attitudes toward risk that influence the way they
respond. These risk attitudes are driven by perception, tolerances, and other
biases, which should be made explicit wherever possible
• A consistent approach to risk should be developed for each project, and
communication about risk and its handling should be open and honest
• A conscious choice must be made at all levels of the organization to actively
identify and pursue effective risk management during the life of the project.
• Risk exists the moment a project is conceived.
Moving forward on a project without a proactive focus on risk management
increases the impact that a realized risk can have on the project and can
potentially lead to project failure
, PMP 11: Project Risk Management; Questions
And Answers
Risk Correct Answer-an uncertain event or condition that, if it occurs, has an
effect on at least one project objective. Objectives can include scope, schedule,
cost, and quality
Risk Conditions can include Correct Answer-aspects of the project's or
organization's environment that may contribute to project risk, such as
• immature project management practices,
• lack of integrated management systems,
• concurrent multiple projects, or
• dependency on external participants who cannot be controlled
Known Risks Correct Answer-those that have been identified and analyzed,
making it possible to plan responses for those risks
Specific Unknown Risks Correct Answer-cannot be managed proactively,
which suggests that the project team should create a contingency plan
Issue Correct Answer-A project risk that has occurred
Risk Tolerance Correct Answer-Organizations and stakeholders are willing to
accept varying degrees of risk. Risks that are threats to the project may be
accepted if the risks are within tolerances and are in balance with the rewards
that may be gained by taking the risks
Risk Responses Correct Answer-reflect an organization's perceived balance
between risk taking and risk avoidance
, PMP 11: Project Risk Management; Questions
And Answers
Project Risk Management Processes Correct Answer-11.1 Plan Risk
Management
11.2 Identify Risks
11.3 Perform Qualitative Risk Analysis
11.4 Perform Quantitative Risk Analysis
11.5 Plan Risk Responses
11.6 Monitor and Control Risks
Plan Risk Management Process Group Correct Answer-Planning Process
Group
Identify Risks Process Group Correct Answer-Planning Process Group
Perform Qualitative Risk Analysis Process Group Correct Answer-Planning
Process Group
Perform Quantitative Risk Analysis Process Group Correct Answer-Planning
Process Group
Plan Risk Responses Process Group Correct Answer-Planning Process Group
Monitor and Control Risks Process Group Correct Answer-Monitor and
Controlling Process Group
, PMP 11: Project Risk Management; Questions
And Answers
Plan Risk Management Correct Answer-The process of defining how to
conduct risk management activities for a project
Characteristics of Plan Risk Management Correct Answer-• Careful and
explicit planning enhances the probability of success for the five other risk
management processes.
• Is important to ensure that the degree, type, and visibility of risk management
are commensurate with both the risks and the importance of the project to the
organization.
• Planning is also important to provide sufficient resources and time for risk
management activities, and to establish an agreed-upon basis for evaluating
risks.
• Should begin as a project is conceived and should be completed early during
project planning
Inputs to Plan Risk Management Correct Answer-1. Project Scope Statement
2. Project Cost Management Plan
3. Schedule Management Plan
4. Communications Management Plan
5. Enterprise Environmental Factors
6. Organizational Process Assets
Tools and Techniques for Plan Risk Management Correct Answer-1. Planning
Meetings and Analysis
Outputs of Plan Risk Management Correct Answer-1. Risk Management Plan
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller TheeGrades. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.49. You're not tied to anything after your purchase.
