CS 495: IT Project Management

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What type of risks are identified through historical data and hazard logs?

Prospective risks

Retrospective risks (correct)

Generic risks

Product-specific risks

What is the primary goal of the risk identification step in the risk management process?

To analyze the likelihood of a risk

To monitor the level of risk

To implement a risk management plan

To identify possible risks that may affect the business (correct)

What is the formula to calculate the level of risk?

Level of Risk = Likelihood / Consequence

Level of Risk = Consequence / Likelihood

Level of Risk = Consequence x Likelihood (correct)

Level of Risk = Likelihood - Consequence

What is the purpose of the risk analysis step in the risk management process?

To analyze the likelihood and consequences of a risk Signup and view all the answers

What is the outcome of the risk analysis step?

A level of risk defined by consequence and likelihood Signup and view all the answers

What is the purpose of the four risk projection activities?

To establish a scale to reflect the perceived likelihood of each risk Signup and view all the answers

What is the difference between qualitative and quantitative analysis?

Qualitative analysis is more subjective, while quantitative analysis is more objective Signup and view all the answers

What is the purpose of brainstorming in risk identification?

To identify possible risks Signup and view all the answers

What is the purpose of reviewing system design in risk identification?

To identify possible risks Signup and view all the answers

What is the relationship between impact and likelihood in risk analysis?

High impact and high likelihood result in a high level of risk Signup and view all the answers

What is the primary objective of a proactive risk strategy?

To avoid risks from happening Signup and view all the answers

What type of risk strategy is characterized by taking action only after something goes wrong?

Reactive strategy Signup and view all the answers

What is an example of a technical risk?

Risk in design implementation Signup and view all the answers

What is the purpose of a risk management plan?

To evaluate and manage risks regularly Signup and view all the answers

What type of risk is related to delays in scheduling and increases in cost?

Project risk Signup and view all the answers

What is crisis management involved in?

Taking action after something goes wrong Signup and view all the answers

What is the estimated probability of failure in the given risk scenario?

25% Signup and view all the answers

What is the total cost if the risk occurs?

30,000 Birr Signup and view all the answers

What is the purpose of risk evaluation in the risk management process?

To compare risks with established risk criteria Signup and view all the answers

What is the result of a risk evaluation?

A prioritized list of risks that require further action Signup and view all the answers

What is an accepted risk?

A risk that doesn't require treatment Signup and view all the answers

What is the risk exposure in the given scenario?

7,500 Birr Signup and view all the answers

What is risk in the context of IT project management?

The possibility of beneficial and/or harmful outcomes and their likelihood of occurrence in a stated time-scale Signup and view all the answers

What is the main objective of project risk management?

To identify and respond to risks in the best interests of meeting project objectives Signup and view all the answers

What are risks in the context of IT project management?

Potential problems that may affect a project's completion and involve uncertainty and potential losses Signup and view all the answers

What is involved in project risk management?

Identifying, analyzing, and responding to risks throughout the life of a project Signup and view all the answers

Why is project risk management important?

Because it helps to ensure that projects are completed successfully Signup and view all the answers

What is the primary goal of risk treatment?

To reduce or eliminate negative consequences Signup and view all the answers

Why might a risk be accepted?

Because the cost of treatment far exceeds the benefit Signup and view all the answers

What is the main difference between 'Avoid' and 'Reduce' risk treatments?

Avoid eliminates the risk, while Reduce decreases the quantum of losses Signup and view all the answers

What is the purpose of the Risk Management Process?

To treat risks that were not considered acceptable Signup and view all the answers

What is the main goal of the 'Transfer' risk treatment option?

Not mentioned in the text Signup and view all the answers

How many options for risk treatment are mentioned in the text?

8 Signup and view all the answers

CS 495: IT Project Management - Risk Management

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