CS 495: IT Project Management - Risk Management
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Questions and Answers

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?

<p>To analyze the likelihood and consequences of a risk (B)</p> Signup and view all the answers

What is the outcome of the risk analysis step?

<p>A level of risk defined by consequence and likelihood (D)</p> Signup and view all the answers

What is the purpose of the four risk projection activities?

<p>To establish a scale to reflect the perceived likelihood of each risk (C)</p> Signup and view all the answers

What is the difference between qualitative and quantitative analysis?

<p>Qualitative analysis is more subjective, while quantitative analysis is more objective (C)</p> Signup and view all the answers

What is the purpose of brainstorming in risk identification?

<p>To identify possible risks (D)</p> Signup and view all the answers

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

<p>To identify possible risks (A)</p> Signup and view all the answers

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

<p>High impact and high likelihood result in a high level of risk (B)</p> Signup and view all the answers

What is the primary objective of a proactive risk strategy?

<p>To avoid risks from happening (D)</p> Signup and view all the answers

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

<p>Reactive strategy (A)</p> Signup and view all the answers

What is an example of a technical risk?

<p>Risk in design implementation (A)</p> Signup and view all the answers

What is the purpose of a risk management plan?

<p>To evaluate and manage risks regularly (D)</p> Signup and view all the answers

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

<p>Project risk (D)</p> Signup and view all the answers

What is crisis management involved in?

<p>Taking action after something goes wrong (C)</p> Signup and view all the answers

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

<p>25% (B)</p> Signup and view all the answers

What is the total cost if the risk occurs?

<p>30,000 Birr (A)</p> Signup and view all the answers

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

<p>To compare risks with established risk criteria (A)</p> Signup and view all the answers

What is the result of a risk evaluation?

<p>A prioritized list of risks that require further action (B)</p> Signup and view all the answers

What is an accepted risk?

<p>A risk that doesn't require treatment (B)</p> Signup and view all the answers

What is the risk exposure in the given scenario?

<p>7,500 Birr (C)</p> Signup and view all the answers

What is risk in the context of IT project management?

<p>The possibility of beneficial and/or harmful outcomes and their likelihood of occurrence in a stated time-scale (A)</p> Signup and view all the answers

What is the main objective of project risk management?

<p>To identify and respond to risks in the best interests of meeting project objectives (A)</p> Signup and view all the answers

What are risks in the context of IT project management?

<p>Potential problems that may affect a project's completion and involve uncertainty and potential losses (B)</p> Signup and view all the answers

What is involved in project risk management?

<p>Identifying, analyzing, and responding to risks throughout the life of a project (D)</p> Signup and view all the answers

Why is project risk management important?

<p>Because it helps to ensure that projects are completed successfully (A)</p> Signup and view all the answers

What is the primary goal of risk treatment?

<p>To reduce or eliminate negative consequences (A)</p> Signup and view all the answers

Why might a risk be accepted?

<p>Because the cost of treatment far exceeds the benefit (C)</p> Signup and view all the answers

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

<p>Avoid eliminates the risk, while Reduce decreases the quantum of losses (C)</p> Signup and view all the answers

What is the purpose of the Risk Management Process?

<p>To treat risks that were not considered acceptable (D)</p> Signup and view all the answers

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

<p>Not mentioned in the text (D)</p> Signup and view all the answers

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

<p>8 (A)</p> Signup and view all the answers

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