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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