33 Questions
What type of risks are identified through historical data and hazard logs?
Retrospective risks
What is the primary goal of the risk identification step in the risk management process?
To identify possible risks that may affect the business
What is the formula to calculate the level of risk?
Level of Risk = Consequence x Likelihood
What is the purpose of the risk analysis step in the risk management process?
To analyze the likelihood and consequences of a risk
What is the outcome of the risk analysis step?
A level of risk defined by consequence and likelihood
What is the purpose of the four risk projection activities?
To establish a scale to reflect the perceived likelihood of each risk
What is the difference between qualitative and quantitative analysis?
Qualitative analysis is more subjective, while quantitative analysis is more objective
What is the purpose of brainstorming in risk identification?
To identify possible risks
What is the purpose of reviewing system design in risk identification?
To identify possible risks
What is the relationship between impact and likelihood in risk analysis?
High impact and high likelihood result in a high level of risk
What is the primary objective of a proactive risk strategy?
To avoid risks from happening
What type of risk strategy is characterized by taking action only after something goes wrong?
Reactive strategy
What is an example of a technical risk?
Risk in design implementation
What is the purpose of a risk management plan?
To evaluate and manage risks regularly
What type of risk is related to delays in scheduling and increases in cost?
Project risk
What is crisis management involved in?
Taking action after something goes wrong
What is the estimated probability of failure in the given risk scenario?
25%
What is the total cost if the risk occurs?
30,000 Birr
What is the purpose of risk evaluation in the risk management process?
To compare risks with established risk criteria
What is the result of a risk evaluation?
A prioritized list of risks that require further action
What is an accepted risk?
A risk that doesn't require treatment
What is the risk exposure in the given scenario?
7,500 Birr
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
What is the main objective of project risk management?
To identify and respond to risks in the best interests of meeting project objectives
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
What is involved in project risk management?
Identifying, analyzing, and responding to risks throughout the life of a project
Why is project risk management important?
Because it helps to ensure that projects are completed successfully
What is the primary goal of risk treatment?
To reduce or eliminate negative consequences
Why might a risk be accepted?
Because the cost of treatment far exceeds the benefit
What is the main difference between 'Avoid' and 'Reduce' risk treatments?
Avoid eliminates the risk, while Reduce decreases the quantum of losses
What is the purpose of the Risk Management Process?
To treat risks that were not considered acceptable
What is the main goal of the 'Transfer' risk treatment option?
Not mentioned in the text
How many options for risk treatment are mentioned in the text?
8
Test your understanding of risk management in IT projects, including the concept of risk, its likelihood, and mitigation strategies. This quiz covers the basics of risk management and its application in IT projects.
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