Mastering Risk Management Planning in Project Management

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According to the text, why is project planning important?

To establish a set of directions in sufficient detail to tell the project team what has to be done

To allocate every minute to planning in order to save time in execution

To facilitate later accomplishment of the project

All of the above (correct)

What is the purpose of a project chartering workshop?

To flesh out the nature of the project

To establish well-defined objectives (correct)

To create plans, schedules, and budgets at aggregated levels

To review major risks facing the project at the start

According to Brian Tracy, how much time can be saved in execution by allocating time to planning?

5 minutes

10 minutes (correct)

15 minutes

20 minutes

Which of the following is a risk response strategy for threats?

Transfer Signup and view all the answers

What is the risk response strategy for opportunities that involves increasing the probability and impact of the opportunity?

Enhance Signup and view all the answers

What is the purpose of a contingency reserve in risk response planning?

To plan for known risks that cannot be managed proactively Signup and view all the answers

Which risk-oriented measure should be tracked in risk monitoring and control?

The number of risks initially rated as low that later became high Signup and view all the answers

Which one of the following is a key responsibility of a project manager?

Building effective project teams Signup and view all the answers

Which one of the following is the purpose of integration management in project management?

Coordinating the work and timing of different groups Signup and view all the answers

What is the purpose of breaking a project into component phases?

To focus on specific, short-term output Signup and view all the answers

What is project risk management?

Managing uncertain events or conditions that can affect project objectives Signup and view all the answers

Which technique is used to identify project risks?

Delphi method Signup and view all the answers

What is the purpose of qualitative risk analysis?

To prioritize risks Signup and view all the answers

What is the risk priority number (RPN) formula in Failure Mode and Effect Analysis (FMEA)?

RPN = S * L * D Signup and view all the answers

Which technique is used for quantitative risk analysis?

Decision Tree Analysis / Expected Monetary Value (EMV) Signup and view all the answers

Which of the following is NOT an advantage of mind mapping in project planning?

It helps in participative management Signup and view all the answers

What is the purpose of the Work Breakdown Structure (WBS) in project planning?

To identify all meaningful tasks in a project Signup and view all the answers

What is a key element of the Work Breakdown Structure (WBS)?

The uncertainty and risk associated with each detail Signup and view all the answers

What are the steps involved in creating a WBS?

Identify data for each work package, review work package information, cost the work packages Signup and view all the answers

Which of the following is NOT an outcome of the 'Launch meetings' or 'Project Chartering workshop' mentioned in the text?

Initial risk management Signup and view all the answers

According to the text, what is the purpose of a responsibility assignment matrix (RACI)?

To keep track of who must approve and who must be notified Signup and view all the answers

When developing a project charter for outside clients, what can be done without the client's permission?

Discuss subsequent changes with contributing units Signup and view all the answers

According to the text, what is the advantage of colocation for project teams?

Better communication and teamwork Signup and view all the answers

Which of the following is NOT an element of a project charter?

Evaluation methods Signup and view all the answers

Which of the following is NOT a component of the Project Plan mentioned in the text?

Defining how project requirements will be managed Signup and view all the answers

According to the text, what is the disadvantage of virtual teams?

Possibility for misunderstandings and feeling of isolation Signup and view all the answers

According to the text, what are some other issues to consider when managing human resources in a project?

All of the above Signup and view all the answers