Project Management and Risk Planning

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What is the role of contingency reserves or allowances in project management?

To maximize potential risks while minimizing potential opportunities

To ignore identified risks and hope they do not occur

To be predefined actions taken if an identified risk event occurs (correct)

To overlook potential risks and opportunities

Which document defines the boundaries for the project, including what is and is not part of the project?

Project Charter (correct)

Project Scope Management Plan

Preliminary Scope Statement

Project Stakeholders

What is the primary goal of project risk management?

To respond to risk throughout the project life and meet project objectives (correct)

To maximize potential risks while minimizing potential opportunities

To ignore risks and focus only on opportunities

To eliminate all risks before starting the project

In which plan is the approach for managing communication activities throughout the project defined?

Communications Management Plan (A) Signup and view all the answers

What purpose does project management serve according to the provided text?

To apply knowledge, tools, and techniques to meet project requirements (C) Signup and view all the answers

Which of the following is NOT an output of the Close Project process?

$Work Performance Data (D) Signup and view all the answers

Who is ultimately responsible for quality management on the project?

Project Manager (D) Signup and view all the answers

What should a project manager do first after being assigned a new project and given the preliminary project scope statement and charter?

Confirm that all stakeholders have contributed to the scope (B) Signup and view all the answers

During which risk management process are workarounds determined?

Plan Risk Responses (A) Signup and view all the answers

In risk management, what are risk tolerances determined for?

The team ranks the project risks (C) Signup and view all the answers

In which part of the project management process is the project manager ensuring that the product has been completed according to the project plan?

Monitoring and Controlling (B) Signup and view all the answers

What is the purpose of a contingency budget in IT project management?

Reduce the probability of cost overruns. (D) Signup and view all the answers

What is quality in a project defined as?

Meeting and exceeding customer's expectations (A) Signup and view all the answers

During which phase of an IT project is the highest amount of funding typically spent?

Executing (C) Signup and view all the answers

What term is used to represent the estimated value of the work actually accomplished on an IT project?

Planned Value (PV) (A) Signup and view all the answers

In IT project quality management, where is a cause and effect diagram commonly used by the project manager?

Plan Quality Management (D) Signup and view all the answers

During which risk management process is a decision to transfer a risk often made in IT projects?

Plan Risk Responses (D) Signup and view all the answers

In IT project cost management, where does the project manager determine the resources and quantities used?

Cost Budgeting (D) Signup and view all the answers