Project Management and Risk Planning
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Questions and Answers

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?

    <p>Communications Management Plan</p> Signup and view all the answers

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

    <p>To apply knowledge, tools, and techniques to meet project requirements</p> Signup and view all the answers

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

    <p>$Work Performance Data</p> Signup and view all the answers

    Who is ultimately responsible for quality management on the project?

    <p>Project Manager</p> 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?

    <p>Confirm that all stakeholders have contributed to the scope</p> Signup and view all the answers

    During which risk management process are workarounds determined?

    <p>Plan Risk Responses</p> Signup and view all the answers

    In risk management, what are risk tolerances determined for?

    <p>The team ranks the project risks</p> 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?

    <p>Monitoring and Controlling</p> Signup and view all the answers

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

    <p>Reduce the probability of cost overruns.</p> Signup and view all the answers

    What is quality in a project defined as?

    <p>Meeting and exceeding customer's expectations</p> Signup and view all the answers

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

    <p>Executing</p> Signup and view all the answers

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

    <p>Planned Value (PV)</p> Signup and view all the answers

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

    <p>Plan Quality Management</p> Signup and view all the answers

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

    <p>Plan Risk Responses</p> Signup and view all the answers

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

    <p>Cost Budgeting</p> Signup and view all the answers

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