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 (A)</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 (C)</p> Signup and view all the answers

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

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

Who is ultimately responsible for quality management on the project?

<p>Project Manager (D)</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 (B)</p> Signup and view all the answers

During which risk management process are workarounds determined?

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

In risk management, what are risk tolerances determined for?

<p>The team ranks the project risks (C)</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 (B)</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. (D)</p> Signup and view all the answers

What is quality in a project defined as?

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

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

<p>Executing (C)</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) (A)</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 (D)</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 (D)</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 (D)</p> Signup and view all the answers

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