Project Management II - Week 3 Quiz

<p>To document all risks, including impact, probability, and owner (D)</p> Signup and view all the answers

<p>Risk Control Measures (B)</p> Signup and view all the answers

<p>It allows for the evaluation of potential financial impacts of risks. (B)</p> Signup and view all the answers

<p>Delaying risk mitigation can lead to increased costs in the future. (A)</p> Signup and view all the answers

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

<p>To reduce the negative impact of risks. (B)</p> Signup and view all the answers

<p>Using a combination of factors, such as financial loss, project delays, and reputation damage. (D)</p> Signup and view all the answers

<p>To store, update, and analyze risk management data. (A)</p> Signup and view all the answers

<p>Project Budget. (B)</p> Signup and view all the answers

<p>Transfer or accept. (C)</p> Signup and view all the answers

<p>Submitting a project change request. (B)</p> Signup and view all the answers

<p>To ensure that projects deliver value to stakeholders. (B)</p> Signup and view all the answers

<p>A combination of planned needs and budget availability. (D)</p> Signup and view all the answers

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

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

<p>EMV = Probability x Impact (B)</p> Signup and view all the answers

<p>Financial return compared to the cost (B)</p> Signup and view all the answers

<p>Net Present Value (NPV) (C)</p> Signup and view all the answers

<p>Risk = Probability x Consequence (D)</p> Signup and view all the answers

<p>Determining credit scores for potential borrowers (C)</p> Signup and view all the answers

<p>Data serves as a basis for making informed decisions (D)</p> Signup and view all the answers

<p>Uncertainty regarding the firm’s financial goals (D)</p> Signup and view all the answers

<p>Uncertainty caused by changes in commodity prices and interest rates (A)</p> Signup and view all the answers

<p>Determining the likelihood and impact of risks (A)</p> Signup and view all the answers

<p>Operational Risk (D)</p> Signup and view all the answers

<p>Covering unknown and unplanned events (B)</p> Signup and view all the answers

<p>To address both identified and unforeseen project-related expenses (A)</p> Signup and view all the answers

<p>Type of project being delivered (D)</p> Signup and view all the answers

<p>To ensure funding for anticipated and unexpected losses (D)</p> Signup and view all the answers

<p>To implement a risk response or address risk events (C)</p> Signup and view all the answers

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

<p>Improvise around actions and have a response plan for risks (A)</p> Signup and view all the answers

<p>To account for unforeseen costs related to in-scope work (A)</p> Signup and view all the answers

<p>Some issues may go unidentified and emerge unexpectedly (D)</p> Signup and view all the answers

<p>Single-family home selling (B)</p> Signup and view all the answers

<p>Balancing competing priorities effectively (A)</p> Signup and view all the answers

<p>To address uncertainties and incorporate contingency in budgeting (D)</p> Signup and view all the answers

<p>An uncertain event that can affect project objectives positively or negatively (D)</p> Signup and view all the answers

<p>Results of a risk assessment presented in table or spreadsheet format (C)</p> Signup and view all the answers

<p>The effect of uncertainty on the project as a whole, arising from various sources (B)</p> Signup and view all the answers

<p>To determine if it is feasible to mitigate the risk without affecting project objectives (A)</p> Signup and view all the answers

<p>Estimation of project timelines (C)</p> Signup and view all the answers

<p>Events or conditions that cause a risk to happen (C)</p> Signup and view all the answers

<p>Pure risk only involves the possibility of loss, while speculative risk can involve profit or loss (C)</p> Signup and view all the answers

<p>Scope, time, cost, and quality (A)</p> Signup and view all the answers

An uncertain event or condition affecting project objectives positively or negatively.

A project document listing results of a risk assessment in table or spreadsheet format.

A specific uncertain event that may impact the project positively or negatively.

The effect of uncertainty on the entire project from various sources.

Steps include planning, identifying, analyzing, responding, and monitoring risks.

An event that causes or has caused a risk to occur.

A situation with only possibilities of loss or no loss beyond human control.

A situation where both profit or loss are possible.

A unified approach to managing all major organizational risks.

The process that results in creating a risk register.

Basic elements to include in a risk register.

The likelihood of a risk occurring and impacting a project.

A concept that suggests money available now is more valuable than the same amount in the future.

Methods used to offset financial risks through derivatives and contracts.

Choices made to mitigate or manage identified risks in a project.

Uncertainty regarding a firm’s financial goals and objectives.

Risk arising from day-to-day business operations.

Uncertainty of loss due to changes in prices, rates, or values.

Broad classification of risks related to systems, software, and hardware.

Analysis used to quantify risks and prioritize them based on likelihood and effect.

Funding set aside to address identified risks and other unplanned costs.

Budget category for unknown events, such as unplanned project scope changes.

Techniques that provide funding for anticipated or unknown losses.

The potential severity or impact of a risk event if it occurs.

A computerized database for storing and analyzing risk management data.

Actions taken to address and manage identified risks effectively.

The degree of variability in outcomes that an organization is willing to tolerate.

The amount of risk that an organization is willing to pursue in order to achieve its objectives.

The process of determining which projects will receive financial support annually.

The standard practice of budgeting and planning projects every year.

A measure of the profitability of an investment, often required for project funding.

The approved financial estimate for a project, including contingencies for risks.

The difficulty level of a project influenced by various constraints and unpredictabilities.

Factors like scope, time, cost, and quality that can challenge project completion.

The process of identifying and managing risks in project management.

To effectively respond to risks and improvising solutions during project execution.

A complex project case study involving risk management across diverse operations.

The current worth of future cash flows discounted at a specific rate.

The value of an investment at a specified date in the future, calculated using compound interest.

The process of earning interest on both the initial principal and the accumulated interest from previous periods.

The process of determining the present value of a cash flow at a specified future date.

A statistical technique used to calculate the average outcome of various scenarios in risk management.

The present value of future cash flows minus the initial investment cost.

A formula used to evaluate risk by assessing the probability of an event and its consequences.