Risk Management: Introduction and Project Risks
12 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the conceptual definition of risk?

  • An issue that has already occurred.
  • An unavoidable problem in any project.
  • A potential problem that might or might not happen. (correct)
  • A certain problem that will happen.

    • What is the key characteristic of risk that distinguishes it from constraints?

  • Inevitability of loss
  • Certainty of occurrence
  • Uncertainty of occurrence (correct)
  • Guaranteed outcome

    • In risk categorization, what do technical risks threaten?

  • The quality and timeliness of the software to be produced (correct)
  • The project viability
  • The project schedule and costs
  • The business strategy of the company

    • Which type of business risk involves building a product that no one really wants?

    <p>Market risk</p> Signup and view all the answers

    What are known risks in risk management categorized by?

    <p>Past project experience</p> Signup and view all the answers

    What is the main goal of risk management?

    <p>Reducing the impact and probability of risk</p> Signup and view all the answers

    What is the primary objective of proactive risk strategies?

    <p>To avoid risks and have a contingency plan for handling unavoidable risks</p> Signup and view all the answers

    What is the key difference between proactive and reactive risk strategies?

    <p>Proactive strategies aim to avoid risks, while reactive strategies deal with risks after they occur.</p> Signup and view all the answers

    What is the first step in the 8 Steps for Risk Management mentioned in the text?

    <p>Identify possible risks and recognize what can go wrong</p> Signup and view all the answers

    How are risks typically ranked in the 8 Steps for Risk Management?

    <p>By probability and impact</p> Signup and view all the answers

    What is the purpose of developing a contingency plan in risk management?

    <p>To handle high-probability and high-impact risks effectively</p> Signup and view all the answers

    What is the function of the Risk Item Checklist mentioned in the text?

    <p>To identify known and predictable risks in specific subcategories</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser