Risk Management Strategies in Project Planning
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Questions and Answers

What is the first and crucial step in the risk management process?

  • Risk assessment
  • Risk mitigation
  • Risk monitoring
  • Risk identification (correct)
  • In risk planning, what is the primary purpose of addressing risks?

  • Ignoring risks
  • Avoiding or minimizing risks (correct)
  • Exaggerating risks
  • Creating more risks
  • Which type of risk checklist item is associated with the software or hardware technologies used in system development?

  • Organizational risks
  • Technology risks (correct)
  • External risks
  • People risks
  • How can risk identification be conducted in a project?

    <p>As a team process to brainstorm possible risks</p> Signup and view all the answers

    What activity involves regularly assessing risks and revising mitigation plans based on new information?

    <p>Risk monitoring</p> Signup and view all the answers

    Which type of risk may arise from the organizational environment where software is being developed?

    <p>Organizational risks</p> Signup and view all the answers

    Which type of risk planning strategy focuses on reducing the probability that a risk event will occur?

    <p>Avoidance strategies</p> Signup and view all the answers

    What is the primary purpose of contingency plans in risk management?

    <p>To prepare for the worst and have a strategy in place</p> Signup and view all the answers

    In risk control, what do minimization strategies focus on reducing?

    <p>The impact of a risk event</p> Signup and view all the answers

    What does risk monitoring involve in the context of project management?

    <p>Regularly assessing identified risks for changes</p> Signup and view all the answers

    Which type of strategy involves being ready for the worst-case scenario with a pre-prepared plan?

    <p>Contingency plans</p> Signup and view all the answers

    What is the main focus of avoidance strategies in risk planning?

    <p>Reducing the probability of risks arising</p> Signup and view all the answers

    What should be considered when assessing whether the effects of a risk have changed?

    <p>Number of requirements change requests</p> Signup and view all the answers

    When should risks be monitored in a project?

    <p>At every management review</p> Signup and view all the answers

    What should be discussed at every management review concerning risks?

    <p>Each of the key risks separately</p> Signup and view all the answers

    How should risk probability and its effects be evaluated?

    <p>By analyzing historical data</p> Signup and view all the answers

    Why would estimating based on lines of code be inappropriate for IOE's main software project?

    <p>Main software to be obtained 'off the shelf'</p> Signup and view all the answers

    What should Amanda refer to when estimating effort for each stage of the project?

    <p>Conversion tables for lines of code</p> Signup and view all the answers

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