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Module 4 Final Quiz - PASS

A risk is a potential event that can impact a project if it occurs. The risk management process helps project managers understand what could go wrong with a project and who they need to consult about risks. Determining the likelihood and potential impact of identified risks represents the "Analyze risks" step in risk management. Key steps in creating a fishbone diagram include defining the problem and analyzing causes. An organization's willingness to accept possible risk outcomes is known as its "risk appetite." Common risk types that can impact projects are time risks, budget risks, and scope risks. A risk management plan typically contains probability estimates for each risk and a mitigation plan for each risk. The best way to communicate a high-level risk to stakeholders is to

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287 views5 pages

Module 4 Final Quiz - PASS

A risk is a potential event that can impact a project if it occurs. The risk management process helps project managers understand what could go wrong with a project and who they need to consult about risks. Determining the likelihood and potential impact of identified risks represents the "Analyze risks" step in risk management. Key steps in creating a fishbone diagram include defining the problem and analyzing causes. An organization's willingness to accept possible risk outcomes is known as its "risk appetite." Common risk types that can impact projects are time risks, budget risks, and scope risks. A risk management plan typically contains probability estimates for each risk and a mitigation plan for each risk. The best way to communicate a high-level risk to stakeholders is to

Uploaded by

Fazlee Kan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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1.

Question 1
Fill in the blank: A potential event that can impact your project if it occurs is called a(n) _____.

1 / 1 point

problem

risk

delay

issue

Correct

2.
Question 2
The risk management process can provide project managers a better understanding of what information?
Select all that apply.

0.75 / 1 point

How could the project manager mitigate the potential risk

Correct

Who the project manager needs to consult about a risk

Correct

What could go wrong with the project

When exactly the risk will occur

You didn’t select all the correct answers

3.
Question 3
As a project manager practicing risk management, you’ve already identified the risk. Now, you’re
determining the likelihood and potential impact the risk will have on your project. Which risk management
step does this represent?

0 / 1 point
Analyze risks

Monitor and control risks

Treat risks

Avoid risks

Incorrect
Try reviewing the reading on the phases of risk management.

4.
Question 4
Which of the following are steps involved in creating a fishbone (or cause-and-effect) diagram? Select all
that apply.

0.5 / 1 point

Analyze the causes

Correct

Define the problem

Correct

Mitigate causes

This should not be selected


Try reviewing the reading on tools for identifying risks.

Identify categories

5.
Question 5
Fill in the blank: Once an organization has explored the inherent risks of a project, its willingness to accept
the possible outcomes of those risks is known as _____.

1 / 1 point

risk register

risk assumption
risk appetite

risk analysis

Correct

6.
Question 6
What are the most common types of risk that can impact projects?

1 / 1 point

Budget risks, scope risks, and internal risks

Time risks, budget risks, and external risks

Budget risks, internal risks, and external risks

Time risks, budget risks, and scope risks

Correct

7.
Question 7
What does a risk management plan typically contain? Select all that apply.

0.75 / 1 point

A mitigation plan for each risk

Correct

A competitor analysis for each risk

Probability estimates for each risk

Correct

An executive summary

You didn’t select all the correct answers

8.
Question 8
Which of the following is the best way to communicate a high-level risk to stakeholders?

1 / 1 point

Plan to present the risks and your mitigation plans at the next monthly meeting.

Meet with stakeholders in person to present serious risks and your plans to mitigate them.

Describe the risks in a weekly planning email and briefly explain your plan to mitigate them.

Describe the risks and your mitigation plan to stakeholders the next time you see them in person.

Correct

9.
Question 9
As a project manager, you’re identifying task dependencies. Task B cannot finish until Task A is complete—
the tasks operate at the same time. Which type of dependency does this situation represent?

0 / 1 point

Finish to Start (FS)

Start to Finish (SF)

Start to Start (SS)

Finish to Finish (FF)

Incorrect
Please review the reading on visualizing dependency relationships.

10.
Question 10
Which of the following best describes the executive summary in the risk management plan?

0 / 1 point

Charts such as the impact chart, probability chart, and the probability and impact matrix

Description of each risk, its risk rating, and a mitigation plan


Information such as the plan’s status, creation date, and uploaded date

Introduction to the conditions of the project and an outline of the potential risks

Incorrect
Please review the video on building a risk management plan.

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