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Project Risk Management, Exams of Sociology

United States International UniversitySociology

An overview of project risk management, including the identification, assessment, and response to potential risks that could impact project objectives. It covers key concepts such as risk categories, risk response strategies (avoid, mitigate, transfer, accept), the distinction between risk responses and contingency plans, and the use of tools like risk assessment forms and risk severity matrices. The document also discusses the importance of integrating risk management with the work breakdown structure, the steps in the risk management process, and the differences between budget reserves and management reserves. Additionally, it touches on topics related to contract types and their associated risks, as well as earned value management concepts like cost variance and schedule performance index. Overall, this document offers a comprehensive understanding of project risk management principles and practices that are essential for successful project delivery.

Typology: Exams

2023/2024

Available from 08/28/2024

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MAN 4583 FINAL EXAM UCF
Risk-Answer- What is an uncertain event or condition that, if it occurs, has a positive or
negative effect on project objectives?
1. Hold a brainstorming session
2. Industry specific risk categories
3. Look at WBS and identify risks by tasks or group of tasks-Answer- What are the 3
steps in understanding risks?
Develop a risk management plan
1. Identify risks
2. Perform qualitative & quantitative risk analysis
3. Risk response plans
4. Risk register-Answer- What are the four ways to manage project risk?
Risk Plan-Answer- What is a document that describes how project risk management will
be structured and performed on a project?
Avoiding-Answer- Adopting proven technology instead of experimental technology in
order to eliminate technical failure would be an example of which risk response?
Identify risks-Answer- What is the initial step in the risk management process?
Risk Severity-Answer- The ____ matrix is divided into red, yellow, and green zones
representing major, moderate, and minor risks.
Transferring risk-Answer- What is a fixed price contract an example of?
A risk response is part of the actual implementation plan and action is taken before the
risk can materialize, while a contingency plan goes into effect only after the risk has
transpired-Answer- What is a key distinction between a risk response and a contingency
plan?
Avoiding-Answer- When considering risk response development, changing the plan to
eliminate the risk or condition is known as ____ the risk.
Retaining-Answer- When considering risk response development, assuming the risk
because the chance of such an event is slim is known as ____ the risk.
Mitigating-Answer- When considering risk response development, reducing the
likelihood that an event will occur and/or reducing the impact that an adverse event
would have on a project is known as ____ the risk.
Transferring-Answer- When considering risk response development, passing risk to
another party instead of changing it is known as ____ the risk.
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MAN 4583 FINAL EXAM UCF

Risk-Answer- What is an uncertain event or condition that, if it occurs, has a positive or negative effect on project objectives?

  1. Hold a brainstorming session
  2. Industry specific risk categories
  3. Look at WBS and identify risks by tasks or group of tasks-Answer- What are the 3 steps in understanding risks? Develop a risk management plan
  4. Identify risks
  5. Perform qualitative & quantitative risk analysis
  6. Risk response plans
  7. Risk register-Answer- What are the four ways to manage project risk? Risk Plan-Answer- What is a document that describes how project risk management will be structured and performed on a project? Avoiding-Answer- Adopting proven technology instead of experimental technology in order to eliminate technical failure would be an example of which risk response? Identify risks-Answer- What is the initial step in the risk management process? Risk Severity-Answer- The ____ matrix is divided into red, yellow, and green zones representing major, moderate, and minor risks. Transferring risk-Answer- What is a fixed price contract an example of? A risk response is part of the actual implementation plan and action is taken before the risk can materialize, while a contingency plan goes into effect only after the risk has transpired-Answer- What is a key distinction between a risk response and a contingency plan? Avoiding-Answer- When considering risk response development, changing the plan to eliminate the risk or condition is known as ____ the risk. Retaining-Answer- When considering risk response development, assuming the risk because the chance of such an event is slim is known as ____ the risk. Mitigating-Answer- When considering risk response development, reducing the likelihood that an event will occur and/or reducing the impact that an adverse event would have on a project is known as ____ the risk. Transferring-Answer- When considering risk response development, passing risk to another party instead of changing it is known as ____ the risk.

Mitigating-Answer- Testing a new project on a smaller isolated area prior to installing it for the entire organization is an example of ____ a risk. Transferring-Answer- Performance bonds, warranties, and insurance are examples of ____ a risk. Avoiding-Answer- Choosing to move a concert indoors to eliminate the threat of bad weather is an example of ____ a risk. Retain-Answer- Flooding would be devastating to the project; however, it is very unlikely. The project manager is most likely to ____ this risk. Risk Management-Answer- The attempt to recognize and manage potential and unforeseen trouble spots that may occur when a project is implemented is known as what? Focus on consequences and not on the events that could produce consequences.- Answer- What is one common mistake made early in the risk identification process? One-Answer- The risk response plans should have _______ owner(s). Risk breakdown structures-Answer- Organizations use ____ in conjunction with work breakdown structures to help management teams identify and eventually analyze risk. Baseline Schedule-Answer- The risk management plan should be created prior to a ________. Assess identified risks-Answer- After your team has successfully identified potential risks that could affect the project, what is the next step? Assess risks-Answer- Tools such as a risk assessment form and a risk severity matrix are used to do what? A 50% $90,000-Answer- Which of the following is your least important risk? Risk/Probability/Impact? A 50% $90, B 75% $100, C 25% $200, D 40% $160, Transferring-Answer- Purchasing an accident insurance policy would be an example of responding to a risk by ____ it. Likelihood and impact-Answer- Risks are evaluated in terms of what?

Trigger-Answer- The event or point in time when a contingency plan will be implemented is called a ____. Management-Answer- ___ reserves are controlled by the project manager and the owner of the project and are used to cover major unforeseen risks to the entire project. Budget-Answer- ____ reserves are identified for specific work packages and are distributed by the project manager and the team members. Detection difficulty-Answer- ___ is a measure of how easy it would be to notice that a risk event was going to occur in time to take mitigating action, that is, how much warning you would have. Change management.-Answer- ___ systems involve reporting, controlling, and recording changes to the project baseline. False-Answer- T/F: Responses to all identifiable risks should be a top priority for the project manager. False-Answer- T/F: The risk identification process should be limited to just the core project team. True-Answer- T/F: Contingency funding is made up of budget reserves and management reserves. True-Answer- T/F: Budget reserves are set up to cover identified risks associated with specific segments of a project while management reserves are set up to cover unidentified risks associated with the total project. True-Answer- T/F: The probability that a risk event will occur is higher during the initial stages of a project. False-Answer- T/F: Risk management is a reactive approach that is designed to ensure that surprises are reduced and that negative consequences associated with undesirable events are minimized. True-Answer- T/F: One common mistake that is made early on in the risk identification process is to focus on consequences and not on the events that could produce consequences. False-Answer- T/F: The project being delayed is an example of a major risk that should be assessed. True-Answer- T/F: A risk profile is a list of questions that have been developed and refined from previous, similar projects.

Seller has no motivation to control cost and in fact cost could spiral-Answer- You have replaced an earlier project manager in a project .The earlier project manager has left the organization and you are now responsible for the project. On reviewing the project management plan you are disturbed because a number of procurement contracts have been signed and they all turn out to be Cost plus fixed fee types of contracts - why are you worried? Accept-Answer- Your company has bagged a number of government contracts dealing with setting up infrastructure. This includes setting up roads and bridges. This is a very big and prestigious project so your company would like to ensure everything is planned well in advance. You are the project manager of this project. Considering its importance

  • you and your team come up with a list of risks. One of the subject matter experts indicates that during the months of July and August the construction work of the bridge across the river would need to stop on account of past history of flooding of the river. You agree with the expert and plan the schedule accordingly. What strategy did you just apply? Firm Fixed Price Contract - FFP-Answer- Of the following types of contracts - which has the HIGHEST risk for the seller? Vendors are used when you know exactly what you want-Answer- What is the difference between vendors and partners? Cost plus Incentive fee - CPIF-Answer- Of the following types of contracts - which has the HIGHEST risk for the buyer? Fixed contract-Answer- Which type of contract has the highest level of risk for the vendor or service provider? Time and Materials Contract (T&M)-Answer- For your project, you want to hire a software engineer to assist with some tasks. What type of contract would be best for this procurement? Fixed Contract-Answer- For your project, you want to purchase Smart boards for the team to use. What type of contract would be best for this procurement? Build a product instead of going through a vendor-Answer- You are looking for to purchase high quality glass for a new technology that your team is developing. You are trying to build product that puts you further ahead of your competition. You find a vendor that provides a type of glass that you really like. What would you do? RFI-Answer- You need to hire someone to come paint a large building after your normal vendor went out of business. You aren't sure what other vendors are out there. What form would you use?

to employ the services of a contractor for laying out of the cable trays.What kind of a contract would be the best choice? Exploiting the risk-Answer- Your company has won a large project for one of the fund houses to administer their funds.The project work has been going on smoothly and the customer has been singing praises about the work done so far.The client has planned a visit the next month to go over the plans for the next phase of the project as well as to meet with the project team.Your senior management realizes that this client could potentially need additional capabilities in the derivatives segment.Your company happens to have a strong exposure to this segment having executed numerous such projects.Your senior manager also invites key managers from the derivatives segment to showcase the organizations abilities in the derivates vertical - this is an example of? Avoid the risk-Answer- As a manager on a project your key outlook is to ensure that the project delivers within the scheduled timelines with minimal rework and customer delight.For some time now the project work is proceeding smoothly with a CPI and SPI a perfect 1.One of your team members approaches you and indicates that she might possibly need a long vacation on personal grounds.She indicates this could possibly occur in two months from now.You look up the schedule and as luck would have it - this team member happens to be scheduled to execute activities which are on the critical path - and her absence in two months time would cause a delay in schedule.You decide to take some action and reschedule task allocation to ensure that this team member is not planned to work on any of the critical path activities.What did you just do? Risk prioritization occurs in Quantitative Risk Analysis-Answer- Which of the following statements are false regarding Risk Management? A. All identified risks are maintained in the Risk Register. B. Risk prioritization occurs in Qualitative Risk Analysis. C. Risk prioritization occurs in Quantitative Risk Analysis. D. Low priority risks are maintained in a Watch List. High,high-Answer- Something that will probably happen and will have a significant impact on the project will score _____ and ______on the risk assessment. EV-AC-Answer- How is the cost variance for a project calculated? EV-Answer- What is the value that tells you the planned value of work that has actually been completed? EV/AC-Answer- Which of the following methods will measure the cost efficiency of the work accomplished to date?

Over cost or behind schedule-Answer- What does a CPI or SPI value less than one indicates about the project? TCPI-Answer- What is the indicator that tells you the amount each remaining dollar must earn in order for the project to stay within budget? SPI-Answer- Nancy tells her supervisor that as of right now, $1.05 worth of work has been accomplished for each $1 worth of scheduled work. Nancy got this information from viewing which of the following? Planned budgeted value of work scheduled-Answer- The earned value system starts with the time-phased costs that provide the project baseline, which is called the? -50-Answer- If earned value is 350, actual cost is 400, and planned value is 325, what is the cost variance? The project is getting 89 cents out of every dollar invested-Answer- What does a cost performance index (CPI) of 0.89 mean? You are progressing at 76 percent of the rate originally planned-Answer- What does a schedule performance index (SPI) of 0.76 mean? Earned Value-Answer- Which of the following represents the estimated value of the work actually accomplished? -$1000-Answer- You are project manager for an organizational restructuring project with a team of 7 consultants. The goal of the current phase is to develop 105 job descriptions within 7 business days. That means, the goal is to develop 15 job descriptions each day. Based on the burden rate of your consultants, it costs $100 to develop one job description. On the 4th day, your team has worked the equivalent of $5,500 to develop 45 job description. You are using the 0/100 rule to measure earned value for a work element. What is the cost variance? -$1500-Answer- You are project manager for an organizational restructuring project with a team of 7 consultants. The goal of the current phase is to develop 105 job descriptions within 7 business days. That means, the goal is to develop 15 job descriptions each day. Based on the burden rate of your consultants, it costs $100 to develop one job description. On the 4th day, your team has worked the equivalent of $5,500 to develop 45 job description. You are using the 0/100 rule to measure earned value for a work element. What is the schedule variance? 25 under budget-Answer- Sally receives the following information on her project: PV=100, AC=75, EV=100. How well is the project doing in terms of budget?

It requires a high degree of certainty-Answer- How does waterfall project management differs from agile project management? Be positive when wording questions-Answer- Roger want to gather meaningful lessons learned from his team. How can he ensure that he receives this information from his team? Get team members to commit to what they think they can complete-Answer- When planning for a sprint, what do you do to gain commitment from the entire team? Something of value will be delivered at the end of each sprint-Answer- Which is a key tenant of Agile PM? Relatively the same, both requiring ample-Answer- Agile project management requires __________ amounts of planning as compared to waterfall project management. Lessons learned-Answer- An analysis carried out during and shortly after the project life cycle that attempts to capture positive and negative learning is represented in which of the following? control the conflict-Answer- When a project manager reduces the intensity of the conflict by smoothing over differences or interjecting humor when dysfunctional conflict arises, they are attempting to _________ the conflict. When your team closes all the accounting codes-Answer- When is your project is officially completed? Help team members find new jobs/projects-Answer- When a project is closed, what additional responsibilities does the project manager have? 1 week-Answer- You are working on a project to design a new software for your company to use. Creating the software involves an extensive amount of high level coding. This yields for a potentially high risk. How long should your sprints be? Video game development-Answer- In which of the following types of projects would agile project management be appropriate? Primary customer-Answer- The point in time when project execution gives way to project closing is when the _____________ accept(s) the project deliverable. Project manager-Answer- What is the scrum master like? Product owner-Answer- A person who acts on behalf of customers to represent their interests and who is responsible for ensuring that the development team focuses their

efforts on developing a project that will fulfill the business objective of the project is called a what? Monitor-Answer- Specific features are created using Scrum methodology according to four distinct phases. Which of the following is NOT one of these phases? Sprint planning meeting-Answer- Scrum uses a series of coordinated meetings to manage the development process. Which of the following is held at the start of each sprint? During this meeting the product owner and development team negotiate which product backlog items the team will attempt during the next sprint.