DeVry PROJ 420 Final Exam Latest

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DeVry PROJ 420 Final Exam Latest

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Question 1. 1. (TCO 1) Project risk has its origins in (Points : 5)

opportunities.

threats.

uncertainties.

contingencies.

Question 2. 2. (TCO 2) The identification process produces (Points : 5)

a risk action plan.

an agreed list of risks.

an RBS.

a WBS.

Question 3. 3. (TCO 3) The outputs of the identification step include (Points : 5)

risk consolidation.

recording of risk responses.

identification of all knowable risks.

All of the above

Question 4. 4. (TCO 4) Factors to consider in planning a response strategy include (Points : 5)

resource availability.

manageability.

impact severity.

All of the above

Question 5. 5. (TCO 5) Secondary risk is caused by (Points : 5)

missing identification of a risk.

unknown risks.

taking action on defined risks.

None of the above

Question 6. 6. (TCO 6) The reporting step is designed to fulfill the function of (Points : 5)

completion.

close out.

communication.

analysis.

Question 7. 7. (TCO 7) The primary input to a major review is (Points : 5)

an RBS.

a WBS.

a risk report.

a risk register.

Question 8. 8. (TCO 8) The final risk register will show the final status of the risks as (Points : 5)

expired.

closed.

deleted.

All of the above

Question 9. 9. (TCO 1) Structured project risk management is (Points : 5)

one size fits all.

difficult to use.

scalable.

effective but time consuming.

Question 10. 10. (TCO 2) The WBS can be used to (Points : 5)

define the project effort.

set a baseline.

set the project goals.

All of the above

Question 11. 11. (TCO 3) A standard risk checklist includes (Points : 5)

risks that you have identified.

steps to take to deal with the risks.

risks identified in previous projects.

None of the above

Question 12. 12. (TCO 4) The first document produced at the end of the Assessment step is (Points : 5)

an RBS.

a risk management plan.

a risk register.

a WBS.

Question 13. 13. (TCO 5) The purpose of the implementation plan is (Points : 5)

to perform agreed actions and report on progress.

to identify secondary risks.

to identify new risks.

All of the above

Question 14. 14. (TCO 6) Transferring a risk (Points : 5)

eliminates the risk.

transfers ownership to a third party.

transfers response ownership and impact to a third party.

is used for uncertain risks.

Question 15. 15. (TCO 7) Risk management needs to be an ongoing process throughout the project because the (Points : 5)

scope changes.

risk changes.

resource changes.

budget changes.

Question 16. 16. (TCO 8) The purpose of evaluating the risk responses is to (Points : 5)

critique the action owner.

keep the responses that work.

assess the probability levels.

None of the above

Question 17. 17. (TCO 1) Risk and uncertainty are different because (Points : 5)

they occur at different times.

uncertainty does not involve possible loss of money.

risk is known.

All of the above

Question 18. 18. (TCO 3) The WBS (Points : 5)

identifies the work.

identifies the effort.

identifies the goals.

identifies the stakeholders.

Question 19. 19. (TCO 5) Exploiting an opportunity is (Points : 5)

making sure that it is taken.

sharing the risk with a third party.

increasing the probability and impact of the risk.

None of the above

Question 20. 20. (TCO 2) Issues differ from risks because (Points : 5)

they are not as serious as risks.

they have no impact on the project.

they are more vague than risks.

risks are more dangerous.

Question 1. 1. (TCO 2) Risk identification focuses on two risk categories. They are _____. (Points : 15)

Question 3. 3. (TCO 7) Once an active risk is encountered and the risk register action is taken, what can develop from that action? (Points : 15)

Question 4. 4. (TCO 8) The focus of the post project review is to take advantage of what? (Points : 15)

Question 1. 1. (TCO 1) There are four critical success factors for effective risk management. List them and provide a detailed description of each. (Points : 30)

Question 2. 2. (TCO 2) This is a two-part question. The WBS is considered a critical tool for the project and for risk management. (1) Discuss why it is critical, and what it is not designed to do; and (2) discuss why it is important to identify all of the tasks in building the WBS. (Points : 30)

Question 3. 3. (TCO 5) Risk assessment is done in two steps. Identify the two steps and briefly discuss each.(Points : 30)

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DeVry PROJ 420 Final Exam Latest