Project Risk Management Practice Exam
Course Introduction
Project Risk Management explores the systematic process of identifying, analyzing, and responding to risks throughout a project's lifecycle to maximize the likelihood of achieving project objectives. This course examines key concepts such as risk identification techniques, qualitative and quantitative risk analysis, risk response strategies, and continuous risk monitoring and control. Students will learn to develop comprehensive risk management plans, utilize industry-standard tools and methodologies, and apply best practices to real-world scenarios, preparing them to proactively address uncertainties and enhance project success.
Recommended Textbook
Project Management A Managerial Approach 8th Edition by Jack R. Meredith
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12 Chapters
538 Verified Questions
538 Flashcards
Source URL: https://quizplus.com/study-set/1878
Page 2
Chapter 1: Projects in Contemporary Organizations
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41 Verified Questions
41 Flashcards
Source URL: https://quizplus.com/quiz/37516
Sample Questions
Q1) This "stretched-S" pattern observed during the project lifecycle, for the most part, is a result of the _________.
A)changing levels of resources used during successive stages of the project lifecycle
B)changing attitudes of the people who work in the project.
C)difficulty in performing the individual activities of a project.
D)principle that work expands to fill the allotted time
Answer: A
Q2) Having only partial or no information about the situation or outcomes is called
Answer: uncertainty
Q3) Earned value is based on the concept that the percentage of project completion is closely correlated with __________.
A)the number of levels in the project
B)relevance of the project
C)cost or the use of resources
D)final assembly of the output
Answer: C
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Chapter 5: The Project in the Organizational Structure
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49 Verified Questions
49 Flashcards
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Sample Questions
Q1) The key to conflict resolution is to turn a __________ into a __________.
A)win-lose situation, win-win situation
B)matrix organization; mixed organization
C)subcontract; work breakdown structure
D)functional division, projectized division
Answer: A
Q2) The project management office is often created by organizations to __________.
A)establish consistent project management standards and methods
B)deal with technological obsolescence
C)train process managers
D)administer application software
Answer: A
Q3) Project priorities are more of a concern in the __________ stages of the project life cycle.
A)earlier
B)later
C)middle
D)final
Answer: A
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Page 4
Chapter 2: Strategic Management and Project Selection
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39 Verified Questions
39 Flashcards
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Sample Questions
Q1) Which of the following is NOT an advantage that favors the use of weighted scoring models?
A)Multiple objectives can be considered.
B)Decision makers are compelled to stick with the decision once it has been made.
C)The models can easily be adapted to changes in managerial philosophy.
D)They can help avoid a short-term focus on profitability.
Answer: B
Q2) In a project portfolio process, the main purpose of the __________ is to establish and articulate a strategic direction for those projects spanning the internal or external boundaries of the organization.
Answer: project council
Q3) The __________ is the interest rate set by an organization as the minimum acceptable rate of return for a project.
Answer: hurdle rate
Q4) The mastery of the skills required to manage projects competently is referred to in the literature as __________.
Answer: project management maturity
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5
Chapter 3: The Project Manager
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44 Verified Questions
44 Flashcards
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Sample Questions
Q1) Most of the time spent by a project manager is spent __________.
A)attending technical workshops
B)overseeing the workforce
C)filing paperwork
D)communicating
Q2) One of the major problems project managers have with creating a project team is coming up with adequate human resources. One way this commonly happens is by
A)hiring employees fired by other departments
B)training unskilled immigrants in project skills
C)borrowing employees from other functional departments
D)demoting executive board members
Q3) Four project environments were identified in the chapter. Assume that there is a clash in requirements between the legal environments of two countries participating in the project. Before taking action to resolve the clash in requirements, what would you recommend that the project manager do?
Q4) The structure of a society is determined by its __________.
Q5) The __________ is the "corporate culture" within the organization, or even within the project.
Page 6
Q6) The laws of the nation are often a product of the nation's __________.
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Chapter 4: Negotiation and the Management of Conflict
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44 Verified Questions
44 Flashcards
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Sample Questions
Q1) Which of the following is NOT included in the authors' four part agreement for partnering?
A)continuous senior management support
B)a method for resolution of problems and disagreements
C)joint evaluation of the project's progress
D)a set of team building exercises
Q2) Identify three basic causes for change in projects.
Q3) If a resource conflict arises between two high-priority projects, precedence is typically given to the project with the __________.
A)earliest due date
B)fastest completion time
C)biggest revenue stream
D)lowest cost to complete
Q4) A(n)__________ is simply a written agreement between the PM, senior management, and the functional managers who are committing resources and/or people to the project.
Q5) Describe the four points of principled negotiation described by Fisher and Ury.
Q6) During the early program phases of the project lifecycle, Thamhain et al say that conflict intensity is the greatest with respect to __________.
Page 7
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Chapter 6: Project Activity Planning
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39 Verified Questions
39 Flashcards
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Sample Questions
Q1) __________ is the tendency for the project objectives to be changed with little or no discussion with other parties actively engaged in the project.
A)Scope reference
B)Scope creep
C)Effectiveness
D)Hierarchical planning
Q2) List the seven subprocesses of project risk management.
Q3) The __________ is a specialized view of the action plan that focuses on who has what responsibility for each project task.
A)resource histogram
B)linear responsibility chart
C)project team directory
D)scope management plan
Q4) According to the authors, any project plan must contain all of the following EXCEPT
A)evaluation methods
B)contractual aspects
C)resources
D)a 'ballpark' estimate
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Chapter 7: Budgeting and Cost Estimation
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40 Verified Questions
40 Flashcards
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Sample Questions
Q1) The budget process generally begins when the top management invites each division to submit a__________ for the upcoming year.
A)budget request
B)predictive budget
C)budget estimate
D)predictive request
Q2) The authors identify __________ estimation errors as the two types of generic estimation errors.
A)small and large
B)random and planned
C)certain and uncertain
D)random and systematic
Q3) Describe the top-down budgeting process.
Q4) Identify the statement that is not correct regarding a project budget.
A)The budget is included in a project plan.
B)The budget is not an expression of organizational policy.
C)The budget serves as a control mechanism for the project.
D)The budget serves as a standard for comparison of planned and actual usage of resources.
Q5) The pattern of constraints in a budget embodies organizational __________.
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Chapter 8: Scheduling
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50 Verified Questions
50 Flashcards
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Sample Questions
Q1) The use of PERT (ADM)has declined sharply in recent years because a large majority of project management software __________.
A)have become obsolete
B)use probabilistic techniques
C)generate CPM networks
D)are characterized by high prices
Q2) A precedent relationship where the completion of a predecessor activity depends on the initiation of a successor activity is called a __________.
A)start to finish dependency
B)finish to start dependency
C)finish to finish dependency
D)start to start dependency
Q3) Describe the benefits of forming a network of activity and event relationships that graphically portrays sequential relations between tasks in a project.
Q4) Explain why it is important to evaluate non-critical paths that possess large variances and/or path times that are close to critical in duration.
Q5) Describe the process for determining the critical path in a network.
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Chapter 9: Resource Allocation
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46 Verified Questions
46 Flashcards
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Sample Questions
Q1) The __________ technique overlaps the design and build phases of a project to expedite its completion.
A)crashing
B)fast-tracking
C)leading
D)blitzing
Q2) __________ refers to the amount of time past a project's due or delivery date.
Q3) The usual purpose of the __________ scheduling heuristic is to delay cash outflows as long as possible.
A)minimum slack first
B)shortest task first
C)most successors
D)as late as possible
Q4) The standard practice with AOA and AON is to estimate activity times under the assumption of resource loadings that are __________.
A)probabilistic
B)crashed
C)normal
D)dynamic
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Chapter 10: Monitoring and Information Systems
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53 Verified Questions
53 Flashcards
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Sample Questions
Q1) If EV = $500, AC = $475, PV = $450; SV = $________.
Q2) In earned value analysis, the __________ is computed as the earned value minus the actual cost of work performed.
Q3) Which of the following conventions has the characteristic of the project always seeming to be running late, until the very end when it seems to suddenly catch up?
A)The 50-50 rule
B)The 0-100 percent rule
C)Critical input use rule
D)The proportionality rule
Q4) In earned value analysis, (CPI)(SPI)= __________.
Q5) In earned value analysis, the 50-50 rule assumes that __________.
A)50 percent is earned when the task is half done and 50 percent is earned at completion
B)50 percent is earned when the task begins and 50 percent is earned at completion
C)50 percent is earned when the task begins and 50 percent is earned at the halfway stage
D)50 percent is earned when the project is planned and 50 percent is earned when the project is over
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Chapter 11: Project Control
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41 Verified Questions
41 Flashcards
Source URL: https://quizplus.com/quiz/37526
Sample Questions
Q1) Physical asset control requires control of the __________ of physical assets and is concerned with asset maintenance, whether preventative or corrective.
A)use
B)location
C)storage
D)repair
Q2) Change control systems, in some industries, are part of a firm's __________.
Q3) The process review focuses on the process of __________ outcomes rather than the outcomes per se.
Q4) The authors recommend that reports to senior management appear to be uniquely helpful when these reports are made __________.
A)annually
B)at project milestones
C)monthly
D)at project phase gates
Q5) The most common type of control system is the __________, or steering control.
Q6) Describe the information requirements of a cybernetic controller.
Q7) Postproject controls or reviews are examples of __________.
Q8) What are the two fundamental objectives of control?
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Chapter 12: Project Auditing
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52 Verified Questions
52 Flashcards
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Sample Questions
Q1) Research by Walker et al argues that __________ is essential for management's ability to assemble information that is both timely and accurate.
Q2) __________ is a measure of the degree to which the output of a system conforms to pre-specified characteristics.
Q3) Identification of the direct goals of a project requires __________.
A)a reading of the project structure
B)a reading of the project proposal
C)a reading of the budget
D)a reading of the WBS
Q4) During the audit, the auditor/evaluator must maintain __________ and treat all materials gathered as confidential until the audit is formally released.
Q5) In order for an audit/evaluation team to be conducted with skills and precision, all of the following conditions must be met, EXCEPT __________.
A)proper selection of the team
B)setting a schedule convenient for the auditors
C)accessibility of all records and files
D)preservation of free contact with the project members
Q6) Discuss the differences between a project audit and a financial audit.
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