Project Risk Management Test Preparation
Course Introduction
Project Risk Management focuses on the identification, assessment, and mitigation of risks throughout a project's lifecycle. This course covers key concepts such as risk planning, qualitative and quantitative risk analysis, risk response strategies, and monitoring and controlling risks to enhance project success. Students will learn to apply industry-standard tools and techniques for managing uncertainties, and develop skills to proactively address potential challenges in various project environments. Real-world case studies and practical exercises will enable students to build a robust risk management framework, improving decision-making and project outcomes.
Recommended Textbook
Contemporary Project Management 4th Edition by Timothy Kloppenborg
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15 Chapters
682 Verified Questions
682 Flashcards
Source URL: https://quizplus.com/study-set/2359
Page 2
Chapter 1: Introduction to Project Management
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49 Verified Questions
49 Flashcards
Source URL: https://quizplus.com/quiz/46875
Sample Questions
Q1) Resource Management,one of the ten PMBOK Guide Knowledge Areas,is comprised of the processes to identify,acquire,and manage resources needed to successfully complete the project.
A)True
B)False Answer: True
Q2) In reality,many projects are fully successful in some ways,but less successful in others.
A)True
B)False Answer: True
Q3) Compare and contrast predictive,or plan-driven project life cycles with agile,or change-driven life cycles.When might each type of life cycle be appropriate?
Answer: Key concepts to be covered in the response include: In a predictive or plan-driven life cycle,the product is well understood and all planning precedes all executing. In an adaptive or change-driven project life cycle,early results lead into planning later work. Agile methods are increasingly being used when scope clarity emerges slowly.
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3
Chapter 2: Project Selection and Prioritization
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52 Verified Questions
52 Flashcards
Source URL: https://quizplus.com/quiz/46876
Sample Questions
Q1) A clear and compelling vision will have all the following characteristics EXCEPT:
A) often requires extra effort to achieve.
B) often requires several years to achieve.
C) provides detailed roadmap for managing a project
D) helps all stakeholders understand the direction of the organization
Answer: C
Q2) Scoring models are very useful in providing input into the starting order of projects.
A)True
B)False
Answer: True
Q3) Which of the following is NOT a typical source selection criterion that an organization would use to evaluate potential contractors?
A) life cycle cost
B) references
C) personalities
D) technical approach
Answer: C
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Chapter 3: Chartering Projects
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39 Verified Questions
39 Flashcards
Source URL: https://quizplus.com/quiz/46877
Sample Questions
Q1) During iteration planning in an agile project,agreement is reached regarding:
A) the length of the next sprint.
B) detailed stakeholder requirements.
C) the definition of done.
D) positive and negative risks.
Answer: C
Q2) The project charter grants the project team the right to:
A) begin project execution
B) develop the project mission statement
C) create a detailed project plan
D) write a detailed business case
Answer: C
Q3) The charter signing represents the transition from the high-level project initiation stage into the more detailed project planning stage.
A)True
B)False
Answer: True
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Chapter 4: Organizational Capability: Structure, Culture and Roles
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50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/46878
Sample Questions
Q1) A functional organization is an organization structure in which staff is grouped by areas of specialization,and the project manager has limited authority to assign work and apply resources.
A)True
B)False
Q2) When the project sponsor and manager are determining how to create the project culture,ethics should be an important consideration.
A)True
B)False
Q3) Some organizational culture characteristics make project success more likely.These characteristics include all of the following EXCEPT:
A) collaboration to meet organizational goals
B) lack of appreciation for project management
C) engagement of stakeholders
D) teamwork across cultures
Q4) How would the role of a project manager be different in an agile project life cycle,versus a plan-driven or traditional project life cycle?
Q5) Describe the role of the steering team with respect to projects.
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Chapter 5: Leading and Managing Project Teams
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46 Verified Questions
46 Flashcards
Source URL: https://quizplus.com/quiz/46879
Sample Questions
Q1) Synergy results in a team having a collective capability that exceeds the sum of individual capabilities.
A)True
B)False
Q2) The value of engaging a subject matter expert early in a project should be balanced against the potentially significant cost of paying for his or her expertise over a longer period of time.
A)True
B)False
Q3) To help the team be successful,project managers need to understand the stages of project team development so that they can employ different leadership strategies in response to the behavioral characteristics of the team as they move through each stage of team development.
A)True
B)False
Q4) The negotiation process involves several steps such as: preparing for negotiation; knowing your walk-away point; and working towards a common goal.
A)True
B)False
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Chapter 6: Stakeholder Analysis and Communication Planning
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46 Verified Questions
46 Flashcards
Source URL: https://quizplus.com/quiz/46880
Sample Questions
Q1) Establishing a positive relationship with all key stakeholders early in the project helps to create a desire among those stakeholders to support the project,and builds the communications foundation for the project.
A)True
B)False
Q2) One common feature of agile projects is the "walk-around meeting".
A)True
B)False
Q3) Stakeholders include people who have their routines disrupted by the project.
A)True
B)False
Q4) Communications to stakeholders are necessary for which of the following reasons?
A) to help them take ownership of the project and make timely decisions
B) to keep them at arms length so progress can continue
C) to shift the burden of risk from the project team to the stakeholders
D) to provide input to team performance reviews
Q5) Describe the approach you would use to build relationships with key external stakeholders.
8
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Chapter 7: Scope Planning
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44 Verified Questions
44 Flashcards
Source URL: https://quizplus.com/quiz/46881
Sample Questions
Q1) By using a systematic process for creating a WBS,project team members can ensure that they include all deliverables that are required to be created.
A)True
B)False
Q2) A WBS dictionary is a document that defines each of the terms used in the project scope statement.
A)True
B)False
Q3) Plan scope management is the process of creating a project scope statement.
A)True B)False
Q4) Work Breakdown Structures can be displayed in a variety of formats including which of the following?
A) a sequential process diagram
B) an inverted pyramid
C) an indented outline format
D) fishbone or cause and effect diagram
Q5) What are some of the benefits of creating a Work Breakdown Structure (WBS)?
Q6) Explain how scope is defined on agile projects.
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Chapter 8: Scheduling Projects
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56 Verified Questions
56 Flashcards
Source URL: https://quizplus.com/quiz/46882
Sample Questions
Q1) Describe how you would use the members of your project team to develop and execute a project schedule.
Q2) Consider the Research Project depicted in Figure 7-2.Based on the information provided,what is the slack associated with activity C - "Review Reports"?
A) 0 days
B) 1 day
C) 2 days
D) 4 days
Q3) In the enumeration method the project schedule is calculated many times (perhaps 1,000 or more),and each time,the estimate for a particular activity is generated based on the likelihood of that time as determined by the project manager.
A)True
B)False
Q4) Many factors can impact the accuracy of activity duration estimates.Describe four of the problems associated with estimating activity durations accurately,and the techniques you could use as a project manager to overcome them.
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Chapter 9: Resourcing Projects
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45 Verified Questions
45 Flashcards
Source URL: https://quizplus.com/quiz/46883
Sample Questions
Q1) Consider the RACI chart presented in Figure 8-1.Who is accountable for the data requirements?
A) the project manager
B) the project engineer
C) the contract officer
D) the logistics manager
Q2) If a project resource is excessively overloaded,it may be necessary to reduce the project scope.
A)True
B)False
Q3) Crashing is a project schedule compression technique that expedites a project by executing activities at the same time that ordinarily would be done one after the other.
A)True
B)False
Q4) As the project manager identifies potential resources to work on the project,it is helpful to consider their professional disciplines,skill levels and their physical location.
A)True
B)False
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11
Chapter 10: Budgeting Projects
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46 Verified Questions
46 Flashcards
Source URL: https://quizplus.com/quiz/46884
Sample Questions
Q1) On agile projects,project managers may use rolling wave planning to estimate costs.
A)True
B)False
Q2) Most projects will employ bottom-up estimating at some point to serve as a basis for estimating cash flow needs and for controlling the project.
A)True
B)False
Q3) Regardless of what method is used to estimate project costs,supporting detail should be provided.
A)True
B)False
Q4) Discuss how the accuracy of cost estimates becomes more precise during a project.
Q5) Cost estimating is linked very closely with scope,schedule and resource planning.
A)True
B)False
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Chapter 11: Project Risk Planning
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45 Verified Questions
45 Flashcards
Source URL: https://quizplus.com/quiz/46885
Sample Questions
Q1) A project risk is anything that may impact the project team's ability to achieve the general project success measures and the specific project stakeholders' priorities.
A)True B)False
Q2) Risk response strategy decisions should reflect a thorough understanding of the priorities that key stakeholders have for cost,schedule,scope,and quality.
A)True B)False
Q3) Plan Risk Responses is the process of developing options and actions to enhance opportunities and reduce threats to project objectives.
A)True
B)False
Q4) Risk response strategies such as mitigation and exploitation apply to both threats and opportunities.
A)True B)False
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Chapter 12: Project Quality Planning and Project Kick-Off
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45 Verified Questions
45 Flashcards
Source URL: https://quizplus.com/quiz/46886
Sample Questions
Q1) During which DMAIC phase would you find the objectives of: identify possible root causes,collect data,and confirm root causes through data analysis?
A) Define
B) Measure
C) Analyze
D) Improve
Q2) The International Organization for Standardization (ISO) developed a quality management standard that now encompasses seven quality management areas including leadership,operations,and improvement.
A)True
B)False
Q3) The formality of a kick-off meeting can vary considerably depending on the size and type of project.
A)True
B)False
Q4) DMAIC is typically used as a method of implementing continuous improvement and can thus be practiced repeatedly.
A)True
B)False
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Chapter 13: Project Supply Chain Management
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45 Verified Questions
45 Flashcards
Source URL: https://quizplus.com/quiz/46887
Sample Questions
Q1) The project organization can be a seller in dealing with the project owner or customer and a buyer in a more prevalent procurement setting.
A)True
B)False
Q2) Project partnerships can be advantageous to both the client and the vendor,in terms of improved project execution,flexibility,and reduced bid administration.
A)True B)False
Q3) One of the important factors that should influence the selection of contract type is how the risk is distributed between the buyer and the seller,and how the project is performed.
A)True
B)False
Q4) A contract is a unilateral,binding document that obligates the seller to furnish supplies or services to the buyer.
A)True B)False
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Chapter 14: Determining Project Progress and Results
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44 Verified Questions
44 Flashcards
Source URL: https://quizplus.com/quiz/46888
Sample Questions
Q1) Describe how you would adopt a balanced score card approach to evaluate your project performance.Your response should identify specific measures you would use as well as the approach you would take to obtain the measures you identify.
Q2) Consider the project performance report presented in figure 14.1.What valid conclusion can you draw regarding the project cost performance as of October 31,20XX?
A) The project is $8,000 over budget.
B) The project is $18,000 over budget.
C) The project is on budget.
D) The project is $26,000 under budget.
Q3) The purpose of a check sheet is to quickly understand the primary causes of a particular problem using the 80/20 rule.
A)True
B)False
Q4) Some scope changes start as proposed changes to cost or schedule,just as some changes to cost or schedule start as proposed scope changes.
A)True
B)False
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Chapter 15: Finishing the Project and Realizing the Benefits
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30 Verified Questions
30 Flashcards
Source URL: https://quizplus.com/quiz/46889
Sample Questions
Q1) Sometimes a project is terminated before its normal completion.
A)True
B)False
Q2) All of the following practices have proven effective for managing lessons learned in an organization EXCEPT:
A) creation of databases, shared folders or wikis that all workers can easily access.
B) documenting all lessons learned only at the end of the project.
C) coding of lessons learned to facilitate searches by future teams.
D) assignment of a lessons learned database "owner" who reviews new lessons and incorporates into existing lessons.
Q3) More organizations effectively collect lessons learned than effectively disseminate and use them.
A)True
B)False
Q4) The Validate Scope process occurs with interim deliverables throughout the project and with final deliverables near the end.
A)True
B)False
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