Which process involves taking steps to enhance opportunities and reduce threats?

A ________ person prefers outcomes that are more uncertain and is often willing to pay a penalty to take risks.

*a. risk-seeking
b. risk-sharing
c. risk-adverse
d. risk-neutral

Utility rises at a decreasing rate for a ________ person. In other words, when more payoff or money is at stake, the person gains less satisfaction from the risk, or has lower tolerance for the risk.

a. risk-sharing
b. risk-neutral
*c. risk-adverse
d. risk-seeking

Which of the following processes of risk management involves taking steps to enhance opportunities and reduce threats to meeting project objectives?

*a. risk response planning
b. quantitative risk analysis
c. risk management planning
d. qualitative risk analysis

Which of the following processes of risk management involves numerically estimating the effects of risks on project objectives?

a. qualitative risk analysis
b. risk response planning
c. risk management planning
*d. quantitative risk analysis

________ involves prioritizing risks based on their probability and impact of occurrence.

*a. Qualitative risk analysis
b. Quantitative risk analysis
c. Risk management planning
d. Risk response planning

A ________ summarizes how risk management will be performed on a particular project.

a. fallback plan
b. risk response plan
c. contingency plan
*d. risk management plan

________ are developed for risks that have a high impact on meeting project objectives, and are put into effect if attempts to reduce the risk are not effective.

a. Risk management plans
b. Contingency plans
*c. Fallback plans
d. Risk response plans

Which of the following is a technique by which a group attempts to generate ideas or find a solution for a specific problem by amassing ideas spontaneously and without judgement?

*a. brainstorming
b. Delphi technique
c. risk tracking
d. interviewing

Which of the following is used to derive a consensus among a panel of experts who make predictions about future developments?

*a. Delphi technique
b. interviewing
c. risk tracking
d. brainstorming

A(n) ________ is a document that contains results of various risk management processes, often displayed in a table or spreadsheet format.

*a. risk register
b. risk event
c. flow chart
d. influence diagram

Which of the following is a diagram that shows how different parts of a system interrelate, e.g., to show programming logic?

*a. flow charts
b. influence diagrams
c. risk events
d. risk registers

A(n) ________ lists the relative probability of a risk occurring on one axis on a chart and the relative impact of the risk occurring on the other.

a. decision tree
b. influence diagram
c. risk register
*d. probability/impact matrix

Which of the following describe numbers that represent the overall risk of specific events, based on their probability of occurring and the consequences to the project if they do occur?

a. secondary risks
b. risk events
c. triggers
*d. risk factors

Which of the following involves establishing a periodic review of the project's most significant risk items with management and, optionally, with the customer?

a. probability/impact matrix
*b. Top Ten Risk Item Tracking
c. sensitivity analysis
d. Monte Carlo analysis

A ________ is a diagramming analysis technique used to help select the best course of action in situations in which future outcomes are uncertain.

a. watch list
b. Monte Carlo analysis
c. sensitivity analysis
*d. decision tree

Which of the following simulates a model's outcome many times to provide a statistical distribution of the calculated results?

*a. Monte Carlo analysis
b. quantitative risk analysis
c. qualitative risk analysis
d. sensitivity analysis

Which of the following response strategies for negative risks includes shifting the consequence of a risk and responsibility for its management to a third party?

a. risk mitigation
b. risk acceptance
*c. risk transference
d. risk avoidance

Which of the following response strategies for negative risks includes reducing the impact of a risk event by reducing the probability of its occurrence?

a. risk avoidance
b. risk transference
c. risk acceptance
*d. risk mitigation

Which of the following response strategies for positive risk includes allocating ownership of the risk to another party?

*a. risk sharing
b. risk enhancement
c. risk acceptance
d. risk exploitation

Which of the following response strategies for positive risk includes doing whatever you can to make sure the positive risk happens?

a. risk acceptance
b. risk sharing
*c. risk exploitation
d. risk enhancement

Which involves taking steps to enhance opportunities and reduce threats to meeting project objectives?

Is the process of developing options and actions to enhance opportunities and to reduce threats to project objectives?

What is the 4 step risk management process?

Which action involves reducing the impact of a risk event?