Liberty BUSI680 2020 February Quiz 7 Latest

BUSI680 Advanced Project Management Part 1

Quiz 7

Question 1A fixed price contract is an example of

Question 2While a “can do” attitude is essential during implementation, project managers have to encourage critical thinking when it comes to risk identification.

Question 3The risk identification process should be limited to just the core project team.

Question 4Change management systems involve reporting, controlling, and recording changes to the project baseline.

Question 5A Risk Response Matrix contains all of the following EXCEPT

Question 6When considering risk value, the lower the value, the higher the level of risk.

Question 7The risk assessment form contains all of the following EXCEPT

Question 8One 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.

Question 9Change management systems are designed to accomplish all of the following EXCEPT

Question 10One common mistake made early in the risk identification process is to

Question 11The risk associated with the unlikelihood that one of the key members will be struck by lightning would most likely be handled by which of the following?

Question 12The cost impact of a risk event occurring as a project proceeds through its life cycle tends to

Question 13_____________ 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.

Question 14Risk management is a reactive approach that is designed to ensure that surprises are reduced and that negative consequences associated with undesirable events are minimized.

Question 15Which of the following groups should NOT be a part of the risk identification process?

Question 16The chances of a risk event occurring as a project proceeds through its life cycle tend to

Question 17A risk profile is a list of questions that have been developed and refined from previous, similar projects.

Question 18Which of the following is NOT one of the potential responses to a specific risk event?

Question 19An uncertain event or condition that, if it occurs, has a positive or negative effect on project objectives is termed a

Question 20Risks that can result in a system or process that will not work are known as

Question 21Contingency funding is made up of budget reserves and management reserves.

Question 22The risk management tool that is divided into three color-coded zones representing major, moderate, and minor risks is the risk

Question 23Risks are evaluated in terms of

Level of Difficulty: 2 Medium

Question 24The probability that a risk event will occur is higher during the initial stages of a project.

Question 25Fixed-price contracts are an example of transferring risk from an owner to a contractor.

 

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