Lesson 10

Question 1

Which are the 7 risk management processes ?

Answer 1

Plan risk management
Identify risk
Perform qualitative risk analysis
Perform quantitative risk analysis
Plan risk responses
Implement risk responses
Monitor risks

Question 2

There are positive and negative risk

Examples ???

Answer 2

Positive risk—> material cost cheap,
Permit approved quickly, resources available early

Negative risk—> resources unavailable, failed testing, material more expensive

Question 3

3 major tools used to identify risks ?

Answer 3

Information gathering techniques

Diagramming techniques

Analytical techniques

Question 4

Technique where you collect expert opinion in an attempt to gain consensus.

Answer 4

Delphi technique

Question 5

If you and your team would prefer a more analytical approach, then consider using one or more of these techniques _________

Answer 5

Checklist

Assumption analysis

Root cause analysis

Question 6

Formula to calculate risk probability

Answer 6

of relevant event / # of total posible events

Question 7

Is a computer based application that generates a probability based on random chances using the variable you input.

Answer 7

Monte Carlo Simulation

Question 8

Formula to calculate risk impact

Answer 8

Cost of actual loss + least cost to restore status Quo

Question 9

Formula to calculate Risk Score

Answer 9

Probability x Impact

Question 10

Which document is used to identify all risk ?

Answer 10

Risk register

Question 11

The highest priority risk will require a ________

A weak risk response
A risk log plan
A robust response
Intervention

Answer 11

A robust response

Question 12

A check list falls into the _______ risk identification technique.

Information gathering
Diagramming
Fishbone
Analytical

Answer 12

Analytical

Question 13

Passive acceptance of an identified risk is typically handled by:

A-Developing a fallback pain
B-Looking for a way to reduce its probability of occurrence
C- Adding risk to watch list and monitoring
D-Transferring the risk

Answer 13

C

Question 14

What are workaround ?

A- Associated with Enhance risk response
B- Planned response to identify risk
C-Unplanned response to previously risks
D-A second risk response strategy

Answer 14

C

Question 15

A risk has a 60% probability of occurrence. If it happened the estimated impact is $4000.0 . What is the expected monetary value for this risk ?

Answer 15

$2400

Question 16

Which of the following is the degree of risk that an organization or individual will withstand ?

A-Risk attitude
B-Risk tolerance
C-Risk threshold
D-Risk capacity

Answer 16

B

Question 17

Which of the following is a tool or technique associated with the Perfrom Qualitative Risk Analysis?

A-Checklist
B-Reverse analysis
C-Risk register
D-Probability impact matrix

Answer 17

D

Question 18

Formula to calculate Expected monetary value ( EMV)

Answer 18

Probability x Cost Impact