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Project Planning: Putting It All Together Week 4

Project Planning: Putting It All Together </span >

Week 4 Quiz Answer

 

Weekly Challenge 4

Question 1)
Fill in the blank: The process of identifying and evaluating potential risks and issues that could impact a project is known as _____.

  • risk identification
  • risk mitigation
  • risk analysis
  • risk management

 

Question 2)
When should project managers engage in risk management?

  • Regularly throughout the project
  • At the beginning of the project
  • Towards the end of the project
  • Shortly after the project begins

 

Question 3)
As a project manager you are practicing risk management. You have already defined potential risks, determined their likelihood, and prioritized them. Now, you’re making a plan to address and manage each risk. This represents which risk management step?

  • Analyze risks
  • Treat risks
  • Identify risks
  • Monitor and control risks

 

Question 4)
Which of the following are steps involved in creating a fishbone (or cause-and-effect) diagram? Select all that apply.

  • Mitigate causes
  • Identify categories
  • Define the problem
  • Analyze the causes

 

Question 5)
Which of the following is a tool used to assess and prioritize project risks?

  • Fishbone diagram
  • Power grid
  • Probability and impact matrix
  • Cause-and-effect diagram

 

Question 6)
Which of the following risk types most commonly impact projects? Select all that apply.

  • Time risks
  • Scope risks
  • Inherent risks
  • Budget risks

 

Question 7)
What does a risk management plan typically contain? Select all that apply.

  • Probability estimates for each risk
  • A mitigation plan for each risk
  • An executive summary
  • A competitor analysis for each risk

 

Question 8)
Why should project managers communicate risks clearly to key stakeholders? Select all that apply.

  • To get them to provide additional teammates, if necessary
  • To deflect blame on project issues, if necessary
  • To increase trust in the relationship
  • To convince them to provide an increase in budget, if necessary

 

Question 9)
As a project manager, you’re identifying task dependencies. Task B cannot start until Task A has started. Which type of dependency does this situation represent?

  • Finish to Start (FS)
  • Finish to Finish (FF)
  • Start to Start (SS)
  • Start to Finish (SF)

 

Question 10)
Which steps should be taken when updating a risk management plan? Select all that apply.

  • Remove risks that are no longer relevant.
  • Include any changes in the mitigation plans.
  • Move the plan to a confidential folder.
  • Add newly-identified risks.

Extra Questions

Question 11)
Failing to engage in risk management for your project can have which two of the following consequences?
  • You will not be able to use the appropriate tools
  • You will not be able to establish necessary vendor relationships
  • You will not be able to meet project timelines and goals
  • You will not be able to make necessary adjustments to the project plan
Question 12)
When working through the risk management life cycle, what’s the main goal when evaluating a risk?
  • Controlling risks
  • Prioritizing risks
  • Treating risks
  • Identifying risks
Question 13)
Which of the following tools can project managers use to brainstorm the potential causes of risks?
  • Risk register
  • Project charter
  • Stakeholder map
  • Fishbone diagram
Question 14)
Fill in the blank: Once an organization has explored the inherent risks of a project, its willingness to accept the possible outcomes of those risks is known as _____.
  • risk assumption
  • risk register
  • risk analysis
  • risk appetite
Question 15)
Imagine that your company is considering using a vendor. The vendor makes quality products, but you have learned they have a reputation for shipping delays. Ultimately, you decide to use a different vendor. Which risk mitigation strategy did you use?
  • Control the risk
  • Avoid the risk
  • Reduce the risk
  • Accept the risk
 
Question 16)
Which of the following is the best way to communicate a high-level risk to stakeholders?
  • Plan to present the risks and your mitigation plans at the next monthly meeting.
  • Describe the risks in a weekly planning email and briefly explain your plan to mitigate them.
  • Describe the risks and your mitigation plan to stakeholders the next time you see them in person.
  • Meet with stakeholders in person to present serious risks and your plans to mitigate them.
Question 17)
As a project manager, you’re identifying task dependencies. Task B cannot start until Task A is complete. Which type of dependency does this situation represent?
  • Finish to Finish (FF)
  • Start to Finish (SF)
  • Finish to Start (FS)
  • Start to Start (SS)
Question 18)
Which of the following best describes the executive summary in the risk management plan?
  • Description of each risk, its risk rating, and a mitigation plan
  • Information such as the plan’s status, creation date, and uploaded date
  • Charts such as the impact chart, probability chart, and the probability and impact matrix
  • Introduction to the conditions of the project and an outline of the potential risks

 

Question 19)
Fill in the blank: A(n) _____ is a known and real problem that can affect a team’s ability to complete a task.
  • issue
  • risk
  • drawback
  • threat
Question 22)
Choose the best definition for inherent risk as it relates to project management.
  • The measure of a risk, calculated by its difficulty and frequency
  • The measure of a risk, calculated by its causes and circumstances
  • The measure of a risk, calculated by its probability and impact
  • The measure of a risk, calculated by its timing and dependencies
Question 23)
What are the most common types of risk that can impact projects?
  • Budget risks, scope risks, and internal risks
  • Time risks, budget risks, and scope risks
  • Budget risks, internal risks, and external risks
  • Time risks, budget risks, and external risks
Question 24)
Fill in the blank: The four common ways to mitigate risk include _____.
  • avoid it, accept it, reduce or control it, and transfer it
  • avoid it, accept it, disregard it, and transfer it
  • accept it, ignore it, reduce or control it, and transfer it
  • accept it, disregard it, reduce or control it, and transfer it
Question 26)
As a project manager, you’re identifying task dependencies. Task B cannot finish until Task A is complete—the tasks operate at the same time. Which type of dependency does this situation represent?
  • Start to Start (SS)
  • Start to Finish (SF)
  • Finish to Start (FS)
  • Finish to Finish (FF)
Question 27)
Which of the following best describes the risk register in the risk management plan?
  • A risk assessment technique such as the probability and impact matrix
  • An introduction to the conditions of the project and an outline of the potential risks
  • A description of each risk, its risk rating, and a mitigation plan
  • A list of general information such as the plan’s status, creation date, and uploaded date
Question 28)
Which of the following are examples of external risk? Select all that apply.
  • A change in regulatory requirements
  • A project vendor goes out of business
  • A breakdown in communication among team members
  • A deliverable takes longer than anticipated to complete

 

Question 29)
Identify the steps involved in creating and utilizing a fishbone (or cause-and-effect) diagram.
  • Define the problem, identify risks, mitigate causes, and analyze the causes
  • Define the problem, identify risks, brainstorm causes, and monitor feedback
  • Define the problem, identify categories, brainstorm causes, and analyze the causes
  • Define the problem, identify categories, mitigate causes, and monitor feedback
Question 30)
The risk management process can provide project managers a better understanding of what information? Select all that apply.
  • How could the project manager mitigate the potential risk
  • When exactly the risk will occur
  • Who the project manager needs to consult about a risk
  • What could go wrong with the project
Question 31)
Fill in the blank: A potential event that can impact your project if it occurs is called a(n) _____.
  • problem
  • issue
  • delay
  • risk