Project Planning: Putting It All Together Weekly Challenge 4

 

1.

Question 1

Fill in the blank: A potential event that can impact your project if it occurs is called a(n) _____.

issue

problem

delay

risk

Correct

2.

Question 2

The risk management process can provide project managers a better understanding of what information? Select all that apply.

When exactly the risk will occur

Who the project manager needs to consult about a risk

Correct

What could go wrong with the project

Correct

How could the project manager mitigate the potential risk

Correct

3.

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?

Monitor and control risks

Treat risks

Identify risks

Analyze risks

Correct

4.

Question 4

Which of the following tools can project managers use to brainstorm the potential causes of risks?

Fishbone diagram

Stakeholder map

Risk register

Project charter

Correct

5.

Question 5

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

Incorrect

Try reviewing the video on identifying risks. 

6.

Question 6

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

Time risks

Correct

Budget risks

Correct

Inherent risks

Scope risks

Correct

7.

Question 7

Fill in the blank: The four common ways to mitigate risk include _____.

avoid it, accept it, reduce or control it, and transfer it

accept it, disregard it, reduce or control it, and transfer it

accept it, ignore it, reduce or control it, and transfer it

avoid it, accept it, disregard it, and transfer it

Correct

8.

Question 8

Which of the following is a recommended method to communicate a medium-level risk to stakeholders?

In the weekly planning email, briefly describe the risk and your plan to mitigate it.

Send stakeholders a direct email that outlines the risk and includes a detailed explanation of your mitigation plan.

Present the risk and your mitigation plan during the team meeting next month.

Call an urgent in-person meeting with stakeholders to present the risk and your plan to mitigate it.

Correct

9.

Question 9

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?

Finish to Finish (FF)

Finish to Start (FS)

Start to Finish (SF)

Start to Start (SS)

Incorrect

Please review the reading on visualizing dependency relationships.

10.

Question 10

Which of the following best describes the executive summary in the risk management plan?

Introduction to the conditions of the project and an outline of the potential risks

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

Correct

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