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PMP Chapter 11

QuestionAnswer
Risk acceptance as a response technique is appropriate when the (BLANK) of the risk event is equal or greater than the (BLANK) should the risk event occur. Cost & Cost
(BLANK) is an effort to reduce the probability and/or impact of an identified risk. Mitigation
A manufacturing project which has a plan to reduce the number of units produced should the equipment reach a certain temperature that would increase errors is called (BLANK) Thresholding
(BLANK) also known as risk tolerance, is an organization or an individual's willingness to accept risk. Utility Function
Risk planning should always occur when the (BLANK) is changed. Scope
The (BLANK) is a project plan component that contains all of the information related to the risk management activities. Risk Register
These risks have only a negative outcome like, fire theft or natural disaster. They are also known as insurable risks. Pure Risks
These risks can have both positive and negative outcomes. An example would be foregoing expensive formal training for on-the-job education. They are also known as speculative risks. Business Risks
A project risk is an (BLANK) occurrence that can affect the project for good or bad. uncertain
(BLANK) is an iterative process and should occur throughout the project life cycle. Risk identification
The goal of (BLANK) is an anonymous method of querying experts to build consensus on project risks. The Delphi Technique
True or False - When risk analysis is begun Quantitative is done prior to Qualitative. False
The Probability-Impact matrix is an example of Qualitative or Quantitative Analysis? Qualitative
A table of risks, their probability, impact and a number representing an overall risk score is called (BLANK) Probability-Impact matrix
EMV is an acronym that stands for (BLANK) Expected monetary value
The formula for EMV is (BLANK) Cost of Risk * Percentage the Risk will Occur
(BLANK) is the process of shifting the ownership of risk to a third party. An example would be purchasing of insurance. Transference of Negative Risk
(BLANK) is a technique where simulations are completed with multiple variables to determine their impacts and predict the most likely model. Monte Carlo Technique
Created by: lapetti