Project Planning: Putting It All Together
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.
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: 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: 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
Question 32)
Which of the following is a recommended method to communicate a medium-level risk to stakeholders?
- Present the risk and your mitigation plan during the team meeting next month.
- In the weekly planning email, briefly describe the risk and your plan to mitigate it.
- Call an urgent in-person meeting with stakeholders to present 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