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Chapter 11 – quiz and discussion questions
Project Risk Management
Answers for Questions 1-3:
Utility rises at a decreasing rate for a(n) _____ person.
Those who are _____ have a higher tolerance for risk, and their satisfaction
increases when more payoff is at stake.
A(n) _____ person achieves a balance between risk and payoff.
Answers for Questions 4-9:
a. Risk identification
d. Quantitative risk analysis
b. Risk management planning
e. Risk monitoring and control
c. Qualitative risk analysis
f. Risk response planning
_____ involves deciding how to approach and plan the risk management activities
for the project.
_____ involves prioritizing risks based on their probability and impact of
_____ involves determining which risks are likely to affect a project and
documenting the characteristics of each.
_____ involves numerically estimating the effects of risks on project objectives.
_____ involves taking steps to enhance opportunities and reduce threats to
meeting project objectives.
_____ involves monitoring identified and residual risks, identifying new risks,
carrying out risk response plans, and evaluating the effectiveness of risk strategies
throughout the life of the project.
Answers for Questions 10-11:
a. Fallback plans
c. Contingency plans
b. Contingency reserves
d. Contingency allowances
_____ are predefined actions that the project team will take if an identified risk
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_____ are developed for risks that have a high impact on meeting project
objectives, and are put into effect if attempts to reduce the risk are not effective.