Lesson 7 – Assessment

1. Your team has worked diligently to identify a large number of risks on a pharmaceutical development at this time, the risk register includes risks related to government regulations, risks involved in production and testing, and risk related to introducing a new product to the already flooded market, as well as many other areas of potential risk. Before proceeding with the project, these risks must be assessed, and risk response plans must be developed for the highest-ranking risks. All the following are factors in the assessment of project risk except:

2. Most of the project risks will be identified during which risk management processes?

3. You have identified several risks on your project for which purchasing insurance is a possibility. The insurance company your firm uses has quoted reasonable rates, and your analysis shows that purchasing insurance makes sense as a contingency plan in these cases. Your organization has a low threshold for risk but wants to keep costs in line as the profit margin on the product of this project is low. The strategy of purchasing insurance is best considered an example of risk:

4. Workarounds are determined during which risk management process?

5. During which risk management process is a determination made to transfer a risk?

6. A project manager analyzed the quality of risk data and asked various stakeholders to determine the probability and impact of a number of risks. He is about to move to the next process of risk management. Based on this information, what has the project manager forgotten to do?

7. You were in the middle of a two-year project to deploy new technology to field office across the country. A hurricane caused power outage just before the upgrade was near completion. When the power was restored, all the project reports and historical data were lost, with no way of retrieving them. ‘What should have been done to prevent this problem?

8. During project executing, the team member who is most experienced in the programming work required for the project informs you that he has accepted a new position at another company, and has given his two weeks’ notice. This is a major problem that was not included in the risk register. What should you do fast?

9. The process of assessing the probability and consequences of identified risks to the project objectives, assigning a risk score to each risk, and creating a list of prioritized risks describes which of the following processes?

10. The information-gathering techniques used in the Risk Identification process include all of the following except:

11. Which of the following processes assesses the likelihood of risk occurrences and their consequences using a numerical rating?

12. Which of the following statements is false regarding Risk Management?

13. You know that the success of your project will be determined by how well you manage risks. You know that identifying risks upfront can help you be better prepared with risk response strategies. So, you decide to identify risks by taking help of experts. You have identified some experts, and rather than calling them to your office, you send them questionnaires. You promise them complete anonymity so that they give unhindered responses. What information gathering technique are you adopting?

14. A project manager implemented an approved change to manage a risk. Three months after the implemented change, the project manager learns that the change did not produce the desired result, and there are adverse consequences. What can the project manager do to avoid this problem on future projects?