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Project Management Weekly Challenge 12_Updating

 

Project Planning: Putting It All Together (W4)


1. Fill in the blank: A(n) is a known and real problem that can affect a team's ability to complete a task.

A: issue

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

A:
- How could the project manager mitigate the potential risk
- Who the project manager needs to consult about a risk
- What could go wrong with the project

3. As a project manager practicing risk management, you’ve already identified the risk. Now, you’re determining the likelihood and potential impact the risk will have on your project. Which risk management step does this represent?

A: Analyze risks

4. Identify the steps involved in creating and utilizing a fishbone (or cause-and-effect) diagram.

A: Define the problem, identify categories, brainstorm causes, and analyze the causes

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 _____.

A: risk appetite

6. What are the most common types of risk that can impact projects?

A: Time risks, budget risks, and scope risks

7. What are the most common types of risk that can impact projects?

A:
- A mitigation plan for each risk
- An executive summary
- Probability estimates for each risk

8. Which of the following is the best way to communicate a high-level risk to stakeholders?

A: Meet with stakeholders in person to present serious risks and your plans to mitigate them.

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?

A: Finish to Finish (FF)

10. Which steps should be taken when updating a risk management plan? Select all that apply.

A:
- Include any changes in the mitigation plans
- Add newly-identified risks
- Remove risks that are no longer relevant.

11. Failing to engage in risk management for your project can have which of the following consequences? Select all that apply.

A:
- You will not be able to meet project timelines and goals
- You will not be able to make necessary adjustments to the project plan

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

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

13. 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?

A: Finish to Start (FS)

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

A: Risk

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

A: Fishbone Diagram

16. Why should project managers communicate risks clearly to key stakeholders? Select all that apply.

A:
- To convince them to provide an increase in budget, if necessary
- To get them to provide additional teammates, if necessary
- To increase trust in the relationship

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

A: Introduction to the conditions of the project and an outline of the potential risks.

18. Which of the following are steps involved in creating a fishbone (or cause-and-effect) diagram? Select all that apply.

A:
- Analyze the data
- Identify categories
- Define the problem

19. Choose the best definition for inherent risk as it relates to project management.

A: The measure of a risk, calculated by its probability and impact

20. As a project manager practicing risk management, you make a plan to manage risks. You choose to ignore minor risks, and instead focus on serious risks that need detailed mitigation plans. Which risk management step does this represent?

A: Treat risks

21. Which of the following is a tool used to assess and prioritize project risks?

A: Probability and impact matrix

22. Which of the following are examples of external risk? Select all that apply.

A:
- A project vendor goes out of business
- A change in regulatory requirements


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