WGU Project Management-
Final Exam REVIEW
QUESTIONS AND VERIFIED
CORRECT ANSWERS
GRADED A+ LATEST 100%
GUARANTEED PASS
no amount of planning can overcome - CORRECT ANSWER-risk, or the inability to control
chance events, risk is an uncertain event or condition that if it occurs has a positive or negative
effect on project objectives, a risk has a cause and if it occurs a consequence
risks can be identified before the project starts such as - CORRECT ANSWER-equipment
malfunctions or change in technical requirments, can be anticipated like schedule slippages or
cost overruns, can be beyond imagination like financial meltdown
chances of risk event occuring - CORRECT ANSWER-an error in time estimates, cost estimates,
design technology
The cost impact of a risk event occurring as a project proceeds through its life cycle tends to -
CORRECT ANSWER-increase over the life of the project
risk management process - CORRECT ANSWER-Risk Identification (analyze projects to identify
sources of risk, list all of the possible risks)
Risk Assessment (assess risks in terms of: severity of impact, likelihood of occurring,
controllability)
Risk Response Development (develop a strategy to reduce possible damage, develop
contingency plans)
Risk Response Control (implement risk strategy, monitor and adjust plan for new risks, change
management)
,groups make more accurate judgements about risks than - CORRECT ANSWER-individuals do,
team uses brainstorming and problem identifying techniques
common mistake that is made early in the risk identification process is to - CORRECT ANSWER-
focus on objectives and not on the events that could produce consequences
an effective tool for identifying specific risks is - CORRECT ANSWER-the work breakdown
structure, use of the rbs reduces the chance a risk event will be missed
risk profile - CORRECT ANSWER-useful tool, list of questions that address traditional areas of
uncertainty on a project, they address both technical and management risks
scenario analysis - CORRECT ANSWER-is the easiest and most commonly used technique for
analyzing risks, team members assess the significance of each risk event in terms of probability
of the event and impact of the event
risk severity matrix - CORRECT ANSWER-Provides a basis for prioritizing which risks to address,
red zones receive first priority followed by yellow zone risks, green zone risks are typically
considered inconsequential and ignored unless their status changes failure mode and effects
analysis =impact x probability x detection =risk value
reducing risk is usually the first alternative considered, there are 2 strategies for mitigating risks
- CORRECT ANSWER-1-reduce the likelihood that the event will occur and or
2-reduce the impact that the adverse event would have on the project
risk avoidance is - CORRECT ANSWER-changing the project plan to eliminate the risk or
condition
, passing risk to another party is common - CORRECT ANSWER-this transfer does not change risk,
passing risk to another party almost always results in paying a premium for this exemption
retaining risk - CORRECT ANSWER-in some cases a conscious decision is made to accept the risk
of an event occuring
a contingency plan is - CORRECT ANSWER-an alternative plan that will be used if a possible
forseen risk event becomes a reality
a key distinction between a risk response and a contingency plan is that - CORRECT ANSWER-a
response is part of the actual implementation plan and action is taken before the risk can
materialize while a contingency plan is not part of the initial implementation plan and only goes
into effect after the risk is recognized
technical risk - CORRECT ANSWER-are problematic; they can often be the kind that cause the
project to be shut down
an opportunity is an - CORRECT ANSWER-event that can have a positive impact on project
objectives
the major exception between managing negative risks and opportunity is - CORRECT ANSWER-
in the responses, 4 different types
exploit-eliminate uncertainty associated with an opportunity to ensure that it definitely
happens
share-allocating some or all of the owenership of an opportunity to another party who is est
able to capture the opportunity for the benefit of the project
enhance-enhance is the opposite of mitigation in that action is taken to increase the probability
or the positive impact of an opportunity
accept-accepting an opportunity is being willing to take advantage of it if it occurs, but not
taking action to pursue it
Final Exam REVIEW
QUESTIONS AND VERIFIED
CORRECT ANSWERS
GRADED A+ LATEST 100%
GUARANTEED PASS
no amount of planning can overcome - CORRECT ANSWER-risk, or the inability to control
chance events, risk is an uncertain event or condition that if it occurs has a positive or negative
effect on project objectives, a risk has a cause and if it occurs a consequence
risks can be identified before the project starts such as - CORRECT ANSWER-equipment
malfunctions or change in technical requirments, can be anticipated like schedule slippages or
cost overruns, can be beyond imagination like financial meltdown
chances of risk event occuring - CORRECT ANSWER-an error in time estimates, cost estimates,
design technology
The cost impact of a risk event occurring as a project proceeds through its life cycle tends to -
CORRECT ANSWER-increase over the life of the project
risk management process - CORRECT ANSWER-Risk Identification (analyze projects to identify
sources of risk, list all of the possible risks)
Risk Assessment (assess risks in terms of: severity of impact, likelihood of occurring,
controllability)
Risk Response Development (develop a strategy to reduce possible damage, develop
contingency plans)
Risk Response Control (implement risk strategy, monitor and adjust plan for new risks, change
management)
,groups make more accurate judgements about risks than - CORRECT ANSWER-individuals do,
team uses brainstorming and problem identifying techniques
common mistake that is made early in the risk identification process is to - CORRECT ANSWER-
focus on objectives and not on the events that could produce consequences
an effective tool for identifying specific risks is - CORRECT ANSWER-the work breakdown
structure, use of the rbs reduces the chance a risk event will be missed
risk profile - CORRECT ANSWER-useful tool, list of questions that address traditional areas of
uncertainty on a project, they address both technical and management risks
scenario analysis - CORRECT ANSWER-is the easiest and most commonly used technique for
analyzing risks, team members assess the significance of each risk event in terms of probability
of the event and impact of the event
risk severity matrix - CORRECT ANSWER-Provides a basis for prioritizing which risks to address,
red zones receive first priority followed by yellow zone risks, green zone risks are typically
considered inconsequential and ignored unless their status changes failure mode and effects
analysis =impact x probability x detection =risk value
reducing risk is usually the first alternative considered, there are 2 strategies for mitigating risks
- CORRECT ANSWER-1-reduce the likelihood that the event will occur and or
2-reduce the impact that the adverse event would have on the project
risk avoidance is - CORRECT ANSWER-changing the project plan to eliminate the risk or
condition
, passing risk to another party is common - CORRECT ANSWER-this transfer does not change risk,
passing risk to another party almost always results in paying a premium for this exemption
retaining risk - CORRECT ANSWER-in some cases a conscious decision is made to accept the risk
of an event occuring
a contingency plan is - CORRECT ANSWER-an alternative plan that will be used if a possible
forseen risk event becomes a reality
a key distinction between a risk response and a contingency plan is that - CORRECT ANSWER-a
response is part of the actual implementation plan and action is taken before the risk can
materialize while a contingency plan is not part of the initial implementation plan and only goes
into effect after the risk is recognized
technical risk - CORRECT ANSWER-are problematic; they can often be the kind that cause the
project to be shut down
an opportunity is an - CORRECT ANSWER-event that can have a positive impact on project
objectives
the major exception between managing negative risks and opportunity is - CORRECT ANSWER-
in the responses, 4 different types
exploit-eliminate uncertainty associated with an opportunity to ensure that it definitely
happens
share-allocating some or all of the owenership of an opportunity to another party who is est
able to capture the opportunity for the benefit of the project
enhance-enhance is the opposite of mitigation in that action is taken to increase the probability
or the positive impact of an opportunity
accept-accepting an opportunity is being willing to take advantage of it if it occurs, but not
taking action to pursue it
