Project Risk Management questions and answers verified and updated.

Project Risk Management questions and answers verified and updated. Project Risk - correct answers.Project Risk is an uncertain event or condition that, if it occurs, has a positive or negative effect on a project's objectives. What's the role of Risk Management? - correct answers.1. It addresses the uncertainty in project estimates and assumptions 2. It's not a substitute for other PM processes 3. It's applicable throughout a project life cycle 4. It provides realistic expectations for the completion date and cost of the project 5. It enhances the value of other project management processes How will you practice good Risk Management? - correct answers.1. Consistent with existing organization practices and policies 2. Appropriate to the project 3. Implemented according to business challenges and multi-cultural environment 4. Conducted in compliance with the internal and external requirements of the project. 5. Conducted ethically according to the PM code of ethics 6. Conducted on all projects in proportion to the characteristics of the project under management 6 Critical Success Factors for Project Risk Management - correct answers.1. Recognize the value of Risk Mgmt 2. Individual Commitment Responsibility 3. It's necessary to have open and honest communication 4. Organizational commitment 5. Risk efforts scaled to project 6. Integration with Project Management Project Risk Management - correct answers.Includes the processes concerned with conducting risk management planning, identification, analysis, responses, and monitoring and control of a project. Purpose of Project Risk Management - correct answers.To increase the probability and impact of positive envents and decrease the probablity and impact of events adverse to project objectives. Project Life Cycle - correct answers.A collection of generally sequential project phases whose name and number are determined by the control need of organization(s) involved in the project. A life cycle can be documented with a _____ . - correct dology Project Management - correct answers.The application of knowledge, skills, tools and techniques to project activities to meet the project requirements. RM Study - correct answers.Introduces us to the concepts of Risk Management Risk Management - correct answers.A principaled approach and process for identifying and assessing risks, and then planning and implementing risk responses. PMI Practice Standard - correct answers.PMI practice standard describes processes, activities, inputs, and outputs for a specific knowledge area. It provides information about the significance of the process, tools and techniques applied, execution and personnel involved. It does not prescribe how the process is to be implemented, leaving that subject for other forums such as handbooks, manuals, and courses. Practice standards are targeted at audiences such as: - correct nces who participate in the management of projects. This includes project managers, project personnel, contract personnel, supervisors, and other project stakeholders. The purpose of the Practice Standard for Risk Management is to: - correct de a standard for project management practitioners and other stakeholders that defines the aspects of Project Management that are recognized as good practice on most projects most of the time and provide a standard that is globally applicable and consistently applied. The Project Risk Management includes processes concerned with: - correct cting risk management planning, identification, analysis, responses, monitoring and control on a project. The objectives are also to increase the probability and impact of positive events and decrease the probability and impact of negative events in the project. Uncertainty - correct answers.Distinct events which are uncertain but can be clearly defined, as well as more general conditions which are less specific. Cause - correct answers.Events or circumstances that currently exist or will exist in the future and may result in risks.