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Revision Examination Tests
“Come all for this greatness”
...100% Correct Ans...
RSK2601 PACK ASSIGNMENTS 1-3 SEMESTER 2 2024 /2025 -
DISTINCTION GUARANTEED 100%
What is a "Risk Event"?
ans:> A risk event is something that is identified in advance that may or
may not be true and may or may not happen. If it does happen, it can
have a positive or negative impact on the project
What is Risk Averse?
ans:> Someone who does not want to take risks is said to be risk
averse.
What are the six sequential risk management processes?
ans:> 1. Plan Risk Management 2. Identify Risks 3. Perform qualitative
Risk Analysis 4. Perform Quantitative Risk Analysis 5. Plan Risk
Responses 6. Monitor and Control Risks
What does the Plan Risk Management process answer?
ans:> It answers the question of how much time should be spent on risk
management based on the needs of the project and who will be involved
and how the team will go about performing risk management
What are the inputs required for Plan Risk Management?
ans:> 1. Project scope statement 2. Cost Management Plan 3. Schedule
management plan 4. Communications management plan 5. Enterprise
environmental factors 6. Organizational process assets
What are the tools and techniques used in the plan risk management
process?
ans:> Planning meetings and analysis
What are the Outputs of Plan Risk Management
ans:> Risk Management Plan
,True or False: Project risk is always in the future?
ans:> True
What is the definition of Plan Risk Management
ans:> The process of defining how to conduct risk management activities
for a project
What is the Enterprise Environmental Factor that applies to Plan Risk
Management
ans:> The risk attitudes and tolerance that describe the degree of risk
that an organization will withstand
When does the major part of risk identification happen?
ans:> Risk identification primarily occurs during project initiating and
panning and happens at the onset of the project and should be
continually reassessed. risk identification is also done during integrated
change control, when working with resources, and when dealing with
project issues
What are some of the techniques use to identify risks
ans:> Brainstorming, Delphi Technique, interviewing, root cause
analysis, SWOT analysis, Checklist analysis, Assumptions Analysis, and
Diagramming Techniques
What is and how is the Delphi Technique used?
ans:> This is a structured communication technique which relies on a
panel of experts. The experts are surveyed, then the answers are
aggregated and feed back to the experts for a second round.
What are some of the Diagramming Techniques that might be used to
identify risk?
ans:> Cause and Effect (Fishbone), Flow Chart, Influence Diagram and
a Tornado Diagram
What is an influence Diagram and how/what is it used for?
ans:> Closely related to a decision tree and displays a summary of the
information in a decision tree. The difference between a tree and an
influence diagram is that the influence diagram shows the dependencies
among variables
What is a tornado Diagram?
ans:> Looks like a tornado, and is a special type f bar chart where the
data categories are listed vertically instead of the standard horizontal
, presentation and the categories are ordered so that the largest bar
appears at the top of the chart. Tornado diagrams are useful for
deterministic sensitivity analysis
What is the second process in Risk Management
ans:> 11.2 is the process of Identify Risk
What is the purpose of Identify Risk
ans:> Identify risk is the process of determining which risks may affect
the project and documenting their characteristics. Identify Risks is an
iterative process because new risks may evolve or become known as
the project progresses through its life cycle
How many inputs are there for Identify Risks and what are these inputs
to Identify Risks?
ans:> There are 11 inputs to Identify risks -- 1. Risk Management Plan 2.
Activity cost estimates 3. Activity duration estimates 4. Scope baseline 5.
Stakeholder register 6. Cost management plan 7. Schedule
management plan 8. Quality management plan 9. Project documents 10.
Enterprise environmental factors 11. Organizational process assets
How many tools and techniques are there in Identify Risk and what are
these tools and techniques used in Identify Risks?
ans:> There are 7 Tools and Techniques used in Identify Risks. 1.
Documentation reviews 2. Information gathering techniques 3. Checklist
analysis 4. Assumptions analysis 5. Diagraming techniques 6. SWOT
analysis 7. Expert Judgment
What is the outputs of Identify Risks?
ans:> Risk Register
What is the third process in Risk Management
ans:> 11.3 - Perform Qualitative Risk Analysis
How many inputs are there and what are the inputs to Perform
Qualitative Risk Analysis?
ans:> There are 4 inputs 1. Risk Register 2. Risk Management plan 3.
Project scope statement 4. Organizations process assets
How may tools and techniques are used in Perform Qualitative Risk
Analysis and what are they?
ans:> There are 6 tools and techniques 1. Risk probability and impact
assessment 2. Probability and impact matrix 3. Risk data quality
Revision Examination Tests
“Come all for this greatness”
...100% Correct Ans...
RSK2601 PACK ASSIGNMENTS 1-3 SEMESTER 2 2024 /2025 -
DISTINCTION GUARANTEED 100%
What is a "Risk Event"?
ans:> A risk event is something that is identified in advance that may or
may not be true and may or may not happen. If it does happen, it can
have a positive or negative impact on the project
What is Risk Averse?
ans:> Someone who does not want to take risks is said to be risk
averse.
What are the six sequential risk management processes?
ans:> 1. Plan Risk Management 2. Identify Risks 3. Perform qualitative
Risk Analysis 4. Perform Quantitative Risk Analysis 5. Plan Risk
Responses 6. Monitor and Control Risks
What does the Plan Risk Management process answer?
ans:> It answers the question of how much time should be spent on risk
management based on the needs of the project and who will be involved
and how the team will go about performing risk management
What are the inputs required for Plan Risk Management?
ans:> 1. Project scope statement 2. Cost Management Plan 3. Schedule
management plan 4. Communications management plan 5. Enterprise
environmental factors 6. Organizational process assets
What are the tools and techniques used in the plan risk management
process?
ans:> Planning meetings and analysis
What are the Outputs of Plan Risk Management
ans:> Risk Management Plan
,True or False: Project risk is always in the future?
ans:> True
What is the definition of Plan Risk Management
ans:> The process of defining how to conduct risk management activities
for a project
What is the Enterprise Environmental Factor that applies to Plan Risk
Management
ans:> The risk attitudes and tolerance that describe the degree of risk
that an organization will withstand
When does the major part of risk identification happen?
ans:> Risk identification primarily occurs during project initiating and
panning and happens at the onset of the project and should be
continually reassessed. risk identification is also done during integrated
change control, when working with resources, and when dealing with
project issues
What are some of the techniques use to identify risks
ans:> Brainstorming, Delphi Technique, interviewing, root cause
analysis, SWOT analysis, Checklist analysis, Assumptions Analysis, and
Diagramming Techniques
What is and how is the Delphi Technique used?
ans:> This is a structured communication technique which relies on a
panel of experts. The experts are surveyed, then the answers are
aggregated and feed back to the experts for a second round.
What are some of the Diagramming Techniques that might be used to
identify risk?
ans:> Cause and Effect (Fishbone), Flow Chart, Influence Diagram and
a Tornado Diagram
What is an influence Diagram and how/what is it used for?
ans:> Closely related to a decision tree and displays a summary of the
information in a decision tree. The difference between a tree and an
influence diagram is that the influence diagram shows the dependencies
among variables
What is a tornado Diagram?
ans:> Looks like a tornado, and is a special type f bar chart where the
data categories are listed vertically instead of the standard horizontal
, presentation and the categories are ordered so that the largest bar
appears at the top of the chart. Tornado diagrams are useful for
deterministic sensitivity analysis
What is the second process in Risk Management
ans:> 11.2 is the process of Identify Risk
What is the purpose of Identify Risk
ans:> Identify risk is the process of determining which risks may affect
the project and documenting their characteristics. Identify Risks is an
iterative process because new risks may evolve or become known as
the project progresses through its life cycle
How many inputs are there for Identify Risks and what are these inputs
to Identify Risks?
ans:> There are 11 inputs to Identify risks -- 1. Risk Management Plan 2.
Activity cost estimates 3. Activity duration estimates 4. Scope baseline 5.
Stakeholder register 6. Cost management plan 7. Schedule
management plan 8. Quality management plan 9. Project documents 10.
Enterprise environmental factors 11. Organizational process assets
How many tools and techniques are there in Identify Risk and what are
these tools and techniques used in Identify Risks?
ans:> There are 7 Tools and Techniques used in Identify Risks. 1.
Documentation reviews 2. Information gathering techniques 3. Checklist
analysis 4. Assumptions analysis 5. Diagraming techniques 6. SWOT
analysis 7. Expert Judgment
What is the outputs of Identify Risks?
ans:> Risk Register
What is the third process in Risk Management
ans:> 11.3 - Perform Qualitative Risk Analysis
How many inputs are there and what are the inputs to Perform
Qualitative Risk Analysis?
ans:> There are 4 inputs 1. Risk Register 2. Risk Management plan 3.
Project scope statement 4. Organizations process assets
How may tools and techniques are used in Perform Qualitative Risk
Analysis and what are they?
ans:> There are 6 tools and techniques 1. Risk probability and impact
assessment 2. Probability and impact matrix 3. Risk data quality
