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What is the definition of risk management? The process of identifying, evaluating and planning responses to events both positive and negative that may occur throughout the course of the project. What are threats? Risk event identified in advance that have a negative impact on the project. What are opportunities in risk management? Positive impacts on the project/ good risks. (e.g. if you provide training to employees they can maybe finish the work faster to improve timelines for...

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1. All of the following are factors **********essment of project risk EXCEPT: A. Risk event B. Risk probability C. Amount at stake D. Insurance premiums Answer D Insurance premiums come into play when you determine which risk response strategy you will use. 2. If a project has a 60 percent chance of a $100,000 profit and a 40 percent chance of a $100,000 loss, the expected monetary value for the project is: A. $100,000 profit B. $60,000 loss C. $20,000 profit D. $40,000 lo...

1. The need for ___ is one of the major driving forces for communication in a project. A. Optimization B. Integrity C. Integration D. Differentiation C 2. The customer has accepted the project scope. However, the lessons learned required by the project management office have not been completed. What is the status of the project? A. The project is incomplete because it needs to be replanned. B. The project is incomplete until all project and product deliverables are complete and...

1. One common way to compute estimate at completion (EAC) is to take the budget at completion (BAC) and: A. Divide by SPI B. Multiply by SPI C. Multiply by CPI D. Divide by CPI Answer D This question is asking for the formula for EAC, which is BAC/CPI. Notice how you will have to remember the formula to get the answer correct. 2. Estimate at completion (EAC) is a periodic evaluation of: A. The cost of work completed B. The value of work performed C. The anticipated total c...

When completed, the ______ can be used any time the scope of a project needs to be reevaluated WBS Difference between validating scope and closing project Without Validating the scope, and having the deliverables accepted you can't close the project or phase. Validating scope is basically assuring that a product, service, or system meets the needs of the customer and other identified stakeholders. It often involves acceptance and suitability with external customers. The Close Pro...