Project Planning: Putting It All Together Week 4 Quiz Answer

Project Planning: Putting It All Together 

Week 4 Quiz Answer

Weekly Challenge 4

Question 1)

Fill in the blank: The process of identifying and evaluating potential risks and issues that could impact a project is known as _____.

• risk identification
• risk mitigation
• risk analysis
• risk management

Question 2)

When should project managers engage in risk management?

• Regularly throughout the project
• At the beginning of the project
• Towards the end of the project
• Shortly after the project begins

Question 3)

As a project manager you are practicing risk management. You have already defined potential risks, determined their likelihood, and prioritized them. Now, you’re making a plan to address and manage each risk. This represents which risk management step?

• Analyze risks
• Treat risks
• Identify risks
• Monitor and control risks

Question 4)

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

• Mitigate causes
• Identify categories
• Define the problem
• Analyze the causes

Question 5)

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

• Fishbone diagram
• Power grid
• Probability and impact matrix
• Cause-and-effect diagram

Question 6)

Which of the following risk types most commonly impact projects? Select all that apply.

• Time risks
• Scope risks
• Inherent risks
• Budget risks

Question 7)

What does a risk management plan typically contain? Select all that apply.

• Probability estimates for each risk
• A mitigation plan for each risk
• An executive summary
• A competitor analysis for each risk

Question 8)

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

• To get them to provide additional teammates, if necessary
• To deflect blame on project issues, if necessary
• To increase trust in the relationship
• To convince them to provide an increase in budget, if necessary

Question 9)

As a project manager, you’re identifying task dependencies. Task B cannot start until Task A has started. Which type of dependency does this situation represent?

• Finish to Start (FS)
• Finish to Finish (FF)
• Start to Start (SS)
• Start to Finish (SF)

Question 10)

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

• Remove risks that are no longer relevant.
• Include any changes in the mitigation plans.
• Move the plan to a confidential folder.
• Add newly-identified risks.

Extra Questions

Question 11)

Failing to engage in risk management for your project can have which two of the following consequences?

• You will not be able to use the appropriate tools
• You will not be able to establish necessary vendor relationships
• You will not be able to meet project timelines and goals
• You will not be able to make necessary adjustments to the project plan

Question 12)

When working through the risk management life cycle, what’s the main goal when evaluating a risk?

• Controlling risks
• Prioritizing risks
• Treating risks
• Identifying risks

Question 13)

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

• Risk register
• Project charter
• Stakeholder map
• Fishbone diagram

Question 14)

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 _____.

• risk assumption
• risk register
• risk analysis
• risk appetite

Question 15)

Imagine that your company is considering using a vendor. The vendor makes quality products, but you have learned they have a reputation for shipping delays. Ultimately, you decide to use a different vendor. Which risk mitigation strategy did you use?

• Control the risk
• Avoid the risk
• Reduce the risk
• Accept the risk

Question 16)

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

• Plan to present the risks and your mitigation plans at the next monthly meeting.
• Describe the risks in a weekly planning email and briefly explain your plan to mitigate them.
• Describe the risks and your mitigation plan to stakeholders the next time you see them in person.
• Meet with stakeholders in person to present serious risks and your plans to mitigate them.

Question 17)

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?

• Finish to Finish (FF)
• Start to Finish (SF)
• Finish to Start (FS)
• Start to Start (SS)

Question 18)

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

• Description of each risk, its risk rating, and a mitigation plan
• Information such as the plan’s status, creation date, and uploaded date
• Charts such as the impact chart, probability chart, and the probability and impact matrix
• Introduction to the conditions of the project and an outline of the potential risks

Question 19)

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

• issue
• risk
• drawback
• threat

Question 22)

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

• The measure of a risk, calculated by its difficulty and frequency
• The measure of a risk, calculated by its causes and circumstances
• The measure of a risk, calculated by its probability and impact
• The measure of a risk, calculated by its timing and dependencies

Question 23)

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

• Budget risks, scope risks, and internal risks
• Time risks, budget risks, and scope risks
• Budget risks, internal risks, and external risks
• Time risks, budget risks, and external risks

Question 24)

Fill in the blank: The four common ways to mitigate risk include _____.

• avoid it, accept it, reduce or control it, and transfer it
• avoid it, accept it, disregard it, and transfer it
• accept it, ignore it, reduce or control it, and transfer it
• accept it, disregard it, reduce or control it, and transfer it

Question 26)

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?

• Start to Start (SS)
• Start to Finish (SF)
• Finish to Start (FS)
• Finish to Finish (FF)

Question 27)

Which of the following best describes the risk register in the risk management plan?

• A risk assessment technique such as the probability and impact matrix
• An introduction to the conditions of the project and an outline of the potential risks
• A description of each risk, its risk rating, and a mitigation plan 
• A list of general information such as the plan’s status, creation date, and uploaded date

Question 28)

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

• A change in regulatory requirements
• A project vendor goes out of business
• A breakdown in communication among team members
• A deliverable takes longer than anticipated to complete

Question 29)

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

• Define the problem, identify risks, mitigate causes, and analyze the causes
• Define the problem, identify risks, brainstorm causes, and monitor feedback
• Define the problem, identify categories, brainstorm causes, and analyze the causes
• Define the problem, identify categories, mitigate causes, and monitor feedback

Question 30)

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

• How could the project manager mitigate the potential risk
• When exactly the risk will occur
• Who the project manager needs to consult about a risk
• What could go wrong with the project

Question 31)

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

• problem
• issue
• delay
• risk

Question 32)

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

• Present the risk and your mitigation plan during the team meeting next month.

• In the weekly planning email, briefly describe the risk and your plan to mitigate it.

• Call an urgent in-person meeting with stakeholders to present the risk and your plan to mitigate it.

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