Quiz 5 – Project Management Questions and Answers Help

Note: Your answers must be very short- limited to about 5 sentences for short essay questions. Repeat the questions followed by your answers in your post.

1. “Plan Risk Reponses” is a process that seeks to enhance opportunities to improve project objectives; but does not do anything with negative consequences of risks. True or False
2. Agreed-upon risk responses should be integrated in updated Project Management Plan. True or False
3. “Plan Risk Reponses” is a process that plans responsive actions to be taken to manage risks and opportunities and changes resources, budget, schedule, and project management plan as needed. True or False
4. “Plan Risk Responses” has following Inputs (Fill in missing lines)
5. Risk Management Plan
6. __________________
7. Contingent risk response actions are put into action as trigger conditions are met. True or False
8. Tools and Techniques for Plan “Risk Responses” include (filling the missing)
9. ________________
10. ________________
11. Contingent response strategies
12. Expert judgment
13. It is not necessary for a project team to agree upon a planned risk responsefor an identified risk.  True or False
14. Risk thresholds help identify those risks for which specific responses are needed. True or False
15. What are primary and back-up strategies for addressing risks? Explain briefly giving exmples.
16. What is Secondary Risk? Give one example.
17. Contingency reserves are often allocated for time and cost (in Plan Risk Response process). If developed, it may include identification of condition that trigger its use. Explain and give one example from: The Wedding Plan Project case.
18. Four strategies of addressing negative risks (or threats) are: Avoid; Transfer; Mitigate; and Accept. Using The Wedding Plan Project case, give an example of each of the above response plan citing an identified risk in each.
19. Four strategies of addressing positive risks (or opportunities) are: Exploit; Enhance; Share and Accept. Using The Wedding Plan Project case, give an example of each of the above response plan citing an identified risk in each
20. As new information becomes available through application of risk responses, technical approaches and physical deliverables may change. True or False
21. Contingency plan (or Fallback plan) and trigger(s) that call for their execution are important. Give one example from Wedding Plan Project case.
22. What is Residual Risk? Give one example from the Wedding plan Project case.
23. Risk Response Strategy of: Accept is common for addressing both to negative and positive risks. True or False
24. AcceptRisk Responsestrategy is used when it is not possible or cost effective to address a specific risk in any other way. True or False
25. The most common passive acceptance strategy is to establish a contingency reserve including amounts of time, money, or resources to handle the risks. True or False
26. The most radical Risk Avoidance risk response strategy is to shut down the project itself. True or False
27. Give an example each of “in-control of the organization” scenario and “out-of-control of the organization” scenario for the The Wedding Plan Project case.
28. What is the difference between Contingency Reserves and Management Reserve? How are they set? Who is responsible for spending them? Give example of each.
29. Explain each of the terms below:
    • Residual risk
    • Secondary risk
    • Fallback plan
    • Workaround