Question 1

Supplier risk is highest with ___________.

Accepted Answer

Firm fixed price contracts place the highest risk on suppliers because they agree to deliver products or services at a set price regardless of any increase in the actual costs to complete the project. This means if costs exceed the agreed price, the supplier must cover the additional expenses.

Question 2

You have just completed Qualitative Risk Analysis of the project. What should you be doing next?

Accepted Answer

After completing Qualitative Risk Analysis, the next step in the risk management process is typically to Perform Quantitative Risk Analysis, if it is required for the project.

Question 3

Risk Management Plan may include

Accepted Answer

A Risk Management Plan typically includes budgeting, timing, thresholds, and methodology as these elements are essential for planning how to manage risks effectively.

Question 4

Reserve analysis is NOT a Tool/Technique in which of the following processes?

Accepted Answer

Reserve analysis is not a tool/technique used in Activity Resource Estimation. It is typically used in cost estimation, activity duration estimation, and cost budgeting to account for uncertainties and risks.

Question 5

Which of the following is not a tool or technique used during the Risk Quantification Process?

Accepted Answer

Contingency planning is not a tool or technique used during the Risk Quantification Process; it is instead a part of risk response planning.

Question 6

Risk management is responsibility of the

Accepted Answer

Risk management is a collective responsibility of the project team, encompassing all roles from the project manager to team members, as they work together to identify, assess, and mitigate risks throughout the project lifecycle.

Question 7

What is associated with product risk?

Accepted Answer

The answer of What is associated with product risk?
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Question 8

Assembling project team and assigning their responsibilities are done during which phase of a project management?

Accepted Answer

Initiation is the phase where the project team is assembled and their responsibilities are assigned.

Question 9

The basic nature of a project is a/an _____ one.

Accepted Answer

Projects are temporary in nature, designed to deliver unique products, services, or results within a defined time frame, after which the project is concluded.

Question 10

The structure of a project will vary depending on the _________to provide.

Accepted Answer

The structure of a project varies depending on the benefits it is intended to provide, as the project's goals and outcomes influence its organization and management approach.

Question 11

A process that involves continuously improving and detailing a plan as more detail become available is termed as

Accepted Answer

Progressive elaboration is a project management technique where planning is done in waves as work progresses and more details become available.

Question 12

A program is usually a group of

Accepted Answer

A program is typically a group of related projects managed in a coordinated manner to obtain benefits not available from managing them individually.

Question 13

Which from the following statement(s) is/are NOT true?
I. Projects have defined objectives
II. Programs have a larger scope than projects
III. The projects and programs in a portfolio must be directly related

Accepted Answer

Projects and programs in a portfolio do not need to be directly related; they are grouped together to meet strategic business objectives.

Question 14

Projects management is divided in _____ process groups.

Accepted Answer

Project management is divided into 5 process groups: Initiating, Planning, Executing, Monitoring and Controlling, and Closing.

Question 15

____________are avoided by providing more tangible and objective results troughout the life cycle.

Accepted Answer

Adversarial stakeholder relationships are avoided by providing more tangible and objective results throughout the life cycle, as this approach helps in building trust and ensuring that stakeholders are aligned with the project's progress and outcomes.

Question 16

.If any one factor of a project changes, _____ other factor(s) is/are likely to be affected.

Accepted Answer

Changes in one factor of a project often have a ripple effect, impacting at least one other factor due to the interconnected nature of project elements.

Question 17

Business Value =

Accepted Answer

Business value encompasses both tangible elements (like financial assets, physical property, and cash) and intangible elements (such as brand reputation, customer goodwill, and intellectual property). Therefore, the total business value is the sum of its tangible and intangible elements.

Question 18

Which from the following is NOT a tangible element?

Accepted Answer

Trademarks are considered intangible assets because they represent a form of intellectual property rather than a physical object.

Question 19

A horizontal bar chart that shows project tasks against a calendar is called

Accepted Answer

A Gantt chart is used for project management, visually showing tasks or activities displayed against time.

Question 20

Which from the following represents the correct project cycle?

Accepted Answer

The correct project cycle follows the sequence of Initiating, Planning, Executing, and Closing. This order aligns with the Project Management Body of Knowledge (PMBOK) guidelines, which are widely recognized in the field of project management.

Quiz 11: Project Management and Risk Analysis