BUS 519 Project Risk Management Week 6 Quiz
BUS 519 Project Risk Management Week 6 Quiz
The risk transference is referred to the transfer of risks to a third party, usually for a fee, it creates a contractual relationship for the third party to manage the risk on behalf of the performing organization. Which one of the following is NOT an example of the transference risk response?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
B Life cycle costing
C Use of insurance
D Performance bonds
Question 2 :You are the project manager of the BJA project for your company. Management is worried about one of the identified risks in your project. The risk event has a probability of 90 percent and a cost impact of $85,000. Management and you discuss possible solutions to address the risk. You share with them that for $75,000 you can reduce the probability of the risk event to 15 percent and the impact to $25,000. This solution will add three weeks to the project schedule. Management thinks this is a good idea and they would like you to add the time and cost additions to your project plan. What type of risk response is used?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Acceptance
B Mitigation
C Avoidance
D Exploit
Jenny is the project manager of the NHJ project for her company. She has identified several positive risk events within the project and she thinks these events can save the project time and money. You, a new team member, wants to know how many risk responses are available for a positive risk event. What will Jenny reply to you?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Acceptance is the only risk response for positive risk events.
B Three
C Four
D Seven
Question 4 :Residual risk is the risk or danger of an action or an event, a method or a (technical) process that still conceives these dangers even if all theoretically possible safety measures would be applied. How residual risk can be determined?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A By determining remaining vulnerabilities after countermeasures are in place
BBy threat analysis
C By transferring all risks
D By risk assessment
You are the project manager for a construction project. The project involves casting of a column in a very narrow space. Because of lack of space, casting it is highly dangerous. High technical skill will be required for casting that column. You decide to hire a local expert team for casting that column. Which of the following types of risk response are you following?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Transference
B Acceptance
C Avoidance
D Mitigation
Holly is the project manager of the GHH project. During risk identification and the subsequent risk analysis process, she has identified a risk with a high probability and high impact for her project. She and the stakeholder agree that the project management plan should be changed to eliminate the risk threat entirely. What risk response has Holly used in this instance?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A This is the risk mitigation response.
B This is a scope change and not a risk response.
C This is the avoidance risk response.
D This is the transference risk response.
Question 7 :In the plan risk responses process, which of the following project documents are updated?
Each correct answer represents a complete solution. Choose all that apply.
This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Lessons learned register
B Change requests
C Assumptions log
D Risk register.
Diane is the project manager of the HGF project. A risk that has been identified and analyzed in the project planning processes is now coming to fruition. Which individual should respond to the risk with the preplanned risk response?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Diane
B Subject matter expert
C Risk owner
D Project sponsor
Which of the following two inputs are required by the project manager to begin risk response planning?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Risk register and the risk management plan
B Risk register and the power to assign risk responses
C Risk register and the results of risk analysis
D Risk register and the risk response plan
You work as a project manager for TechSoft Inc. You are preparing to plan risk responses for your project with your project team. How many risk responses are available for a positive risk event in the project?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Four
B Seven
C One
D Three
You are the project manager for your organization and you are working with Thomas, a project team member. You and Thomas have been working on a specific risk response for a probable risk event in the project. Thomas is empowered with a risk response and will control all aspects of the identified risk response in which a particular risk event will happen within the project. What title, in regard to risk, is bestowed on Thomas?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Risk response owner
B Risk team leader
C Risk expeditor
D Risk coordinator
Question 12 :Your project uses a piece of equipment that if the temperature of the machine goes above 450 Degree Fahrenheit, the machine will overheat and have to be shut down for 48 hours. Should this machine overheat even once, it will delay the project’s end date. You work with your project to create a response that should the temperature of the machine reach 430 Degree Fahrenheit, the machine will be paused for at least an hour to cool it down. The temperature of 430 Degree Fahrenheit is called what?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Risk event
B Risk identification
C Risk trigger
D Risk response
BUS519 Project Risk Management
Week 7 Quiz
Question 1 :The risk transference is referred to the transfer of risks to a third party, usually for a fee, it creates a contractual relationship for the third party to manage the risk on behalf of the performing organization. Which one of the following is NOT an example of the transference risk response?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Warranties
B Life cycle costing
C Use of insurance
D Performance bonds
Question 2 :You are the project manager of the BJA project for your company. Management is worried about one of the identified risks in your project. The risk event has a probability of 90 percent and a cost impact of $85,000. Management and you discuss possible solutions to address the risk. You share with them that for $75,000 you can reduce the probability of the risk event to 15 percent and the impact to $25,000. This solution will add three weeks to the project schedule. Management thinks this is a good idea and they would like you to add the time and cost additions to your project plan. What type of risk response is used?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Acceptance
B Mitigation
C Avoidance
D Exploit
Jenny is the project manager of the NHJ project for her company. She has identified several positive risk events within the project and she thinks these events can save the project time and money. You, a new team member, wants to know how many risk responses are available for a positive risk event. What will Jenny reply to you?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Acceptance is the only risk response for positive risk events.
B Three
C Four
D Seven
Residual risk is the risk or danger of an action or an event, a method or a (technical) process that still conceives these dangers even if all theoretically possible safety measures would be applied. How residual risk can be determined?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A By determining remaining vulnerabilities after countermeasures are in place
B By threat analysis
C By transferring all risks
D By risk assessment
You are the project manager for a construction project. The project involves casting of a column in a very narrow space. Because of lack of space, casting it is highly dangerous. High technical skill will be required for casting that column. You decide to hire a local expert team for casting that column. Which of the following types of risk response are you following?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Transference
B Acceptance
C Avoidance
D Mitigation
Holly is the project manager of the GHH project. During risk identification and the subsequent risk analysis process, she has identified a risk with a high probability and high impact for her project. She and the stakeholder agree that the project management plan should be changed to eliminate the risk threat entirely. What risk response has Holly used in this instance?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A This is the risk mitigation response.
B This is a scope change and not a risk response.
C This is the avoidance risk response.
D This is the transference risk response.
Question 7 :In the plan risk responses process, which of the following project documents are updated?
Each correct answer represents a complete solution. Choose all that apply.
This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Lessons learned register
B Change requests
C Assumptions log
D Risk register
Diane is the project manager of the HGF project. A risk that has been identified and analyzed in the project planning processes is now coming to fruition. Which individual should respond to the risk with the preplanned risk response?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Diane
B Subject matter expert
C Risk owner
D Project sponsor
Which of the following two inputs are required by the project manager to begin risk response planning?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Risk register and the risk management plan
B Risk register and the power to assign risk responses
C Risk register and the results of risk analysis
D Risk register and the risk response plan
You work as a project manager for TechSoft Inc. You are preparing to plan risk responses for your project with your project team. How many risk responses are available for a positive risk event in the project?This task contains the radio buttons and checkboxes for options. The shortcut keys to perform this task are A to H and alt+1 to alt+9.
A Four
B Seven
C One
D Three
ADDITIONAL INSTRUCTIONS FOR THE CLASS
Discussion Questions (DQ)
Initial responses to the DQ should address all components of the questions asked, include a minimum of one scholarly source, and be at least 250 words.
Also Read: BUS 519 Project Risk Management Week 4 Quiz
Successful responses are substantive (i.e., add something new to the discussion, engage others in the discussion, well-developed idea) and include at least one scholarly source.
One or two sentence responses, simple statements of agreement or “good post,” and responses that are off-topic will not count as substantive. Substantive responses should be at least 150 words.
I encourage you to incorporate the readings from the week (as applicable) into your responses.
Weekly Participation
Your initial responses to the mandatory DQ do not count toward participation and are graded separately.
In addition to the DQ responses, you must post at least one reply to peers (or me) on three separate days, for a total of three replies.
Participation posts do not require a scholarly source/citation (unless you cite someone else’s work).
Part of your weekly participation includes viewing the weekly announcement and attesting to watching it in the comments. These announcements are made to ensure you understand everything that is due during the week.
APA Format and Writing Quality
Familiarize yourself with APA format and practice using it correctly. It is used for most writing assignments for your degree. Visit the Writing Center in the Student Success Center, under the Resources tab in LoudCloud for APA paper templates, citation examples, tips, etc. Points will be deducted for poor use of APA format or absence of APA format (if required).
Cite all sources of information! When in doubt, cite the source. Paraphrasing also requires a citation.
I highly recommend using the APA Publication Manual, 6th edition.
Use of Direct Quotes
I discourage overutilization of direct quotes in DQs and assignments at the Masters’ level and deduct points accordingly.
As Masters’ level students, it is important that you be able to critically analyze and interpret information from journal articles and other resources. Simply restating someone else’s words does not demonstrate an understanding of the content or critical analysis of the content.
It is best to paraphrase content and cite your source.
LopesWrite Policy
For assignments that need to be submitted to LopesWrite, please be sure you have received your report and Similarity Index (SI) percentage BEFORE you do a “final submit” to me.
Once you have received your report, please review it. This report will show you grammatical, punctuation, and spelling errors that can easily be fixed. Take the extra few minutes to review instead of getting counted off for these mistakes.
Review your similarities. Did you forget to cite something? Did you not paraphrase well enough? Is your paper made up of someone else’s thoughts more than your own?
Visit the Writing Center in the Student Success Center, under the Resources tab in LoudCloud for tips on improving your paper and SI score.
Late Policy
The university’s policy on late assignments is 10% penalty PER DAY LATE. This also applies to late DQ replies.
Please communicate with me if you anticipate having to submit an assignment late. I am happy to be flexible, with advance notice. We may be able to work out an extension based on extenuating circumstances.
If you do not communicate with me before submitting an assignment late, the GCU late policy will be in effect.
I do not accept assignments that are two or more weeks late unless we have worked out an extension.
As per policy, no assignments are accepted after the last day of class. Any assignment submitted after midnight on the last day of class will not be accepted for grading.
Communication
Communication is so very important. There are multiple ways to communicate with me:
Questions to Instructor Forum: This is a great place to ask course content or assignment questions. If you have a question, there is a good chance one of your peers does as well. This is a public forum for the class.
Individual Forum: This is a private forum to ask me questions or send me messages. This will be checked at least once every 24 hours.