Doing the Work

Question 1

__________ is a technique used to determine the probability of occurence and the impact of each identified risk.

Answer 1

Qualitative Risk Analysis

Question 2

The smallest collection of features that can be included in a product for customers to consider it functional.

Answer 2

MVP

Question 3

A systematic procedure, technique, or process used to tranfer information among project stakeholders.

Answer 3

Communication Methods

Question 4

__________ is the analytical technique to determine the information needs of the project stakeholders through interviews, workshops, study of lessons learned from previous projects.

Answer 4

Communication Requirements Analysis

Question 5

A system that records changes to a file in a way that allows you to retrieve previous changes made to it.

Answer 5

Version Control

Question 6

New laws or changes in regulations requiring your company to spend more to maintain compliance would be this type of risk.

Answer 6

Legislative

Question 7

A collection of procedures used to track project artifacts and monitor and control changes to these artifacts.

Answer 7

Configuration Management System

Question 8

The smallest amount of value that can be added to a product or service that benefits the business.

Answer 8

MBI

Question 9

A component of the project, program, or portfolio management plan that describes how risk management activities will be structured and performed.

Answer 9

Risk Management Plan

Question 10

A __________ serves as a high-level visual summary of the product or products of the project.

Answer 10

Product Roadmap

Question 11

What is a tool that compares current and desired stakeholder engagement levels?

Answer 11

Stakeholder Engagement Assessment Matrix

Question 12

The project management knowledge area that includes the processes of conducting risk management planning, identification, analysis, response planning, response implementation, and monitoring risk on a project.

Answer 12

Project Risk Management

Question 13

A grid for mapping the probablity of occurence of each risk and its impact on project objectives if that risk occurs.

Answer 13

Probabilty and Impact Matrix

* Used in qualitative risk analysis *

Question 14

__________ is the maximum amount of risk that a PM or stakeholder is willing to accept.

Answer 14

Risk Tolerance

Question 15

A current condition or situation that may have an impact on the project objectives. It is an action item that the team must address.

Answer 15

Issue

Question 16

What is needed to plan stakeholder engagement?

Answer 16

• Project management plan
• Stakeholder register
• EEFs & OPAs

Question 17

Technique used to assess the risk exposure events to overall project objectives and determine the confidence levels of achieving the project objectives.

Answer 17

Quantitative Risk Analysis

Question 18

A description, analogy, or schematic used to represent how the communication process will be performed for the project.

Answer 18

Communication Models

Question 19

What are some causes of project changes?

Answer 19

• Inaccurate initial estimates
• Specification changes
• New regulations
• Missed requirements

Question 20

__________ are focused on the future while __________ are focused on the present.

Answer 20

Risks / Issues

Question 21

Knowledge that can be codified using symbols such as words, numbers, and pictures.

Answer 21

Explicit

Question 22

A component of the project management plan that establishes the CCB, documents the extent of its authority, and describes how the change control system will be implemented.

Answer 22

Change Management Plan

Question 23

Implement __________ of documents in order to reconstruct changes and revert to an earlier version if necessary.

Answer 23

Version Control

Question 24

A document where information about issues is recorded and monitored. It is used to track problems, inconsistencies, or conflicts that occur during the life of the project and require investigation in order to work toward a resolution.

Answer 24

Issue Log

Question 25

The net quantifiable benefit derived from a business endeavor. The benefit may be tangible, intangible, or both.

Answer 25

Business Value

Question 26

The degree of uncertainty an organization or individual is willing to accept in anticipation of a reward.

Answer 26

Risk Appetite

Question 27

Personal knowledge that can be difficult to articulate and share such as beliefs, experience, and insights.

Answer 27

Tacit Knowledge

Question 28

An uncertain future event or condition that, if it occurs, has a positive or negative effect on one of more project objectives.

Answer 28

Risk

Question 29

How would you classify a risk that relates to a rival company developing a superior product?

Answer 29

Competitive

Question 30

A risk response strategy developed in advance, before things go wrong; it is meant to be used if and when identified risks become reality.

Answer 30

Contingency Plan

Question 31

A tool used to manage changes to a product or service being produced as well as changes to any project documents.

Answer 31

Configuration Management

Question 32

The __________ is a formally chartered group responsible for reviewing, evaluating, approving, delaying, or rejecting changes to the project, and for recording and communicating such decisions.

Answer 32

CCB

Question 33

A set of procedures that describes how modifications to the project deliverables and documentation are managed and controlled.

Answer 33

Change Control System

Question 34

A __________ is an event or situation that indicates that a risk is about to occur.

Answer 34

Risk Trigger Condition

Question 35

Any document related to the management of a project.

Answer 35

Project Artifact

* Artifacts are living documents and updated to reflect changes in project requirements and scope *

Question 36

The level of risk exposure above which risks are addressed and below which risks may be accepted.

Answer 36

Risk Threshold