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Project + > Managing Risk & Creating a Project Schedule > Flashcards

Managing Risk & Creating a Project Schedule Flashcards

1
Q

something that is already happening that you don’t control.

a) assumption
b) risk
c) issue

A

issue

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2
Q

this is when the team evaluates new change requests and researches completed changes.

a) change control
b) deliverable
c) issue

A

change control

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3
Q

this would cause harm to the organization if they were to happen

a) issue
b) negative risk
c) catastrophe

A

negative risk

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4
Q

this would benefit the organization if they were to happen

a) increase in budget
b) increase in resources
c) positive risk

A

positive risk

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5
Q

this person develops a response strategy for an individual risk

a) project manager
b) stakeholder
c) risk owner

A

risk owner

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6
Q

this person administers the risk register.

a) risk owner
b) risk manager
c) stakeholder

A

risk manager

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7
Q

this risk analysis is subjective; it’s based on how people perceive and interpret the risk.

a) gap analysis
b) cost analysis
c) qualitative risk analysis

A

qualitative risk analysis

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8
Q

this risk analysis is objective; it uses verifiable data to assign scores to project risks.

a) qualitative risk analysis
b) quantitative risk analysis
c) cost analysis

A

quantitative risk analysis

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9
Q

this evaluates how quickly a risk would be identified if it were to occur.

a) scalability
b) probability
c) detectability

A

detectabilty

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10
Q

this measures the chances of a risk occurring.

a) scalability
b) probability
c) detectability

A

probabilty

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11
Q

this measures how the risk would affect the business if it were to occur.

a) impact
b) cost
c) fixed-cost analysis

A

impact

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12
Q

this is a structured risk analysis tool used frequently in manufacturing operations and product design.

a) failure mode and effects analysis
b) quantitative risk analysis
c) cost analysis

A

Failure Mode and Effects Analysis (FMEA)

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13
Q

a process where you generate potential events and evaluate the impact.

a) failure mode and effects analysis
b) quantitative risk analysis
c) scenario analysis

A

scenario analysis

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14
Q

this strategy attempts to prevent a risk from ever happening

a) transference
b) avoidance
c) enhancement

A

risk avoidance

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15
Q

this strategy reduces the impact or probability of a risk.

a) mitigation
b) avoidance
c) acceptance

A

risk mitigation

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16
Q

this strategy assigns the risk to a third party.

a) sharing
b) avoidance
c) transference

A

risk transference

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17
Q

this strategy is a “do nothing” approach.

a) sharing
b) avoidance
c) acceptance

A

risk acceptance

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18
Q

this strategy means taking steps to guarantee the event will happen.

a) mitigation
b) avoidance
c) explotation

A

risk exploitation

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19
Q

this strategy increases the positive effects of the risk.

a) explotation
b) enhancement
c) acceptance

A

risk enhancement

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20
Q

this strategy means finding others who would benefit from the risk and sharing it with them.

a) mitigation
b) sharing
c) acceptance

A

risk sharing

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21
Q

to notify the appropriate risk manager and provide all the information you’ve gathered.

a) troubleshoot
b) notify the stakeholders
c) escalate

A

escalate

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22
Q

this is also called a “fallback plan” or “backup plan.”

a) escalation plan
b) succession plan
c) contingency plan

A

contingency plan

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23
Q

All the information gathered during the risk management process is collected in a

a) escalation plan
b) risk register
c) contingency plan

A

risk register

24
Q

this shares relevant information about a project’s risk management process.

a) risk analysis
b) risk sharing
c) risk report

A

risk report

25
Q

this identifies how work will change due to successfully implementing this project.

a) risk analysis
b) impact analysis
c) risk report

A

impact analysis

26
Q

is an objective that reflects the expected outcome at the end of the sprint.

a) deliverable
b) sprint goal
c) scrum sprint

A

sprint goal

27
Q

these represent critical checkpoints in a project.

a) sprints
b) deliverables
c) milestones

A

milestones

28
Q

this sets the tone and pace for a project.

a) task
b) cadence
c) activity

A

cadence

29
Q

the action completed to deliver project work.

a) task
b) cadence
c) activity

A

task

30
Q

this can mean any work related to the project.

a) task
b) work
c) activity

A

activity

31
Q

this is the result of doing something, not the act of doing something.

a) task
b) work
c) activity

A

work

32
Q

this includes the WBS deliverables, timing, and resource needs.

a) elements
b) KPIs
c) project schedule

A

project schedule

33
Q

these are the outcomes of the project.

a) elements
b) deliverables
c) project schedule

A

deliverables

34
Q

this is the deliverables in a WBS.

a) work
b) task
c) element

A

element

35
Q

the lowest element in each branch or leg; an element without a child element is a

a) project schedule
b) WBS
c) work package

A

work package

36
Q

the layer of the WBS where an element resides.

a) tier
b) level
c) branch

A

level

37
Q

a group of elements with a shared ancestor.

a) leg
b) level
c) branch

A

leg

38
Q

one or more elements that do not represent the whole top-level element

a) leg
b) level
c) branch

A

branch

39
Q

the body of work that a team will complete.

a) record
b) backlog
c) branch

A

backlog

40
Q

a large deliverable often triggered by a business case.

a) record
b) feature
c) epic

A

epic

41
Q

is smaller than an epic but still sizeable; it usually lasts 1–3 iterations

a) feature
b) dependency
c) log

A

feature

42
Q

is the smallest agile deliverable.

a) dependency
b) feature
c) user story

A

user story

43
Q

describes a relationship between activities.

a) dependency
b) feature
c) user story

A

dependency

44
Q

this dependency means that Activity 2 starts after Activity 1 finishes. Assume Activity 1 is the predecessor, and Activity 2 is the successor.

a) start-to-finish
b) start-to-start
c) finish-to-start

A

Finish-to-Start (FS)

45
Q

this dependency means that Activity 2 starts after Activity 1 begins.

a) start-to-finish
b) start-to-start
c) finish-to-finish

A

Start-to-Start (SS)

46
Q

this dependency means that Activity 2 finishes after Activity 1 finishes.
Assume Activity 1 is the predecessor, and Activity 2 is the successor.

a) finish-to-finish
b) start-to-start
c) finish-to-start

A

Finish-to-Finish (FF)

47
Q

this dependency means that Activity 2 finishes only after Activity 1 has started.
Assume Activity 1 is the predecessor, and Activity 2 is the successor.

a) start-to-finish
b) start-to-start
c) finish-to-start

A

Start-to-Finish (SF)

48
Q

this dependency is unavoidable

a) external dependency
b) internal dependency
c) manadatory dependency

A

mandatory dependency

49
Q

this dependency is not mandatory.

a) external dependency
b) descretionary dependency
c) internal dependency

A

descretionary dependency

50
Q

this dependency is outside the control of the organization.

a) external dependency
b) descretionary dependency
c) internal dependency

A

external dependency

51
Q

this dependency is one that the organization controls

a) internal dependency
b) descretionary dependency
c) mandatory dependency

A

internal dependency

52
Q

this process creates an estimate of the entire project or key deliverables. Then estimates are cascaded down to the activities.

a) parametric model estimating
b) top-down estimating
c) analagous estimating

A

top-down estimating

53
Q

this process creates estimates at the lowest-level activities, work packages, and user stories. Then, the individual estimates are added together to create a project estimate.

a) bottom-up estimating
b) three-point estimating
c) analagous estimating

A

bottom-up estimating

54
Q

this process uses a top-down approach that uses historical data

a) parametric model estimating
b) three-point estimating
c) analagous estimating

A

analogous estimating

55
Q

this process augments either bottom-up or top-down estimates with historical data. It uses known variables, such as cost per hour and the number of hours, to create a custom estimate for a project.

a) parametric model estimating
b) three-point estimating
c) analagous estimating

A

parametric model estimating

56
Q

this process factors in multiple scenarios and creates an average estimate.

a) parametric model estimating
b) three-point estimating
c) analagous estimating

A

three-point estimating

57
Q

three-point estimate formula

A

E = (O+M+P)/3

Optimistic
Most Likely
Pessimistic

Project + (7 decks)

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