project planning putting it all together weekly challenge 4 answers
1. Fill in the blank: A(n) _____ is a known and real problem that can affect a team’s ability to complete a task.
- threat
- drawback
- issue
- risk
2. Failing to engage in risk management for your project can have which two of the following consequences?
- You will not be able to meet project timelines and goals
- You will not be able to establish necessary vendor relationships
- You will not be able to make necessary adjustments to the project plan
- You will not be able to use the appropriate tools
3. When working through the risk management life cycle, what’s the main goal when evaluating a risk?
- Controlling risks
- Identifying risks
- Treating risks
- Prioritizing risks
4. Identify the steps involved in creating and utilizing a fishbone (or cause-and-effect) diagram.
- Define the problem, identify risks, mitigate causes, and analyze the causes
- Define the problem, identify categories, mitigate causes, and monitor feedback
- Define the problem, identify risks, brainstorm causes, and monitor feedback
- Define the problem, identify categories, brainstorm causes, and analyze the causes
5. Choose the best definition for inherent risk as it relates to project management.
- The measure of a risk, calculated by its difficulty and frequency
- The measure of a risk, calculated by its timing and dependencies
- The measure of a risk, calculated by its probability and impact
- The measure of a risk, calculated by its causes and circumstances
6. Which of the following are examples of external risk? Select all that apply.
- A breakdown in communication among team members
- A deliverable takes longer than anticipated to complete
- A change in regulatory requirements
- A project vendor goes out of business
7. Imagine that your company is considering using a vendor. The vendor makes quality products, but you have learned they have a reputation for shipping delays. Ultimately, you decide to use a different vendor. Which risk mitigation strategy did you use?
- Accept the risk
- Control the risk
- Avoid the risk
- Reduce the risk
8. Which of the following is the best way to communicate a high-level risk to stakeholders?
- Meet with stakeholders in person to present serious risks and your plans to mitigate them.
- Plan to present the risks and your mitigation plans at the next monthly meeting.
- Describe the risks in a weekly planning email and briefly explain your plan to mitigate them.
- Describe the risks and your mitigation plan to stakeholders the next time you see them in person.
9. As a project manager, you’re identifying task dependencies. Task B cannot finish until Task A is complete—the tasks operate at the same time. Which type of dependency does this situation represent?
- Finish to Finish (FF)
- Start to Finish (SF)
- Finish to Start (FS)
- Start to Start (SS)
10. Which steps should be taken when updating a risk management plan? Select all that apply.
- Add newly-identified risks.
- Remove risks that are no longer relevant.
- Move the plan to a confidential folder.
- Include any changes in the mitigation plans.
Shuffle Q/A 1
11. A project manager has a responsibility to identify and plan for potential problems and known issues. What is this process of identifying and planning called?
- Risk identification
- Risk mitigation
- Risk management
- Risk analysis
12. Risk management can help you avoid negative consequences like missing project timelines and goals. Which of the following is a benefit of effective risk management?
- You will be able to use this project’s risk management plan again in different projects.
- You will be able to establish necessary vendor relationships.
- You will be able to make a flexible project plan that allows for necessary adjustments.
- You will have access to the appropriate tools for the project.
