Utility rises at a decreasing rate for a(n) _____ person.

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Chapter 11 – quiz and discussion questions

Project Risk Management

Answers for Questions 1-3:

a. risk-seeking

c. risk-neutral

b. risk-averse

d. risk-indifferent

1.

Utility rises at a decreasing rate for a(n) _____ person.

2.

Those who are _____ have a higher tolerance for risk, and their satisfaction

increases when more payoff is at stake.

3.

A(n) _____ person achieves a balance between risk and payoff.

Answers for Questions 4-9:

a. Risk identification

d. Quantitative risk analysis

b. Risk management planning

e. Risk monitoring and control

c. Qualitative risk analysis

f. Risk response planning

4.

_____ involves deciding how to approach and plan the risk management activities

for the project.

5.

_____ involves prioritizing risks based on their probability and impact of

occurrence.

6.

_____ involves determining which risks are likely to affect a project and

documenting the characteristics of each.

7.

_____ involves numerically estimating the effects of risks on project objectives.

8.

_____ involves taking steps to enhance opportunities and reduce threats to

meeting project objectives.

9.

_____ involves monitoring identified and residual risks, identifying new risks,

carrying out risk response plans, and evaluating the effectiveness of risk strategies

throughout the life of the project.

Answers for Questions 10-11:

a. Fallback plans

c. Contingency plans

b. Contingency reserves

d. Contingency allowances

10.

_____ are predefined actions that the project team will take if an identified risk

event occurs.

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11.

_____ are developed for risks that have a high impact on meeting project

objectives, and are put into effect if attempts to reduce the risk are not effective.