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Chapter 07 - Managing Risk
7-1
Chapter 07
Managing Risk
Multiple Choice Questions
1. An uncertain event or condition that, if it occurs, has a positive or negative effect on a
project objectives is termed.
A. Random chance
B. A disaster
C. Risk
D. Hazard
E. Bad luck
2. The chances of a risk event occurring as a project proceeds through its life cycle tends to
A. Slowly rise
B. Drop sharply and then level out
C. Rise sharply and then level out
D. Remain about the same
E. Slowly drop
3. The cost impact of a risk event occurring as a project proceeds through its life cycle tends
to
A. Slowly rise
E. Slowly drop
4. The attempt to recognize and manage potential and unforeseen trouble spots that may occur
when a project is implemented is known as
A. Risk forecasting
B. Risk management
C. Contingency planning
D. Scenario analysis
E. Disaster protection

7-2
5. Which of the following is not one of the steps in the risk management process?
A. Risk response development
B. Risk assessment
C. Risk identification
D. Risk tracking
E. Risk response control
6. The initial step in the risk management process is to
A. Determine the level of acceptable risk
B. Assess the risk potential
C. Identify the risks
D. Set aside budget funds for managing the risks
E. Appoint a risk manager
7. One common mistake made early in the risk identification process is to
A. Not all possibilities are considered
B. Participants are over-optimistic
C. Participants are over-pessimistic
D. Focus on objectives and not on the events that could produce consequences.
E. Too much attention is given to past events
8. In the beginning the focus of risk management should be on risks that
A. Impact the whole project
B. Impact the critical path
C. Are known
D. Have the greatest cost impact
E. Have the greatest schedule impact
9. The 1999 NASA Mars Climate Orbiter is an example of
A. Disaster avoidance through proactive risk management
B. Murphy's Law
C. Proper use of critical thinking
D. Mismanaged risk control
E. Using historical records to assess risk

7-3
10. Which of the following would not be considered a threat?
A. Inflation
B. Meeting the project schedule
C. International disruptions
D. Economic conditions
E. Competition
11. A list of questions that address traditional areas of uncertainty on a project is termed a
risk
A. Risk profile
B. Questionnaire
C. Research
D. Query
E. Checklist
12. Which of the following is typically included in risk profiles?
A. Management aspects
B. Market aspects
C. Technical aspects
D. Both A and C are included
E. A, B, and C are all included
13. All of the following are included in the risk identification process except
A. Customers
B. Subcontractors
C. Competitors
D. Vendors
E. None of these are included

7-4
14. One of the keys to success in risk identification is
A. Critical thinking
B. Optimism
C. Pessimism
D. A "can do" attitude
E. All of these are correct
15. The easiest and most commonly used technique for analyzing risks is _____ analysis.
A. Probability
B. Scenario
C. Payback
D. Risk/reward
E. Impact
16. A risk profile is a list of questions that address traditional areas of uncertainty on a project
that answers developed from:
A. When the event might occur in the project
B. Chances of the event occurring
C. Interaction with other parts of the project or with other projects
D. From previous, similar projects
E. Magnitude or severity of the event's impact
17. The risk management tool that is divided into three color-coded zones representing major,
moderate, and minor risks is the risk
A. Assessment form
B. Responsibility matrix
C. Scenario assessment
D. Impact assessment
E. Risk severity matrix

7-5
18. The risk assessment form contains all of the following except
A. Likelihood of the risk event occurring
B. Potential impact of the risk event
C. Who will detect the occurrence of the risk event.
D. Difficulty of detecting the occurrence of the risk event
E. When the risk event may occur
19. The two scales of a risk severity matrix measure
A. Time, cost
B. Cost, schedule
C. Impact, cost
D. Time, impact
E. Likelihood, impact
20. Which of the following is not one of the probability analysis tools?
A. Ratio/range analysis
B. Decision tree
C. PERT simulation
D. PERT
E. All of these are probability analysis tools
21. This risk assessment tool is a variation of the risk severity matrix that includes the ease of
detection for each of the identified risks.
A. PERT simulation
B. FMEA analysis
C. Ratio/range analysis
D. Probability analysis
E. Semi-quantitative analysis

7-6
22. Which of the following is not included in a Failure Mode and Effects Analysis?
A. Impact
B. Probability
C. Detection
D. Risk value
E. All of these are included
23. Which of the following is used to review activity and project risk?
A. NPV
B. S-curves
C. PERT
D. Decision trees
E. All of these can be used
24. Which of the following is not one of the potential responses to a specific risk event?
A. Mitigating
B. Retaining
C. Ignoring
D. Transferring
E. Sharing
25. A Risk Response Matrix contains all of the following except
A. Contingency plan
B. Trigger
C. Who is responsible?
D. Response
E. All of these are included in the matrix

7-7
26. The demolition of the Seattle Kingdome (Snapshot from Practice) is an example of which
of the following?
A. Mitigating
B. Retaining
C. Ignoring
D. Transferring
E. Sharing
27. The risk associated with one of the key members being stuck by lightning would most
likely be handled by which of the following?
A. Mitigating
B. Retaining
C. Ignoring
D. Transferring
E. Sharing
28. Funds that are for identified risks that have a low probability of occurring and that
decrease as the project progresses are called ______ reserves.
A. Management
B. Budget
C. Contingency
D. Padded
E. Just in case
29. Technical risks are:
A. Can often be the kind that cause the project to be shut down.
B. Problematic
C. Imposed duration dates
D. Both A and B are correct
E. A, B, and C are all correct

7-8
30. Detailing all identified risks, including descriptions, category, and probability of
occurring, impact, responses, contingency plans, owners and current status is called:
A. Management reserves
B. Change control
C. Contingency reserves
D. Risk register
E. Risk profiles
31. Which of the following is identified to cover major unforeseen risks and, hence, are
applied to the total project?
A. Budget reserves
B. Management reserves
C. Time buffers
D. Both B and C are correct
E. A, B, and C are all correct
32. Change management systems are designed to accomplish all of the following except:
A. Track all changes that are to be implemented
B. Review, evaluates, and approve/disapprove proposed changes formally
C. Identify expected effects of proposed changes on schedule and budget
D. Reflect scope changes in baseline and performance measures
E. All of the above are correct
Fill in the Blank Questions
33. The ________ impact of a risk event in a project is less if the event occurs earlier rather
than later.
________________________________________
34. The likelihood of a risk event occurring ________ as a project goes through its life cycle.
________________________________________

7-9
35. The first step in the Risk Management process is ________.
________________________________________
36. Risk events such as inflation, market acceptance, and government regulations are referred
to as ________.
________________________________________
37. A ________ is a list of questions that address traditional areas of uncertainty on a project.
________________________________________
38. The easiest and most commonly used technique for analyzing risks is ________.
________________________________________
39. The ________ form identifies each risk event, the likelihood of it occurring, the potential
impact, when it may occur, and the degree of difficulty in detecting it.
________________________________________
40. The ________ matrix is divided into red, yellow, and green zones representing major,
moderate, and minor risks.
________________________________________
41. The vertical scale on the Risk Severity Matrix measures the _________ of a potential risk
event.
________________________________________
42. The horizontal scale on the Risk Severity Matrix measures the _________ of a potential
risk event.
________________________________________

7-10
43. In __________ the Risk Severity Matrix is extended by including the ease of detecting a
risk event occurring.
________________________________________
44. In a ________, three different estimates of activity times are used to statistically predict
the time an activity will take to complete.
________________________________________
45. The "Snapshot from Practice" case where Ellipsus Systems developed parallel prototype
systems (WAP and JAVA) is an example of _________ a risk.
________________________________________
46. Testing a new project on a smaller isolated area prior to installing it for the entire
organization is an example of ________ a risk.
________________________________________
47. Performance bonds, warranties, and insurance are examples of ________ a risk.
________________________________________
48. When the entertainment industry formed a consortium to define a common operating
format for DVD it was ________ the risk.
________________________________________
49. If a risk event is very unlikely to occur the project owner would probably ________ the
risk.
________________________________________

7-11
50. A ________ identifies what to do if a potential risk event actually occurs.
________________________________________
51. ________ reserves are identified for specific work packages and cover risks that have a
low probability of occurring.
________________________________________
52. ________ reserves are controlled by the project manager and used to cover major
unforeseen risks to the entire project.
________________________________________
53. A ____________ is an alternative that will be used if a possible foreseen risk event
becomes a reality.
________________________________________
54. A ____________ is useful for summarizing how the project team plans to manage risks
that have been identified.
________________________________________
True / False Questions
55. The probability that a risk event will occur is higher during the initial stages of a project.
True False
56. Due to the impact over a long period of time, risk events that occur in the early stages of a
project will have a greater cost impact than those that occur in later stages.
True False

7-12
57. During risk identification the smaller risks should be identified first because they will
naturally lead to identifying the larger risks.
True False
58. One common mistake that is made early on in the risk identification process is to focus on
consequences and not on the events that could produce consequences.
True False
59. Risks such as inflation and monetary exchange rates are not usually included in a project's
risk assessment.
True False
60. The first step in the risk management process is Risk Assessment.
Refer to Figure 7.2
True False
61. A risk profile is a list of questions that have been developed and refined from previous,
similar projects.
True False
62. The risk identification process should be limited to just the core project team.
True False
63. Since the goal is to find problems before they happen, the project manager should
encourage critical thinking when it comes to risk identification.
True False

7-13
64. The Risk Severity Matrix rates risk events based upon schedule and cost.
Refer to Figure 7.7
True False
65. In a Risk Severity Matrix a green zone risk is considered inconsequential and ignored
unless their status changes.
True False
66. The quality and credibility of the risk analysis process requires that different levels of risk
probabilities and impacts be defined.
True False
67. Adopting proven technology instead of experimental technology is an example of
mitigating a risk.
True False
68. The FMEA method calculates a risk value by assigning ease of detection ratings to the key
risk elements.
True False
69. Performance bonds, warranties, and guarantees are financial instruments used to share
risk.
True False
70. Fixed price contracts are an example of transferring risk from an owner to a contractor.
True False

7-14
71. Scheduling outdoor work in the summer, investing in up front safety training, and
choosing high quality materials are examples of retaining a risk.
True False
72. Budget reserves are setup to cover identified risks associated with specific segments of a
project while management reserves are set up to cover unidentified risks associated with the
total project.
True False
73. Change management systems involve reporting, controlling, and recording changes to the
project baseline.
True False
74. Project managers need to establish an environment in which participants feel comfortable
raising concerns and admitting mistakes.
True False
75. Contingency funding is made up of budget reserves and management reserves.
True False
Short Answer Questions
76. Describe the relationship between the likelihood of a risk event occurring and the cost of
fixing the risk event as a project proceeds through its life cycle.

7-15
77. Identify and briefly describe the four steps in risk management.
78. Describe the process for identifying project risks.
79. What is a risk profile and what benefits does it provide to risk management?
80. Identify at least six items that may be included on a Risk Profile.

7-16
81. How should a risk assessment be conducted?
82. What is a Risk Severity Matrix and what does it do?
83. Identify and briefly describe the five ways to respond to identified risks.
84. What is the difference between budget reserves and management reserves?

7-17
85. What is Change Control Management and what function does it perform?
86. Identify and briefly describe the parts of a Risk Response Matrix and explain how one
would be used.
87. Compare and contrast budget reserves and management reserves.

7-18
Chapter 07 Managing Risk Answer Key
Multiple Choice Questions
1. An uncertain event or condition that, if it occurs, has a positive or negative effect on a
project objectives is termed.
A. Random chance
B. A disaster
C. Risk
D. Hazard
E. Bad luck
In the context of projects, risk is an uncertain event or condition that, if it occurs, has a
positive or negative effect on project objectives.
AACSB: Reflective Thinking
Bloom's: Comprehension
Learning Objective: Risk Management Process
Level: Easy
2. The chances of a risk event occurring as a project proceeds through its life cycle tends to
A. Slowly rise
E. Slowly drop
See Figure 7.1 on Page 212.
Bloom's: Knowledge
Level: Medium

7-19
3. The cost impact of a risk event occurring as a project proceeds through its life cycle tends
to
A. Slowly rise
E. Slowly drop
The cost impact of a risk event in the project is less if the event occurs earlier rather than later.
Bloom's: Knowledge
Level: Medium
4. The attempt to recognize and manage potential and unforeseen trouble spots that may occur
when a project is implemented is known as
A. Risk forecasting
B. Risk management
C. Contingency planning
D. Scenario analysis
E. Disaster protection
Risk management attempts to recognize and manage potential and unforeseen trouble spots
that may occur when the project is implemented.
AACSB: Analytic
Level: Easy

7-20
5. Which of the following is not one of the steps in the risk management process?
A. Risk response development
B. Risk assessment
C. Risk identification
D. Risk tracking
E. Risk response control
Bloom's: Knowledge
Level: Medium
6. The initial step in the risk management process is to
A. Determine the level of acceptable risk
B. Assess the risk potential
C. Identify the risks
D. Set aside budget funds for managing the risks
E. Appoint a risk manager
Level: Easy

7-21
7. One common mistake made early in the risk identification process is to
A. Not all possibilities are considered
B. Participants are over-optimistic
C. Participants are over-pessimistic
D. Focus on objectives and not on the events that could produce consequences.
E. Too much attention is given to past events
One common mistake that is made early in the risk identification process is to focus on
objectives and not on the events that could produce consequences.
AACSB: Analytic
Bloom's: Knowledge
Learning Objective: Step 1: Risk Identification
Level: Easy
8. In the beginning the focus of risk management should be on risks that
A. Impact the whole project
B. Impact the critical path
C. Are known
D. Have the greatest cost impact
E. Have the greatest schedule impact
The focus at the beginning should be on risks that can affect the whole project as opposed to a
specific section of the project or network.
AACSB: Analytic
Bloom's: Knowledge
Level: Medium

7-22
9. The 1999 NASA Mars Climate Orbiter is an example of
A. Disaster avoidance through proactive risk management
B. Murphy's Law
C. Proper use of critical thinking
D. Mismanaged risk control
E. Using historical records to assess risk
The cost of mismanaged risk control early on in the project is magnified by the ill-fated 1999
NASA Mars Climate Orbiter.
Bloom's: Knowledge
Level: Medium
10. Which of the following would not be considered a threat?
A. Inflation
B. Meeting the project schedule
C. International disruptions
D. Economic conditions
E. Competition
There are sources external to the organization, such as inflation, market acceptance, exchange
rates, and government regulations. In practice, these risk events are often referred to as
"threats" to differentiate them from those that are not within the project manager's or team's
responsibility area.
AACSB: Analytic
Bloom's: Synthesis
Level: Difficult

7-23
11. A list of questions that address traditional areas of uncertainty on a project is termed a
risk
A. Risk profile
B. Questionnaire
C. Research
D. Query
E. Checklist
A risk profile is a list of questions that address traditional areas of uncertainty on a project.
Level: Easy
12. Which of the following is typically included in risk profiles?
A. Management aspects
B. Market aspects
C. Technical aspects
D. Both A and C are included
E. A, B, and C are all included
Risk profiles recognize the unique strengths and weaknesses of the firm; also risk profiles
address both technical and management risks.
Level: Medium

7-24
13. All of the following are included in the risk identification process except
A. Customers
B. Subcontractors
C. Competitors
D. Vendors
E. None of these are included
The risk identification process should not be limited to just the core team. Input from
customers, sponsors, subcontractors, vendors, and other stakeholders should be solicited.
Level: Easy
14. One of the keys to success in risk identification is
A. Critical thinking
B. Optimism
C. Pessimism
D. A "can do" attitude
E. All of these are correct
While a "can do" attitude is essential during implementation, project managers have to
encourage critical thinking when it comes to risk identification.
AACSB: Analytic
Level: Medium

7-25
15. The easiest and most commonly used technique for analyzing risks is _____ analysis.
A. Probability
B. Scenario
C. Payback
D. Risk/reward
E. Impact
Scenario analysis is the easiest and most commonly used technique for analyzing risks.
AACSB: Analytic
Bloom's: Knowledge
Learning Objective: Step 2: Risk Assessment
Level: Easy
16. A risk profile is a list of questions that address traditional areas of uncertainty on a project
that answers developed from:
A. When the event might occur in the project
B. Chances of the event occurring
C. Interaction with other parts of the project or with other projects
D. From previous, similar projects
E. Magnitude or severity of the event's impact
Level: Medium

7-26
17. The risk management tool that is divided into three color-coded zones representing major,
moderate, and minor risks is the risk
A. Assessment form
B. Responsibility matrix
C. Scenario assessment
D. Impact assessment
E. Risk severity matrix
The risk severity matrix provides a basis for prioritizing which risks to address. Red zone
risks receive first priority followed by yellow zone risks. Green zone risks are typically
considered inconsequential and ignored unless their status changes.
AACSB: Analytic
Bloom's: Knowledge
Level: Medium
18. The risk assessment form contains all of the following except
A. Likelihood of the risk event occurring
B. Potential impact of the risk event
C. Who will detect the occurrence of the risk event.
D. Difficulty of detecting the occurrence of the risk event
E. When the risk event may occur
Bloom's: Knowledge
Level: Medium

7-27
19. The two scales of a risk severity matrix measure
A. Time, cost
B. Cost, schedule
C. Impact, cost
D. Time, impact
E. Likelihood, impact
The risk matrix presented in Figure 7.7 on page 218 consists of a 5 x 5 array of elements with
each element representing a different set of impact and likelihood values.
AACSB: Analytic
Level: Medium
20. Which of the following is not one of the probability analysis tools?
A. Ratio/range analysis
B. Decision tree
C. PERT simulation
D. PERT
E. All of these are probability analysis tools
Decision trees have been used to assess alternative courses of action using expected values
PERT (program evaluation and review technique) and PERT simulation can be used to review
activity and project risk.
Bloom's: Knowledge
Level: Medium

7-28
21. This risk assessment tool is a variation of the risk severity matrix that includes the ease of
detection for each of the identified risks.
A. PERT simulation
B. FMEA analysis
C. Ratio/range analysis
D. Probability analysis
E. Semi-quantitative analysis
Failure Mode and Effects Analysis (FMEA) extends the risk severity matrix by including ease
of detection in the equation: Impact x Probability x Detection = Risk Value.
Level: Medium
22. Which of the following is not included in a Failure Mode and Effects Analysis?
A. Impact
B. Probability
C. Detection
D. Risk value
E. All of these are included
Failure Mode and Effects Analysis (FMEA) extends the risk severity matrix by including ease
of detection in the equation: Impact x Probability x Detection = Risk Value.
Bloom's: Knowledge
Level: Medium

7-29
23. Which of the following is used to review activity and project risk?
A. NPV
B. S-curves
C. PERT
D. Decision trees
E. All of these can be used
PERT (program evaluation and review technique) and PERT simulation can be used to review
activity and project risk.
Bloom's: Knowledge
Level: Medium
24. Which of the following is not one of the potential responses to a specific risk event?
A. Mitigating
B. Retaining
C. Ignoring
D. Transferring
E. Sharing
When a risk event is identified and assessed, a decision must be made concerning which
response is appropriate for the specific event. Responses to risk can be classified as
mitigating, avoiding, transferring, sharing, or retaining.
Bloom's: Knowledge
Learning Objective: Step 3: Risk Response Development
Level: Medium

7-30
25. A Risk Response Matrix contains all of the following except
A. Contingency plan
B. Trigger
C. Who is responsible?
D. Response
E. All of these are included in the matrix
AACSB: Analytic
Bloom's: Knowledge
Learning Objective: Contingency Planning
Level: Medium
26. The demolition of the Seattle Kingdome (Snapshot from Practice) is an example of which
of the following?
A. Mitigating
B. Retaining
C. Ignoring
D. Transferring
E. Sharing
Reducing risk is usually the first alternative considered. There are basically two strategies for
mitigating risk: (1) reduce the likelihood that the event will occur and/ or (2) reduce the
impact that the adverse event would have on the project. Most risk teams focus first on
reducing the likelihood of risk events since, if successful, this may eliminate the need to
consider the potentially costly second strategy. The Dome to Dust Snapshot from Practice
details the steps Controlled Demolition took to minimize damage when they imploded the
Seattle Kingdome.
Learning Objective: Step 3: Risk Response Development
Level: Medium

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