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Risk utility rises at a decreasing rate for a _____ person. |
risk-averse |
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Those who are _____ have a higher tolerance for risk, and their satisfaction increases when more payoff is at stake. |
risk-seeking |
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A _____ person achieves a balance between risk and payoff. |
risk-neutral |
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_____ involves deciding how to approach and plan the risk management activities for the project. |
Planning risk management |
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_____ involves determining which risks are likely to affect a project and documenting the characteristics of each. |
Identifying risks |
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_____ involves prioritizing risks based on their probability and impact of occurrence. |
Performing qualitative risk analysis |
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_____ involves numerically estimating the effects of risks on project objectives. |
Performing quantitative risk analysis |
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_____ involves taking steps to enhance opportunities and reduce threats to meeting project objectives. |
Planning risk responses |
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_____ 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. |
Controlling risk |
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Identifying risks is a subprocess of the _____ process of project risk management. |
planning |
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Performing qualitative and quantitative risk analyses are subprocesses of the _____ process of project risk management. |
planning |
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_____ are predefined actions that the project team will take if an identified risk event occurs. |
Contingency plans |
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Unenforceable conditions or contract clauses and adversarial relations are risk conditions associated with the project _____ management knowledge area. |
procurement |
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_____ is a fact-finding technique that can be used for collecting information in face-to-face, phone, e-mail, or instant-messaging discussions. |
Interviewing |
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A(n) _____ represents decision problems by displaying essential elements, including decisions, uncertainties, causality, and objectives, and how they influence each other. |
influence diagram |
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The _____ lists the relative probability of a risk occurring and the relative impact of the risk occurring. |
probability/impact matrix |
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_____ are/is a qualitative risk analysis tool that maintains an awareness of risks throughout the life of a project in addition to identifying risks. |
Top Ten Risk Item Tracking |
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A(n) _____ is a diagramming analysis technique used to help select the best course of action in situations in which future outcomes are uncertain. |
decision tree |
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_____ analysis simulates a model’s outcome many times to provide a statistical distribution of the calculated results. |
Monte Carlo |
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What is the first step in a Monte Carlo analysis? |
Assess the range for the variables being considered. |
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A _____ is a technique used to show the effects of changing one or more variables on an outcome. |
sensitivity analysis |
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_____ involves eliminating a specific threat, usually by eliminating its causes. |
Risk avoidance |
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_____ involves shifting the consequence of a risk and responsibility for its management to a third party. |
Risk transference |
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_____ involves reducing the impact of a risk event by reducing the probability of its occurrence. |
Risk mitigation |
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_____ involves doing whatever you can to make sure the positive risk happens. |
Risk exploitation |
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_____ involves allocating ownership of the risk to another party. |
Risk sharing |
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_____ involves changing the size of the opportunity by identifying and maximizing key drivers of the positive risk. |
Risk enhancement |
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_____ applies to positive risks when the project team cannot or chooses not to take any actions toward a risk. |
Risk acceptance |
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_____ risks refer to those that are direct results of implementing risk responses. |
Secondary |
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_____ are unplanned responses to risk events used when project teams do not have contingency plans in place. |
Workarounds |
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