The project manager of a large project meets several times with the client for the project. During the meeting the project manager judges that the client has a very low risk tolerance. This means that the client will probably:
A project manager must make a decision about a risk in his project. He examines the extent to which the uncertainty of each of the elements of the project affects the objective being examined when all other uncertain elements are held at their baseline values. This technique is called which of the following?
A project manager is dealing with risk analysis on a software development project. There is a risk that the module that creates the most important report that the system will create will not work properly and will require 200 person-hours to correct. The project manager decides to do nothing about this risk. Which of the following risk strategies is the project manager employing?
When using PERT analysis on a project schedule, probabilistic or expected durations are used for activity durations. If there is a concern that the critical path may shift due to durations changing within the expected range, what technique can be used?
A project manager managing any project should perform risk analysis with his or her project team:
A project manager is doing risk analysis with the project team members. They are concerned about evaluating the risks in such a way that the risks will be ranked according to their severity in relation to the project. What method should be used to rank the risks in the order of importance?
The project manager of a project evaluates the risks of the project by assessing the probability of the risk by categorizing the risks as likely or not likely and assesses their impact as high impact, medium impact, or low impact. This would be which type of risk assessment?
A project manager decides to create a model to represent the project risks. The model translates the uncertainties specified at a detailed level into their potential impact and probabilities. This technique is called a:
A project manager working on a large project finds that there are several risks that have a severity that is higher than the acceptable risk tolerance. They cannot be avoided or deflected. The project manager will need to use which of the following approaches?
Monte Carlo analysis can best be described as: