Question: An uncertain event or condition that, if it occurs, has a positive or negative effect on project objectives is termed a

Answer: risk

Question: the initial step in the risk management process is to

Answer: identify the risks

Question: ———————- focuses on how to respond to events that have a positive impact on a project.

Answer: Opportunity management

Question: the risk management tool that is divided into three color-coded zones representing major, moderate, and minor risks is the risk

Answer: Severity matrix

Question: Which of the following is not included in a failure mode and effects analysis?

Answer: All included

Probability

detection

impact

risk value

Question: The risk associated with the unlikelihood that one of the key members will be struck by lightning would most likely be handled by which of the following?

Answer: Retaining

Question: Change management systems are designed to accomplish all of the following EXCEPT

Answer: All of these are examples of what change management systems are designed to accomplish.

Question: When considering risk value, the lower the value, the higher the level of risk.

Answer: False

Question: Fixed-price contracts are an example of transferring risk from an owner to a contractor.

Answer: True

Question: Contingency Funding is made up of budget reserves and management reserves.

Answer: True