Week 4 Assignment - Mid-Test

Question 1

List and describe each of the ten project management knowledge areas.

Question 2

Describe the triple constraint. What are the three components and what is the relationship between them?

Question 3

_____ is a document used to coordinate all project planning documents and help guide a project’s execution and control.

	a.	project management plan
	b.	statement of work
	c.	business case
	d.	scope statement

Question 4

The two primary components of a risk are:

	a.	The impact and the event
	b.	The event and the probability
	c.	The probability and the impact
	d.	The impact and the amount at stake

Question 5

Risk constitutes a lack of knowledge ____________________.

	a.	of future events.
	b.	about the customer's requirements.
	c.	about the estimates.
	d.	about the environment.

Question 6

Explain the importance of managing risks. Specificially, explain what qualitative and quantitative risk analysis incorporates

Question 7

If there’s a 40% chance of making $1 million and a 60% chance of losing $600,000, then the expected monetary outcome is.

	a.	$360,000
	b.	<$40,000>
	c.	<$400,000>
	d.	<$360,000>

Question 8

Brainstorming, assumption analysis and WBS decomposition are techniques used for:

	a.	Risk handling
	b.	Risk identification
	c.	Risk assessment
	d.	Risk and monitoring control

Question 9

Explain one of the financial terms identified and explain its importance to manage projects during project integration.

Question 10

The probability-impact matrix is a technique used as part of:

	a.	Risk and monitoring control
	b.	Risk handling
	c.	Risk assessment
	d.	Risk identification