3/5/24, 6:27 PM
Quiz: Closing the Risk: MGMT610: Risk Management (B02)
https://canvas.liberty.edu/courses/573919/quizzes/2751764
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Quiz: Closing the Risk
Due Mar 8 at 11:59pm
Points 120
Questions 40
Time Limit 60 Minutes
Instructions
Attempt History
Attempt Time Score
LATEST Attempt 1 24 minutes 120 out of 120
Correct answers are hidden.
Score for this quiz: 120 out of 120
Submitted Mar 5 at 5:57pm
This attempt took 24 minutes.
Question 1
3 / 3 pts
True
False
Question 2
3 / 3 pts
True
False
Question 3
3 / 3 pts
True
False
Question 4
3 / 3 pts
The quiz:
Covers the Learnmaterial from Module 5: Week 5 - Module 8: Week 8.
Contains 40 multiple-choice and true/falsequestions.
Is limited to 1hour.
Allows 1 attempt.
Is worth 120 points.
Submit this assignment by 11:59 p.m. (ET) on Friday of Module 8: Week 8.
Requirements that extend beyond the project team and include state, local, or federal mandates are called special customer
requirements.
A project manager should review the actions that were taken for risk responses in order to evaluate the effectiveness of each
response.
Resource leveling is a way to smooth out funding so that there is a steady stream of cash available to the project team.
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3/5/24, 6:27 PM
Quiz: Closing the Risk: MGMT610: Risk Management (B02)
https://canvas.liberty.edu/courses/573919/quizzes/2751764
2/8
Work Breakdown Structure (WBS)
Statement of Work (SOW)
Bill of Materials (BOM)
Network Diagram (ND)
Question 5
3 / 3 pts
analyzing risk information
procuring risks from others
closing risk events
identifying potential risks
Question 6
3 / 3 pts
transfer
accept
avoid
reduce
Question 7
3 / 3 pts
weekly weather reports
work inspections
task-completion check charts
casual discussion with project staff
Question 8
3 / 3 pts
Are project activities completed?
Did we avoid risk for this project?
Are procurements completed?
Have all responses been completed?
Question 9
3 / 3 pts
True
A detailed document that lists items to be used in creating a deliverable, with details such as quantity and the actual part number
or model number, is the _____.
Which is NOT one of the primary components of managing risk?
If you realize that you cannot address a potential risk internally, and instead seek an alternate party to share impact, you have
selected the response called _____ risk.
Which of the following would be a project-level tool for managing risk?
As part of the evaluation of activities, the project manager (and her staff) can ask several key questions. The text identies all of
the following EXCEPT:
Since procurement means another organization is handling production, there is little risk for the project manager to consider.
3/5/24, 6:27 PM
Quiz: Closing the Risk: MGMT610: Risk Management (B02)
https://canvas.liberty.edu/courses/573919/quizzes/2751764
3/8
False
Question 10
3 / 3 pts
regulatory
process
WBS
standard
Question 11
3 / 3 pts
True
False
Question 12
3 / 3 pts
True
False
Question 13
3 / 3 pts
Agile
critical path
waterfall
critical chain
Question 14
3 / 3 pts
activity checklists
schedule adherence metrics
intended functionality
none of the above
Question 15
3 / 3 pts
meeting t and function requirements
meeting time frames
Inspections that are initialized through requirements of a local, state, or federal government agency in conjunction with a permit
that was issued or other requirements are _____ inspections.
Two helpful sources of information for risk monitoring include the risk register and risk management plan.
According to PMBOK, plan procurement management is the process of obtaining seller responses and/or selecting a seller.
What method is a control tool that implements buffers within project activities to control the project schedule?
Quality is meeting the expectation of the customer for a product/service and is typically dened in two general terms: ______ and
materials and workmanship standards.
Make or buy analysis includes considering whether to produce an item internally or not. Such considerations include all of the
following EXCEPT:
3/5/24, 6:27 PM
Quiz: Closing the Risk: MGMT610: Risk Management (B02)
https://canvas.liberty.edu/courses/573919/quizzes/2751764
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meeting quality standards
meeting project team preferences
Question 16
3 / 3 pts
organization
strategic
macro
tactical
Question 17
3 / 3 pts
transfer
accept
avoid
reduce
Question 18
3 / 3 pts
owner of the risk noted that early warning triggers were effective
owner of the risk was timely in initiating the response
both a and b
neither a or b
Question 19
3 / 3 pts
True
False
Question 20
3 / 3 pts
True
False
Question 21
3 / 3 pts
make or buy
Processes developed and used at the ground level by departmental functional managers and project managers, specic to risks,
are called _____-level process responses.
Which risk response is reected in the decision to move construction from April to September in order to miss the rainy season,
which ends in late August?
When the project manager reviews actions taken for each risk response for evaluation, the evaluation may include which of the
following?
According to PMBOK, there are two broad types of contracts: xed-price or cost reimbursable.
Once the project manager has successfully closed all risk responses, there is no need to record what has transpired.
Make or buy analysis includes a number of important decisions including all of the following EXCEPT:
3/5/24, 6:27 PM
Quiz: Closing the Risk: MGMT610: Risk Management (B02)
https://canvas.liberty.edu/courses/573919/quizzes/2751764
5/8
lease or own
hire or re
internal versus external
Question 22
3 / 3 pts
procurements
project
PMO
functional
Question 23
3 / 3 pts
technical capability
nancial capability
project team dynamics
past performance
Question 24
3 / 3 pts
network diagram
project charter
customer specications
all of the above
Question 25
3 / 3 pts
True
False
Question 26
3 / 3 pts
Close
Purchase
Plan
Conduct
Question 27
3 / 3 pts
Many times, claims and disputes are initiated through the _____ department or customer service department.
According to PMBOK, which of the following would NOT be considered source-selection criteria?
Which of the following would be a source of information for evaluating procurement needs?
Feeding buffers are placed on specic paths that need inuence to control the cumulative schedule durations.
According to PMBOK, which of the following is NOT a process in procurement management?
Schedule crashing is a way to accelerate project schedules without incurring additional costs.
3/5/24, 6:27 PM
Quiz: Closing the Risk: MGMT610: Risk Management (B02)
https://canvas.liberty.edu/courses/573919/quizzes/2751764
6/8
True
False
Question 28
3 / 3 pts
good quality of products from previous orders
approved pricing schedules
free purchaser perks with larger orders
both a and b
Question 29
3 / 3 pts
project manager
producer
buyer
provider
Question 30
3 / 3 pts
True
False
Question 31
3 / 3 pts
cost-additive preferred
xed-price
xed-price incentive
cost-reimbursable
Question 32
3 / 3 pts
crash
buffer
oat
fast track
Question 33
3 / 3 pts
Reasons for selecting a vendor can be compiled into a preferred supplier/vendor list, based on items such as _____.
According to PMBOK, a contract represents a mutually-binding agreement that obligates the seller to provide something of value
and obligates the _____ to provide monetary or other (agreed-upon) compensation.
Early warning sign triggers should be avoided since they most often reect erroneous information.
When the seller wants to be reimbursed for any actual costs incurred in fullling the obligations of the contract objective, she or
he would likely prefer a ____ contract.
The project manager may _____ a project that is behind schedule, changing path activities from serial to parallel.
3/5/24, 6:27 PM
Quiz: Closing the Risk: MGMT610: Risk Management (B02)
https://canvas.liberty.edu/courses/573919/quizzes/2751764
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True
False
Question 34
3 / 3 pts
True
False
Question 35
3 / 3 pts
close response action items
communicate results of response
determine what responses are still open
conduct risk response audit
Question 36
3 / 3 pts
risk management plan
risk register
lessons learned document
resource calendar
Question 37
3 / 3 pts
True
False
Question 38
3 / 3 pts
True
False
Question 39
3 / 3 pts
some actions are still open to ensure compliance
the remaining resources will be scheduled effectively
both a and b
If an organization has the capability to make something internally, then it should avoid procuring and make the product
themselves.
The rst step in developing a plan for procurement is to understand the requirements for what has to be obtained to complete
each work activity.
Which of the following is the rst step in closing risk responses?
Typical documents found in documenting and communicating closed risk responses include all of the following EXCEPT:
According to PMBOK, with rm xed price contracts, no price adjustments are allowed.
There are two primary risk response modes the project manager can operate under: reactive or proactive.
When closing an action item, the project manager and owner of the risk verify that _____.
3/5/24, 6:27 PM
Quiz: Closing the Risk: MGMT610: Risk Management (B02)
https://canvas.liberty.edu/courses/573919/quizzes/2751764
8/8
neither a or b
Question 40
3 / 3 pts
conduct
plan
close
control
Quiz Score: 120 out of 120
According to PMBOK, awarding the contract would occur during _____ procurement management.
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