LM7-CH5 TEXT

What often causes project problems at bad times?

Poorly described, communicated, understood, documented, or thought-out items.

T/F: Poorly described, communicated, or understood items can cause problems at the worst times.

TRUE

Problems occur when items are not well [blank], communicated, understood, documented, or thought out.

described

What defines a risk?

An uncertainty with probability >0% and <100% that has negative value.

T/F: A risk is an uncertainty with a negative value and probability greater than 0% but less than 100%.

TRUE

A risk is defined as an [blank] with a negative value and probability >0% but <100%.

uncertainty

What defines a problem?

An event with a negative value associated with it.

T/F: A problem is something that has a negative value associated with it.

TRUE

A problem is something with a [blank] value associated with it.

negative

What are examples of unforeseen risks?

Losing a critical resource or using unreliable technology.

T/F: Losing a critical resource is an example of unforeseen risk.

TRUE

An example of unforeseen risk is using an unreliable new [blank].

technology

Why must risks be handled early?

To improve project success chances.

T/F: The earlier risks are handled, the better the chance of project success.

TRUE

The earlier risks are [blank], the better chance of project success.

handled

When should risk management begin?

During project planning stage.

T/F: Risk management begins during the project planning stage.

TRUE

Risk management begins during the project [blank] stage.

planning

What are two most mentioned software risks?

Schedule overrun and quality.

T/F: Schedule overrun and quality are common risks.

TRUE

Two well-known risks: schedule overrun and [blank].

quality

List some major software project risks.

Tech optimism, methodology issues, design miscalculation, requirement misunderstandings, uncontrolled changes, overpromises, poor sourcing, incompetence, teamwork miscalculation, unrealistic resource expectations.

T/F: Overly optimistic assumptions about technology are risks.

TRUE

Uncontrolled continuous changes of [blank] requirements are risks.

customer

What is risk identification?

Listing anticipatable risks for product, tasks, processes, methodologies, and resources.

T/F: Each project manager should perform a risk identification activity.

TRUE

Risk identification lists anticipatable [blank] for the project.

risks

What are initial product-related risks?

Characteristics that may not be well defined.

T/F: Poorly defined product characteristics are product risks.

TRUE

Initial risks include product characteristics not well [blank].

defined

What are task-related risks?

Unresolved task issues, untested processes, unclear methodologies, unproven technologies.

T/F: Processes without clear definition or documentation are risks.

TRUE

Untested or poorly documented [blank] are risks.

processes

What are resource-related risks?

Capacity, availability, quality, timeliness; especially in tools and human resources.

T/F: Human resources represent an especially important type of resource risk.

TRUE

Resource risks may be in capacity, quality, or [blank].

timeliness

What can risks in human resources lead to?

Issues from recruitment to final separation of people.

T/F: Human resources risks may arise at all phases of the project.

TRUE

HR risks may arise from initial [blank] to final separation.

recruitment

What planning categories should initial risk identification cover?

Deliverables/specs, tasks/schedule, goals/metrics, HR, processes/methods, tools/equipment.

T/F: Risk identification covers deliverables, schedule, goals, HR, processes, tools.

TRUE

Risk identification covers deliverables, tasks, goals, human resources, processes, and [blank].

tools

Why involve many people in risk identification?

To encourage broad input including peers and executives.

T/F: Managers should involve peers and executives in risk identification.

TRUE

Risk identification should include participation of [blank] groups.

peer

Why prioritize risks?

Too many risks exist, so importance and probability differ.

T/F: Risks must be prioritized because not all are equally important.

TRUE

Not all risks are equally [blank].

important

What is risk prioritization?

Ordering risks based on criteria.

T/F: Risk prioritization is the activity of ordering risks based on criteria.

TRUE

Risk [blank] is ordering risks by criteria.

prioritization

What is recovery cost?

Effort or money needed if a risk occurs.

T/F: Recovery cost is the financial or effort expense to solve a problem if a risk occurs.

TRUE

Recovery cost is the [blank] to solve a problem if risk occurs.

expense

What is a drawback of recovery cost categorization?

Perceived cost may itself be a risk if inaccurate.

T/F: Perceived recovery cost may itself be a risk.

TRUE

Perceived recovery [blank] may itself be a risk.

cost

What is a limitation of high/medium/low categorization?

Not descriptive enough.

T/F: A simple high/medium/low scheme is not descriptive.

TRUE

High/medium/low schemes are not [blank] enough.

descriptive

What is an improvement over H/M/L risk categories?

Use more categories or numerical scales.

T/F: A 1–10 numerical scheme refines risk prioritization.

TRUE

A numerical scheme can use [blank] to 10 categories.

1

What is risk value?

Recovery cost modified by probability of occurrence.

T/F: Risk value = recovery cost adjusted by probability.

TRUE

Risk [blank] = recovery cost × probability.

value

What is risk mitigation?

Activities to reduce, minimize, or avoid risks.

T/F: Risk mitigation may reduce, minimize, or avoid a risk.

TRUE

Risk [blank] may reduce, minimize, or avoid a risk.

mitigation

What factors guide mitigation decisions?

Ease, probability of success, and cost.

T/F: Mitigation decisions are based on ease, probability, and cost.

TRUE

Mitigation decisions consider ease, probability of success, and [blank].

cost

What is mitigation value cost?

Mitigation cost adjusted by probability of success.

T/F: Mitigation value cost considers cost and probability of mitigation success.

TRUE

Mitigation [blank] cost = adjusted for success probability.

value

How allocate mitigation under budget?

Rank risks, assign alternatives, subtract costs until funds are out.

T/F: Mitigation funds may be allocated sequentially until budget runs out.

TRUE

Budget allocation continues until funds [blank] out.

run

What should a risk plan include?

Identified risks, prioritization, mitigation alternatives, and target dates.

T/F: A risk plan must include risk list, prioritization, and mitigation.

TRUE

A risk plan must include target [blank] for risk elimination.

dates

When can a risk be removed?

After mitigation success or dependency change.

T/F: A risk may be removed after mitigation or change in dependency.

TRUE

A risk may be removed after mitigation or dependency [blank].

change

What does a risk removal plan table show?

Prioritized risks, expected removal dates, and events triggering removal.

T/F: A risk removal plan table shows risk items, dates, and removal events.

TRUE

A risk removal plan table shows risks, dates, and [blank].

events