Identify the missing words in the following sentence:
A risk budget is a sum of money included in the [ ? ] and set aside to fund specific management responses to a project's threats and opportunities.
change budget
project budget
project's cost tolerance
project's risk tolerance
Answer is project budget
Question 122
Which describes a risk effect?
The uncertainty expressed as a negative or favourable occurrence
The issue which is affecting the project and has resulted in a risk
The impact(s) on the project objectives should the threat or opportunity occur
The change in the status of a risk in response to actions taken to control it
Answer is The impact(s) on the project objectives should the threat or opportunity occur
Question 123
Which describes risk probability?
Level of risks which the project can tolerate before escalating to the Project Board
Probable effect on the project delivering its objectives
Timeframe within which the risk may occur
A measure of the likelihood of the risk occurring
Answer is A measure of the likelihood of the risk occurring
Question 124
Which is a purpose of a Risk Register?
Capture risks that may occur during the project
Record how risk management activities will be undertaken on the project
Record the risk tolerance for the project
Capture issues which are impacting on the delivery of the project objectives
Answer is Capture risks that may occur during the project
Question 125
Which role is responsible for ensuring the project is justified in terms of cost?
Project manager
Executive
Senior user
Senior supplier
Answer is Executive
Question 126
What is described as an organization's unique attitude towards risk taking
Risk appetite
Risk management
Risk evaluation
Risk tolerance
Answer is Risk appetite
Question 127
Which is a purpose of the Risk Register?
Describe the risk management techniques and standards to be applied to the project
Act as a central record of information relating to the identified risks for the project
Act as a repository for informal issues
List the responsibilities for achieving an effective risk management procedure
Answer is Act as a central record of information relating to the identified risks for the project
Question 128
Which process provides the Project Board with sufficient information for it to review the success of a completed stage and confirm continued business justification?
Controlling a Stage
Closing a Project
Directing a Project
Managing a Stage Boundary
Answer is Managing a Stage Boundary
Question 129
Which is a purpose of the Managing a Stage Boundary process?
Provide the Project Board with sufficient information for approving the next stage
Approve the next Stage Plan
Review and close any risks and issues identified during the previous stage
Control the link between the Project Manager and the Team Manager(s)
Answer is Provide the Project Board with sufficient information for approving the next stage
Question 130
During the Managing a Stage Boundary process what product is updated with estimated costs and time for the stage that is about to begin?