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Q1. In risk management, insurance is an example of:
[removed]    a. Risk avoidance
[removed]    b. Risk acceptance
[removed]    c. Risk deflection
[removed]    d. Contingency planning

Q2. A key feature of business risk is:
[removed]    a. it focuses on optimizing profit
[removed]    b. it focuses on minimizing costs
[removed]    c. it is not found in government operations
[removed]    d. there is opportunity for gain as well for loss

Q3. With proper planning all project risks can be eliminated.
[removed]    a. true
[removed]    b. false

Q4. If the cheapest cost per widget has historically been $30, the most typical $40, and the most expensive $70, what is the expected cost of a widget (use the Beta distribution as the basis of your computation)?
[removed]    a. $40.00
[removed]    b. $43.33
[removed]    c. $45.00
[removed]    d. $46.67

Q5. Ishikawa fishbone diagrams are used for:
[removed]    a. Quality assurance purposes
[removed]    b. Bench marking
[removed]    c. Quality planning
[removed]    d. Quality control

Q6. In firm fixed-price contracts, which of the following bears the greatest share of risk?
[removed]    a. buyer
[removed]    b. contractor
[removed]    c. both
[removed]    d. general public

Q7. The ISO 9000 perspective on quality is that quality is basically defined by:
[removed]    a. senior management
[removed]    b. customers
[removed]    c. project sponsors
[removed]    d. project managers

Q8. When we have objective data on the probability of an event, we are involved with decision making under conditions of risk.
[removed]    a. true
[removed]    b. false

Q9. Value engineering minimizeS engineering risk for:
[removed]    a. buyers
[removed]    b. contractors
[removed]    c. both buyers and contractors
[removed]    d. shareholders

Q10. What is the principal criticism of Crosby’s definition of quality as ‘conformance to specifications’?
[removed]    a. The specifications themselves may be off target
[removed]    b. It doesn’t take into account that 85% of quality problems can only be fixed by management actions
[removed]    c. Crosby is not a quality expert
[removed]    d. It is too difficult to test for quality using Crosby’s definition

Q11. The father of ‘statistical quality control’ and inventor of the control chart is:
[removed]    a. Edward Deming
[removed]    b. Walter Shewart
[removed]    c. Joseph Juran
[removed]    d. Kaoru Ishikawa

Q12. In quality management, the most expensive problems to fix are the problems fixed:
[removed]    a. at the project initiation phase
[removed]    b. at the planning phase
[removed]    c. at the implementation phase
[removed]    d. after the product is released

Q13. Management reserves are meant to deal with:
[removed]    a. known unknowns
[removed]    b. unknown unknowns
[removed]    c. risk deflection
[removed]    d. risk avoidance

Q14. There is a definite link between the level of risk an enterprise faces and the project time frame.
[removed]    a. true
[removed]    b. false

Q15. Decision trees force decision-makers to break decisions into their logical components.
[removed]    a. true
[removed]    b. false

Q16. Contingency allowances deal with:
[removed]    a. known unknowns
[removed]    b. unknown unknowns
[removed]    c. risk deflection
[removed]    d. risk avoidance

Q17. Points outside the control limits usually come from:
[removed]    a. random variability
[removed]    b. poor implementations
[removed]    c. special causes
[removed]    d. Pareto variability

Q18. Risk mitigation involves reducing the risk event probability, event impact or both.
[removed]    a. true
[removed]    b. false

Q19. Pareto’s law teaches that the larger the number of quality problems we try to solve, the better off we are.
[removed]    a. true
[removed]    b. false

Q20. A function of risk management is to minimize project risks and maximize opportunities.
[removed]    a. true
[removed]    b. false

Q21. What quality management tool shows that most of the time, 80% of quality problems are created by 20% of the sources of problems:
[removed]    a. Fishbone diagrams
[removed]    b. Control charts
[removed]    c. Pareto diagrams
[removed]    d. Flow charts

Q22. A measure is said to be reliable if:
[removed]    a. it actually measures what it purports to measure
[removed]    b. after repeated measurements, it leads to results that are close to each other
[removed]    c. it is on target
[removed]    d. it provides answers that are precise

Q23. The emphasis of ISO 9000 is on the quality of the products produced by organizations.
[removed]    a. true
[removed]    b. false

Q24. When a firm adopts the Total Quality Management procedures, which of the following is the likely outcome?
[removed]    a. A continuous focus on lowering production costs
[removed]    b. A continuous focus on giving the customer more than he or she indicated in the requirements definition statement
[removed]    c. A continuous focus on improving the processes that produce the products or services
[removed]    d. Managers set the tone and workers take responsibility for poor quality

Q25. When a vendor’s truck arrives at your loading dock and you examine the contents of some of the boxes of goods being delivered, you are engaged in the process of:
[removed]    a. quality review
[removed]    b. acceptance sampling
[removed]    c. quality assessment
[removed]    d. Pareto optimization

Q26. The utility function captures the extent to which:
[removed]    a. people are either risk takers or risk avoiders
[removed]    b. senior management is satisfied with the project team’s risk management plan
[removed]    c. the project team feels good about its risk management plan
[removed]    d. the customer is satisfied with the project team’s risk management plan

Q27. Technical risk is the risk that the product we develop might not sell.
[removed]    a. true
[removed]    b. false

Q28. Which of the following is a risk event?
[removed]    a. Poor estimating
[removed]    b. Insurance
[removed]    c. Management reserve
[removed]    d. Contingencies

Q29. A fishbone diagram focuses on identifying the sources of quality problems encountered in a process.
[removed]    a. true
[removed]    b. false

Q30. The processes of quality management are:
[removed]    a. Quality planning, quality control, quality assurance, and quality improvement
[removed]    b. Benchmarking, inspection, and prevention
[removed]    c. Quality planning, benchmarking, inspection, and prevention
[removed]    d. Quality planning, quality control, benchmarking, and inspection

Q31. The amount of money one stands to lose if an undertaking fails is called?
[removed]    a. Stake
[removed]    b. Buffer
[removed]    c. Float
[removed]    d. Reserve

Q32. If a risk event has a 0.8 probability of occurrence and $20,000 target value, what does $16,000 represent?
[removed]    a. Management reserve
[removed]    b. Contingency allowance
[removed]    c. Expected value
[removed]    d. Project budget

Q33. In cost-plus contracts, which of the following assumes the greatest share of risk?
[removed]    a. contractor
[removed]    b. general public
[removed]    c. buyer
[removed]    d. both the buyer and contractor

Q34. The legal structure an organization assumes can be a source of risk.
[removed]    a. true
[removed]    b. false

Q35. In project quality management, benchmarking helps to:
[removed]    a. determine the benefit and costs of meeting quality requirements
[removed]    b. measure one’s own products, services and practices against the best practices in the field
[removed]    c. show how various elements of a quality system are integrated
[removed]    d. determine which variables have the most influence on the overall project outcome

Q36. As a project nears completion, which of the following is likely to occur?
[removed]    a. Risk increases
[removed]    b. Stake increases
[removed]    c. Stake decreases
[removed]    d. Risk and stake decreases

Q37. Variance in quality management means non-conformance to requirements.
[removed]    a. true
[removed]    b. false

Q38. At the core of Monte Carlo simulation processes is employment of:
[removed]    a. gambling strategies
[removed]    b. expected monetary value
[removed]    c. a random number generator
[removed]    d. expert judgments from subject matter experts

Q39. In developing Ishikawa diagrams, it is typical for a problem under consideration to be stated on the left side, with the possible causes on the right.
[removed]    a. true
[removed]    b. false

Q40. Continuous quality improvement depends heavily upon:
[removed]    a. hard work
[removed]    b. monitoring special causes of variance
[removed]    c. use of checklists
[removed]    d. employment of the PDCA cycle


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