The First Phase of a Comprehensive Project Risk Assessment Should

question 37

Multiple Choice

The first phase of a comprehensive project risk assessment should be:

• A)To assess the specific sources of risk at the outset of the project,including the need to fashion appropriate responses.
• B)To make sure the project is well defined,including all deliverables,statement of work,and project scope.
• C)To develop reasonable estimates of the impacts on the project of both the identified risks and the proposed solutions.
• D)To produce a project risk management plan that proactively offers risk mitigation strategies for the project as needed.

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Definitions:

Month

A unit of time, typically comprising 28 to 31 days, used as a measure for organizing calendar time.

Underapplied Overhead

A situation in cost accounting where the allocated manufacturing overhead cost is less than the actual overhead incurred.

Manufacturing Overhead

All indirect costs associated with manufacturing, including maintenance, utilities, and indirect labor.

Cost of Goods Sold

represents the direct costs attributable to the production of the goods sold by a company, including materials and labor.