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Assessing Earned Value to Track Progress & Measure Risk

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is the first step in developing the risk management plan of a project?

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1. How does a risk management plan help a manager?

2. A manager is set to begin the planning stage of a new project at his company. He knows that risks will exist and will need to use a strategy to deal with them. Which of the following strategies are responses to risks that a manager can utilize?

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About This Quiz & Worksheet

You will use this quiz/worksheet combo to help you assess what you know about project risk management and what you might need to further review to gain a full understanding of this topic. The quiz questions will focus on key metrics and the formulas used to calculate these specific metrics.

Quiz & Worksheet Goals

To gauge your understanding of this topic, you will answer questions about:

  • The first step in developing a risk management plan
  • What a risk management plan helps a project manager to do
  • Strategies used to determine responses to risk
  • What Earned Value and Cost Variance are

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information regarding the steps involved in developing a risk management plan
  • Defining key concepts: ensure that you can accurately define main phrases, such as Earned Value and Cost Variance
  • Information recall - access the knowledge you've gained regarding risk response strategies
  • Knowledge application - use your knowledge to answer questions about the use of a risk management plan

Additional Learning

If you are looking to get more information about this aspect of project management, refer to the lesson Assessing Earned Value to Track Progress & Measure Risk. You will study:

  • The significance of a risk management plan
  • The key metrics that can be measured with a risk management plan
  • Full explanations about each metric
  • Formulas used to calculate each metric
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