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MGT 553 UMT Risk and Quality Management Practice Exam

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University of Management and Technology, Course MGT 553
Final Risk Management Quiz 2020
1. Decision trees force decision-makers to break decisions into their logical components.
Answer: a. true
2. 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: Answer:
b. acceptance sampling
3. In risk management, insurance is an example of: Answer: c. Risk deflection
4. Continuous quality improvement depends heavily upon: Answer: d. employment of the
PDCA cycle
5. Net present value (NPV) is a tool that can be used to assess risk impact. Answer: a. true
6. A measure is said to be reliable if: Answer: b. after repeated measurements, it leads to
results that are close to each other
7. When a firm adopts the Total Quality Management procedures, which of the following is
the likely outcome? Answer: c. A continuous focus on improving the processes that
produce the products or services
8. In project quality management, benchmarking helps to: Answer: b. measure one's own
products, services, and practices against the best practices in the field
9. When we have objective data on the probability of an event, we are involved with
decision making under conditions of risk. Answer: a. true
10. The emphasis of ISO 9000 is on the quality of the products produced by organizations.
Answer: b. false
11. Which of the following is an internal source of risk? Answer: b. Office politics

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12. Contingency allowances deal with: Answer: a. known unknowns
13. If a risk event has a 0.8 probability of occurrence and $20,000 target value, what does
$16,000 represent? Answer: c. Expected value
14. What is the principal criticism of Crosby's definition of quality as 'conformance to
specifications'? Answer: a. The specifications themselves may be off target
15. Pareto's law teaches that the larger the number of quality problems we try to solve, the
better off we are. Answer: b. false
16. There is a definite link between the level of risk an enterprise faces and the project time
frame. Answer: a. true
17. Ishikawa fishbone diagrams are used for: Answer: d. Quality control
18. Risk mitigation involves reducing the risk event probability, event impact or both.
Answer: a. true
19. The utility function captures the extent to which: Answer: a. people are either risk
takers or risk avoiders
20. The father of 'statistical quality control' and inventor of the control chart is: Answer: b.
Walter Shewart
21. A fishbone diagram focuses on identifying the sources of quality problems encountered
in a process. Answer: a. true
22. A key feature of business risk is: Answer: d. there is opportunity for gain as well for
loss
23. The legal structure an organization assumes can be a source of risk. Answer: a. true
24. 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. Answer: b. false

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University of Management and Technology, Course MGT 553 Final Risk Management Quiz 2020 1. Decision trees force decision-makers to break decisions into their logical components. Answer: a. true 2. 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: Answer: b. acceptance sampling 3. In risk management, insurance is an example of: Answer: c. Risk deflection 4. Continuous quality improvement depends heavily upon: Answer: d. employment of the PDCA cycle 5. Net present value (NPV) is a tool that can be used to assess risk impact. Answer: a. true 6. A measure is said to be reliable if: Answer: b. after repeated measurements, it leads to results that are close to each other 7. When a firm adopts the Total Quality Management procedures, which of the following is the likely outcome? Answer: c. A continuous focus on improving the processes that produce the products or services 8. In project quality management, benchmarking helps to: Answer: b. measure one's own products, services, and practices against the best practices in the field 9. When we have objective data on the probability ...
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