Risk Management

What is the correct order of the stages in The Project Risk Management Process Cycle ?

• Assess, Plan, Respond, Repeat, Close

• Assess, Identify, Plan, Monitor, Respond

• Identify, Assess, Plan Response, Monitor & Respond, Close

• Plan, Identify, Assess, Respond, Close

Which of these is a realistic risk to a SW development project?

• There could be a staff member that is ill during the project

• A hardware supplier could fail to supply on time or to budget

• The client changes their requirements halfway through the project

• The budget is not sufficient for the project

• All of these

How do we assess a risk?

• By having a discussion about how bad it would be if this risk happened

• By rating the severity of the risk on a 1-5 scale

• By first rating impact, then probability on a scale of 1-5, then multiplying these to get severity /25

• By placing the risk on a risk matrix

A risk matrix is

• A 2D grid that helps us to visualise the severity of any risk

• A List of risks and their mitigation strategies

• A rating of each risk

• The document a PM would use to monitor risks

A risk register is

• A 2D grid that helps us to visualise the severity of any risk

• A List of risks and their mitigation strategies

• A rating of each risk

• The document a PM would use to monitor risks

A risk register has the following columns in the following order:

• Risk, Probability. Impact, Severity, Response Plan

• Risk, Severity, Probability. Impact, Response Plan

• Risk, Impact, Severity, Probability., Response Plan

• Risk, Response Plan, Impact, Severity, Probability.

In a risk register a PM must

• Calculate the impact of a risk by multiplying the severity x probability and stating the impact as a word

• Calculate the severity of a risk by multiplying the impact x probability and stating the severity as a word

• Calculate the probability of a risk by multiplying the impact x severity and stating the probability as a word

Which of these is NOT a possible strategy for responding to a project risk

• Transfer

• Avoid

• Mitigate

• Accept

• Redefine

A PM will often allocate extra time or resources to a project. We call this

• an avoidance plan

• a migration plan

• a continuity plan

• a contingency plan

When a PM develops a continency plan or mitigation strategy for a risk, they will:

• first attempt to reduce the probability, then the impact of the risk

• first attempt to reduce the impact, then the probability of the risk

• attempt to reduce both probability and impact at the same time