Project Risk Mgmt Pretest - Astra International

The risk management process involves the following steps, EXCEPT ...

• Risk identification

• Risk analysis

• Risk acceptance

• Risk elimination

Astra International is launching a new vehicle model. Which of the following is an example of a risk response strategy for this project?

• Ignore the risks and proceed with the launch as planned

• Increase the number of features in the new vehicle

• Partner with a reliable supplier to mitigate supply chain risks

• Reduce the budget for marketing and promotion

Risk appetite and risk tolerance are important concepts in risk management. Risk appetite refers to

• The maximum level of risk an organization is willing to accept

• The willingness of employees to take risks

• The level of risk associated with a specific project

• The number of risks a company can handle simultaneously

Effective communication among stakeholders is crucial in risk management because it helps

• Increase the complexity of the project

• Ensure everyone is aware of the risks but takes no action

• Improve decision-making and risk response planning

• Shift responsibility to external parties

How can Astra International ensure continuous improvement in risk management?

• By avoiding all risks to maintain the status quo

• Conducting periodic risk assessments and learning from past experiences

• Implementing risk management only for large projects

• Hiring external consultants to handle risks

Which of the following is an example of risk avoidance?

• Hiring a contractor to do a task you are not an expert in

• Adding ‘extra’ days to the time baseline in case a task is delayed

• Adding a management reserve

• Cancelling the project

You are managing a new vehicle development project and your team member informs you that she finds a risk event that was not recorded on your Risk Register. The first thing you should do is to implement a:

• Contingent Response Strategy

• Fallback Plan

• Workaround

• Emergency Task Plan

Risk management in the automotive industry is essential because it helps

• Reduce fuel consumption

• Increase vehicle speed

• Minimize project delays and cost overruns

• Improve vehicle design aesthetics

Describe one of your company's project and identify THREE common risks that your company's project might face.

Suppose your company is initiating a new project / new product. Outline the risk assessment process for this project, including identification, analysis, and response planning.