Project Risk Management Quiz

What is risk management?

• A process of reacting to risks after they have already occurred

• A process of creating potential risks to challenge the project team

• A process of ignoring potential risks and hoping for the best

• A process of identifying potential risks in advance, analysing them, and finding ways to avoid or mitigate the impact

What is the consequence or impact of the risk likely to be?

• Proactive, reactive, asynchronous, collaborative

• Certain, likely, possible, unlikely, rare

• Low, medium, high, very high

• Negligible, minor, moderate, major, severe

What is the likelihood of a risk happening?

• Almost certain, likely, possible, unlikely, rare

• Negligible, minor, moderate, major, severe

• Situational, time-based, interdependence, future-focused

• Low, medium, high, very high

What is the purpose of a risk management plan?

• To ignore potential risks and hope for the best

• To proactively plan for uncertain events and mitigate their impact

• To react to risks after they have already occurred

• To create potential risks to challenge the project team

What are the benefits of having a risk management plan?

• Ignorant approach, creates surprises, no control over the future, no chances of reaching project objectives

• Proactive approach, increases surprises, better control over the future, reduces chances of reaching project objectives

• Reactive approach, increases surprises, less control over the future, reduces chances of reaching project objectives

• Proactive approach, reduces surprises, better control over the future, improves chances of reaching project objectives

What is the process of risk management?

• Analyze and evaluate risks, ignore and avoid risks, diminish and eliminate risks

• Create and distribute risks, transfer risks, accept risks

• Ignore and avoid risks, react to risks, cancel and eliminate risks

• Identify and analyze risks, evaluate the risks, treat and review the risks

What is the most important factor to consider when evaluating risks?

• The cause and effect of the risk

• The time and cost to fix the event

• The focus on the future and negative consequences

• The likelihood and severity of the risk

What is the risk project life cycle?

• Certainty, uncertainty, project risk management, risk and uncertainty

• Interviewing, brainstorming, documenting, checking

• Identifying, analyzing, evaluating, treating

• Defining, planning, delivering, executing

What is the purpose of ongoing monitoring and review of risks?

• To ensure that risk management plans remain relevant

• To react to risks after they have already occurred

• To create new risks and challenges for the project team

• To ignore potential risks and hope for the best

What is the best way to manage risks?

• React to risks after they have already occurred

• Prepare for risks and have a great plan in place

• Ignore risks and hope for the best

• Prevent risks from happening