What is a prenuptial agreement ?

It is an agreement made by a couple before they marry concerning the ownership of their respective assets should the marriage fail.

Is an agreement made by a couple after marriage.

The agreement states that all assets should be split 50/50.

How can you avoid running out of money during your retirement years ?

Cash flow from real estate investments..

Employment Pension plans and IRA.

Social Security monthly payments

The Key processes of Project Risk Management are:

Plan Risk Management, ldentify Risks, Perform Qualitative Risk Analysis, Perform Quantitative Risk Analysis, Plan Risk Responses, Implement Risk Responses,and Monitor Risks.

Plan Risk Management, Identify Risks, Assess Risks, Mitigate Risks,Transfer Risks, and Document Outcomes.

Identify Risks, Plan Risk Management, Evaluate Risks, Develop Risk Responses,Mitigate Risks, and Document Results.

Identify Risks, Perform Qualitative Risk Validation, Perform Quantitative Impact Assessment, Develop Risk Response Strategies,Document Response Strategies, and Monitor Risk Responses.

Risk transference nearly always involves:

Payment of a risk premium to the party taking on the risk.

Eliminating risk through beta testing.

Policies and procedures for a response system.

Accepting a lower profit if some activities overrun their budget.

In the Plan Risk Responses process, an accept strategy for a negative risk or threat indicates that the project team has decided:

Not to change the project management plan to deal with a risk, or it is unable to identify any other suitable response strategy.

To agree with the project manager.

To eliminate a specific risk or threat, to reduce the probability and / or impact of an adverse risk event to be within acceptable threshold limits, or to pursue an opportunity actively.

To purchase insurance, or to require performance bonds, warranties, and guarantees.

The primary output of the Identify Risks process is the:

Expected monetary value of the risk events.

Outputs from the Plan Risk Responses process include all of the following EXCEPT:

Project management plan updates.

Tools and techniques of the Perform Quantitative Risk Analysis process include:

Expert judgment, data gathering, simulations, and decision tree analysis.

Contracting, contingency planning, alternative strategies, and insurance.

Interviewing, historical results, workarounds, and response development.

Checklists, damage control reports,standard allowances, and inspection.

As an output of the Perform Quantitative Risk Analysis process, the risk register is updated. These updates generally include:

Prioritized list of quantified risks.

Qualitative analysis of the threats to ignore and opportunities to accept.

Checklists, corrective actions, and qualified decision trees.

Direction, resources, and contingency costs.

The outputs from the Monitor Risks process include all of the following EXCEPT:

Work breakdown structure (WBS).

Project management plan updates.

On a Friday evening, Salim, one of your best engineer in the team, comes to you and says he quits. You have two weeks to find a substitution. What would reduce the chances of such an event? Why?

Comprehensive professional development plan

When do you perform Risk Identification?

During the whole lifetime of a project.

As a part of your project, you need to organize a conference. You learn that in the place that you rented there’s a 70% chance of a tropical storm on the selected dates. How should you handle such risk?

Change the location of the conference.

Buy insurance to cover possible damage.

Book another place nearby to mitigate the risk of the first location being unavailable due to the storm.

Inform all participants of the possible storm.

Who should be involved in Risk Management activities?

As many stakeholders as practical.

All stakeholders except clients.

You acquired an expensive piece of equipment for your project. It is known to be sensitive and fragile in work. Several tasks that require this equipment are on a critical path. What’s the BEST action you can do to improve the project’s chances for success?

Hire a technical support team to quickly fix the equipment if needed.

Buy insurance to cover the costs of repairs.

Find a good expert to operate the equipment.

You are on the call with clients. They say the vendor team they hired to create designs is behind schedule. What should you do?

Log the risk into the Risk Register to assess impact.

State that your project is also behind the schedule because of it.

Do nothing. It’s not your problem.

Contact the vendor to help them out.

After you performed Qualitative Risk Analysis you need to create:

List of risks for additional analysis and investigation.

After reviewing Risk Register you see two critical risks that you anticipate during the next week. What should you do with this knowledge?

Reach out to the stakeholders and the responsible person with a reminder.

Do nothing. Your Risk Register is shared with the team and stakeholders.

A business model is a set of assumptions about the _______________ .

way an organization creates value

financial stability of an organization

organizational structure of a business

products and services’ past performance

What two analytical tools are particularly useful in analyzing the business model?

Value chain analysis and benchmarking

Key performance indicators and total cost of risk

Key risk indicators and gap analysis

Pareto analysis and root cause analysis

Risk management professionals conduct supply-chain analyses to identify _______________ .

potential vulnerabilities to the organization

contingent business interruption coverage

international regulatory requirements

The organization’s resources and internal support are ________ the risk management strategy.

metrics used to measure the value of

When defining the success measures for the organization’s risk strategy, the risk management professional will include which of the following steps?

a review of the goals and objectives of the risk strategy

a selection of appropriate media for communicating the risk strategy

an analysis of the organization’s total cost of insurable risk

the development of timelines for implementing the risk strategy

When an operational area develops a treatment for a critical risk, the risk management professional MUST _______________ .

evaluate the impact upon other areas

communicate the treatment plan directly with internal audit

evaluate the dollar savings associated with the treatment

A risk management professional advises management on the status of key risks by _______________ .

providing insights into the changing characteristics of a risk

annually identifying the inventory of risks

providing information about competitors’ risk management plan

summarizing internal audit reports

STEEP is a method used for strategic planning. The acronym STEEP stands for _______________ .

social, technological, economic, environmental, political

security, technical, emerging, external, profit

standard, technique, enterprise, environmental, process

social, theory, external, engaging, program

After validating the training curricula, a risk management professional

schedules and conducts training

develops and schedules training

What can a risk management professional recommend to management to protect an organization’s critical infrastructure from a cyber attack?

buy a tower of cyber liability insurance

ensure employees do not post on social media

monitor employees use of the internet

Risk tolerance is defined as the _______________ .

amount of uncertainty that an organization is prepared to accept

desired level of risk that an organization believes is optimal to achieve its goals

amount of risk that an organization can actually assume

norms and traditions of the individuals of an organization and how they act on risk

What is the role of risk management in the strategic planning process?

identify threats and opportunities

When measuring the financial effectiveness of an organization’s risk management plan, the risk management professional should _______________ .

determine the overall cost of risk

involve the risk management committee

determine the maximum level of uncertainty the organization can tolerate

RiskYMgt01

Professional Development

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102 Qs

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RiskYMgt01

Quiz

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Professional Development

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Professional Development

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Practice Problem

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Easy

David Frier

Used 1+ times

FREE Resource

102 questions

Show all answers

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is risk management?

Looking both ways before crossing a 2 lane highway.

Auto Insurance

The forecasting and evaluation of financial risks together with the identification of procedures to avoid or minimize their impact.

The ability to plan for the future.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are some risk management devices ?

Saving money in an savings account.

Auto, health, and life insurance.

Applying for a passport.

Co-signing for a loan.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you are employed, what are some risk management products a job may offer?

Workers compensation

Health Insurance

Disability Insurance

Unemployment insurance

All of the above

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In case of a future emergency, what standard is widely recommended ?

Make sure you have two credit cards.

Apply for a loan from your bank or credit union.

Have at least 6 months worth of work income saved in a emergency savings account.

None of the above

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the main two types of life insurance ?

Whole life and half life.

Term and Whole life.

There is only one type of life insurance.

Term and Partial life.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is term life insurance.

Term Life insurance last your whole entire life.

Term Life insurance provides coverage for a fixed amount of time.

Term life is the same as whole life insurance.

Term life is another way of saying whole life.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What risk is minimized by titling your assets to a trust?

Probate avoidance

Reducing estate taxes

Avoiding liens and lawsuit from creditors.

Asset protection

All of the above

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RiskYMgt01

102 questions

What is risk management?

What are some risk management devices ?

If you are employed, what are some risk management products a job may offer?

In case of a future emergency, what standard is widely recommended ?

What are the main two types of life insurance ?

What is term life insurance.

What risk is minimized by titling your assets to a trust?

What is a prenuptial agreement ?

What products are used for retirement planning ?

How can you avoid running out of money during your retirement years ?

Create a free account and access millions of resources

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Professional Development