Project Risk Management - Session 3

Which process involves keeping track of risks and providing updates?

• Risk Registers

• Identifying risk and creating a Matrix

• Monitoring Risks

• Risk Monitoring and reporting

What tool involves categorising risks into a hierarchy of likelihood and severity?

• Risk Registers

• Incident response plan

• Risk Monitoring and reporting

• Identifying risk and creating a Matrix

Which of the following is the first step in the Risk Management process?

• Risk identification

• Risk analysis

• Establish the context

• Risk treatment

What is the main purpose of the Risk Management process?

• To eliminate all risks

• To continually evaluate, manage and communicate risk to minimise negative outcomes

• To identify financial opportunities

• To create a risk-free environment

Which step in the Risk Management process involves determining the significance of identified risks?

• Risk evaluation

• Risk treatment

• Communication and Consultation

• Establish the context

Which of the following is a strategy to minimise negative impacts on projects?

• Ignoring risks

• Developing risk management strategies

• Avoiding risk management

• Delaying risk assessment

What is included in implementing and monitoring risk-reporting mechanisms?

• Ignoring changing circumstances

• Ongoing review of activities for risks and opportunities

• Avoiding risk treatments

• Ignoring contingency plans

What does identifying risk encompass?

• Identifying and prioritising potential risks throughout the project lifecycle

• Identifying and eliminating all risks

• Prioritising risks after the project is completed

• Guessing potential risks

Which of the following is a common technique for identifying risks?

• SWOT analysis

• Market research

• Product testing

• Customer feedback

What type of questions should be asked to identify risks?

• What, why and how might risk incidents occur

• How to increase publicity

• What are the customer preferences

• How to improve project design