M&A 1.51 Risk Management Quiz

What is the first step in risk management for a project?

• Create a budget

• Identify risks

• Assign tasks

• Hire staff

What does RAG in RAG ratings stand for?

• Red, Amber, Green

• Risk, Action, Governance

• Report, Analyse, Grade

• Review, Assign, Guard

Why is it important to maintain a risk log?

• To keep track of project timelines

• To monitor and manage risks

• To allocate resources

• To communicate with stakeholders

What is a risk assessment?

• A list of project tasks

• A method to evaluate potential risks

• A financial report

• A team meeting

Which of the following is a tool used for cataloguing risks?

• Budget sheet

• Risk log

• Task list

• Calendar

What is the purpose of contingency planning?

• To manage project timelines

• To prepare for potential risks

• To assign team roles

• To allocate funds

When should risk assessments be conducted in a project?

• Only at the beginning

• Only at the end

• Throughout the project

• Only when issues arise

What does a 'red' rating in a RAG system typically indicate?

• Low risk

• Medium risk

• High risk

Why is it important to review risks regularly?

• To update the budget

• To ensure all team members are present

• To capture emerging risks

• To finalise reports

How can risks be mitigated?

• Ignoring them

• Proactively planning and taking action

• Delaying the project

• Increasing the budget