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Understanding Risk Management in Projects

Authored by Danielle Davies

Business

12th Grade

Used 1+ times

Understanding Risk Management in Projects
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of having a risk management process in a project?

To increase project costs

To identify and mitigate potential risks

To delay project timelines

To reduce team communication

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which stage of the risk management process involves determining the likelihood and impact of identified risks?

Initiate

Analyse

Treat

Review

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the importance of the 'Monitor' stage in the risk management process?

To ignore emerging risks

To ensure risks are continuously assessed and managed

To finalise the project budget

To complete the project documentation

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What could be the impact of not managing risks through a defined process?

Improved project outcomes

Increased likelihood of project failure

Reduced project costs

Enhanced team morale

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which approach is commonly used to identify risks in a project?

Ignoring potential issues

Brainstorming sessions

Reducing team size

Increasing project scope

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is it important to catalogue risks and assess their risk level?

To increase project complexity

To prioritise risk management efforts

To reduce team collaboration

To extend project timelines

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of maintaining risk logs throughout a project?

To ignore known risks

To monitor known risks and capture emerging risks

To increase project costs

To finalise project deliverables

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