Risk Management Quiz

Mia is working on a project at her company and needs to manage potential risks. Which of the following is a key component of risk management?

• Identify

• Ignore

• Assume

• Neglect

Harry is working on a project and needs to identify potential risks that could affect the project's success. What is the process of evaluating these potential risks in risk management called?

• Assess

• Avoid

• Dismiss

• Overlook

Isabella is working on a project to ensure the safety of a new building. Which term refers to the action of reducing the impact of risks in her project?

• Mitigate

• Exacerbate

• Amplify

• Intensify

In risk management, what is the purpose of the 'Review' step?

• To evaluate the effectiveness of risk strategies

• To ignore past risks

• To increase risk levels

• To create new risks

Why is it important to consider risks from the start of a project?

• Projects are always successful without risk consideration.

• Projects are inherently unique and often incorporate new techniques.

• Risks can be ignored in most projects.

• Risk management is only needed at the end of a project.

What is the procedure called that involves regular review and investigation of risks in a project?

• Risk avoidance

• Risk management

• Risk elimination

• Risk ignorance

Before launching a new product, what do many organisations produce to ensure potential risks are managed effectively?

• A financial report

• A risk management plan

• A marketing strategy

• A project timeline

Leo is starting a new project at his company. What is the purpose of the document he produces at the start of the project regarding risk?

• To outline the project's budget

• To set out the strategic requirements for risk assessment

• To list the project team members

• To define the project's end goals

Ishaan is working on a construction project and needs to ensure that all potential risks are accounted for in the budget. At what stage should Ishaan produce the risk management plan to ensure adequate provisions in the cost build-up of the tender document?

• During the project execution stage

• At the estimating or contract-tender stage

• After the project completion

• During the project initiation stage

What should the project management plan (PMP) include regarding risk management?

• A detailed budget plan

• A résumé of the risk management plan

• A list of project team members

• A timeline of project milestones