What is a Residual Risk & What is Secondary Risk?

The video tutorial explains the concepts of inherent, residual, and secondary risks in risk management. Inherent risk is the initial risk before any control measures are applied. Residual risk is what remains after implementing risk controls, while secondary risk arises from the risk response itself. The tutorial emphasizes the importance of reviewing and updating risk registers to manage these risks effectively. It highlights that risk management is an adaptive, iterative process, encouraging the habit of regularly surveying the risk profile of projects. Understanding these risks is useful but not vital; the key is actively managing and reviewing risks.

What is the term for the risk that remains after implementing control measures?

• Primary risk

• Inherent risk

• Residual risk

• Secondary risk

Which type of risk arises as a direct result of implementing a risk response?

• Inherent risk

• Residual risk

• Secondary risk

• Tertiary risk

Why is it important to update the risk register after applying a risk response?

• To avoid any future project risks

• To evaluate the impact and likelihood of residual and secondary risks

• To finalize the project plan

• To ensure all risks are eliminated

What is the nature of risk management in project management?

• An adaptive, iterative process

• A static process

• A linear process

• A one-time process

What is the key discipline in managing project risks effectively?

• Ignoring minor risks

• Delegating risk management to a third party

• Actively managing and regularly reviewing risks

• Focusing only on inherent risks