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Worksheetsrisk management
Total questions: 91
Worksheet time: 2hrs 31mins
The Key processes of Project Risk Management are:
Plan Risk Management, Identify Risks, Assess Risks, Mitigate Risks,Transfer Risks, and Document Outcomes.
Identify Risks, Plan Risk Management, Evaluate Risks, Develop Risk Responses,Mitigate Risks, and
Document Results.
Identify Risks, Perform Qualitative Risk Validation, Perform Quantitative Impact Assessment, Develop Risk Response Strategies,Document Response Strategies, and Monitor Risk Responses.
Plan Risk Management, ldentify Risks, Perform Qualitative Risk Analysis, Perform Quantitative Risk Analysis, Plan Risk Responses, Implement Risk Responses,and Monitor Risks.
Strategies typically used to deal with threats or risks that may have negative impacts on project objectives if they occur include all of the following EXCEPT:
Interpreting
Avoiding
Transferring
Mitigating
The primary output of the Identify Risks process is the:
Risk register.
Expected monetary value of the risk events.
List of corrective actions.
Risk mitigation plan.
All of the following are inputs to the Identify Risks process EXCEPT:
Risk management plan.
Scope baseline.
Risk mitigation plan.
Quality management plan.
As an output of the Perform Quantitative Risk Analysis process, the risk register is updated. These updates generally include:
Prioritized list of quantified risks.
Qualitative analysis of the threats to ignore and opportunities to accept.
Checklists, corrective actions, and qualified decision trees.
Direction, resources, and contingency costs.
What is risk management?
Looking both ways before crossing a 2 lane highway.
Auto Insurance
The forecasting and evaluation of financial risks together with the identification of procedures to avoid or minimize their impact.
The ability to plan for the future.
Successful risk management requires:
Misunderstanding the benefits of risk management
Inadequate time for risk identification
Use of non-standard approach to access risk
Stakeholder responsibility
_____requires determining the true problem, or cause, of the risk.
Risk identification
Risk planning
Risk assessment
Risk monitoring and control
Reserves and contingency plans would be used in which risk strategy?
Avoidance
Accept or ignore
Mitigation
Transfer
What is the correct order of the stages in The Project Risk Management Process Cycle ?
Establish, Monitor & Review, Evaluate, Treat, Analyze
Establish, Identify, Analyze, Evaluate, Treat, Monitor & Review
Identify, Analyze, Evaluate, Establish, Monitor, Treat
Monitor & Review, Establish, Identify, Analyze, Evaluate, Treat,
A risk matrix is
A 2D grid that helps us to visualise the severity of any risk
A List of risks and their strategies
A rating of each risk
None
What is a risk?
Risk is losing something of value.
Risk is gaining something of value.
Risk is the potential to lose or gain something of value.
Risk management is
an incident where information is stolen or taken from a system without knowledge
the process of minimizing or reducing harm from risk.
the simulation of human intelligence in machines that are programmed to think like humans
a process that deals with investments
The risk of obsolescence is
a company losing data through data breaches/leaks.
damage to reputation through social media
the danger of a process/product/technology becoming out-of-date within a short space of time.
None
What is the purpose of a risk assessment?
To generate more paperwork
Create work for the designated safety officers
Proportion blame in the event of an accident occurring
To evaluate hazards and to minimise the levels of its risk
A process that involves prioritizing risks for further action or analysis by assessing the impact and the probability of occurrence is called
Qualitative Risk Analysis
Risk Brainstorming
Quantitative Risk Analysis
Risk Retrospective
A document you use to capture all known risks is called:
Risk Log
Risk Register
Risk List
Risk Diary
When do you perform Risk Identification?
At the beginning of a project.
During project planning.
During the whole lifetime of a project.
During project execution.
Who should be involved in Risk Management activities?
Only Project Team.
Only Project Manager.
As many stakeholders as practical.
All stakeholders except clients.
After you performed Qualitative Risk Analysis you need to create:
A prioritized list of risks.
List of risks for additional analysis and investigation.
List of urgent risks
All the answers.
Risk and Return have-------relationship with each other.
(a)
Which is NOT a type of Legal risk?
Litigation risk
Contract Risk
Regulatory Risk
Risk Process
Risks that focuses or arises from the services we deliver for day to day or for less than a year.
Compliance Risk
Operational Risk
Strategic Risk
Technological Risk
Refers to risks related to laws and regulations, company policies within which the organization operates.
Compliance Risk
Technological Risk
Operational Risk
Strategic Risk
Uncertain thing that may or may not happen
Risl
Cause
Effect
Risk Event
The technique of assessing, minimizing, and preventing
accidental loss to a business, as through the use of insurance, safety measures, etc.
accidental loss insurance
business management
risk management
auto insurance
The first step in the enterprise risk management process is
risk analysis
implementing and monitoring the program
risk identification
selection of risk treatment measures
This is where no action to mitigate or reduce the risk.
Tolerating
Treating
Resourcing
Responding
It reduces risk causing or minimizing its impact to its occurence.
Responding
Resourcing
Treating
Terminating
The simplest and most often ignored method of dealing risk.
Treating
Terminating
Reaction Planning
Reporting
Identify which one among the choices belongs to 7R's of Risk Managament.
Revision
Reinforcement
Reaction
Reporting
Reviewing
Reapproachment
Revitalization
Repitition
Ranking
Responding
Resourcing
Reaction
Reporting
Reviewing
Recognition
Ranking
Responding
Resourcing
Reaction
Reporting
Reviewing
Recommendation
Recognition
Ranking
Responding
Rewarding
Reacting
Revision
Risk that comes from dangerous situations in the workplace.
Management
Opportunity-Based Risk
Uncertainty-Based Risk
Hazard-Based Risk
Which of the following is not the objectives of risk management
To gain competitive advantages
To minimise losses
To gain financial or non-financial benefits
To avoid problem
In internal control, risk management and assessment is the responsibility of
Board of Directors
Management Committee
The Audit Committee
All of the above
What is the primary goal of risk management?
To eliminate all risks entirely
To identify and assess potential risks
To accept all risks without mitigation
To increase the likelihood of risks occurring
What is a common technique for qualitative risk assessment?
Monte Carlo simulation
Sensitivity analysis
Risk matrix
Expected monetary value analysis
What does the term "contingency planning" refer to in risk management?
Preparing for and responding to potential risks
Eliminating all risks entirely
Accepting all risks without any response
Monitoring risks without taking action
What is the primary purpose of a Risk Management Plan?
To document resolved issues
To prepare for unforeseen events
To outline strategies for proactive risk management
To respond to known risks
Which risk response strategy involves shifting the risk to another party, such as through insurance?
Risk avoidance
Risk transfer
Risk acceptance
Risk mitigation
What does the term "likelihood" refer to in risk assessment?
The potential impact of a risk event
The frequency or probability of a risk event occurring
The severity of a risk event
The cost associated with a risk event
What is the primary objective of risk monitoring and review?
To identify new risks
To eliminate all existing risks
To transfer all risks to external parties
To accept all risks without action
In the context of risk management, what is the purpose of a risk register?
To eliminate all identified risks
To provide a list of all project stakeholders
To document and track identified risks
To transfer all project risks to a third party
Having an understanding of what risks exist, what impact they can have, and how to deal with them, but also constantly keeping an open eye for new risks by putting plans and contingencies in place.
Risk Evaluation
Risk Awareness
Risk Mitigation
Risk Analysis
Detect change in external or internal context:
a) Analysis, lessons learned, continuous
b) Analysis, lessons learned, continuous improvement
c) Identify emerging risks
Risk Contigency Planning
Risk Tracking & Reporting
Risk Identification
Risk Mitigation
Some useful methods are:
• Brainstorming
• Checklist of complaints
• Incidence reporting data
Risk Identification
Risk Analysis
Risk Evaluation
Risk Awareness
Why we should manage operational risks? Please choose 3 answers *
Minimise operational losses
Achieve business objectives
Better business decision
Common industry practice
Reduce tax
What is BCM?
Business Compliance Management
Business Contingency Management
Banking Continuity Management
Business Continuity Management
To understand operational risk, one should understand..
Operational process, corporate environment and the affecting factors
Operational process only
The affecting factors and regulations only
No need to understand others, it just needs to understand the operational risk
What are the affecting factors which influence operational activities as well as the Operational risk..
Nature of the company
Laws and regulations
Stekaholder Value
All the above three factors
When would Risk Management be involved in Operational Process ?
At the begining of execution process
At the first strategic decision process
At the first initial strategic plan
During audit process and BOC meeting
Based on market best practice, which method provides foundation and framework for linking and integrating Operational risk to enterprise Risk Management..
ISO9001
ISO31000
ISO37000
ISO26000
What is the purpose of performing a SWOT Analysis?
Gives the management team a broader view on the potential opportunity
Evaluates whether the business venture is a good idea.
Identifies internal and external factors that may affect the business future performance.
Access an organization’s performance
Risk thresholds are determined to help:
The team rank the project risks
The project manager estimate the project
The team schedule the project
Management know how other managers will act on the project
During which risk management process is a determination made to transfer a risk?
Identify Risks
Implement Risk Responses
Plan Risk Responses
Monitor Risks
What is risk identification?
The process of identifying and documenting potential risks that could affect a project or organization.
The process of transferring risks to another party.
The process of ignoring potential risks and focusing only on current issues.
The process of mitigating risks that have already occurred.
What are the challenges faced during the risk identification process?
Lack of data, subjective judgments, incomplete information, and biases.
Lack of expertise, time constraints, lack of stakeholder involvement, and conflicting priorities.
Limited resources, lack of communication, lack of risk awareness, and resistance to change.
Inconsistent risk assessment criteria, lack of risk management framework, lack of risk identification tools, and poor risk reporting.
Realigning the weightings of assets to maintain asset allocation.
Rebalancing
Rebranding
Reciprocation
Recall
This refers to the strategies that minimize the risks associated with a business's operations.
Avoiding the risk
Ignoring the risk
Risk Management
Business Management
A market segment is the same thing as _________ __________
target market
sports marketing
entertainment marketing
marketing strategy
When a business targets people based on where they live, this is
demographics
geographic
psychographics
When a business focuses on customer's age, income, gender, and marital status, this is called
demographics
psychographics
geographic
What is risk transfer and how does it work?
Risk transfer is the process of sharing the financial burden of a potential loss between multiple parties.
Risk transfer is the process of avoiding the financial burden of a potential loss altogether.
Risk transfer is the process of increasing the financial burden of a potential loss for one party.
Risk transfer is the process of shifting the financial burden of a potential loss from one party to another.
Give an example of a preventive measure for reducing financial risks.
Diversifying investments
Borrowing money to invest in high-risk ventures
Investing all savings in a single stock
Ignoring market trends and fluctuations
Insurance is a method of
risk elimination.
risk mitigation.
risk outsourcing.
risk acceptance.
Of the following risk management strategies, the one that
aims at minimizing both the severity and the likelihood of
loss is
avoidance.
reduction.
transference.
retention.
A hazard is
A situation involving chemical fumes
Has the potential to cause harm
Both physical and psychological in nature
All of the above
When do you perform Risk Identification?
At the beginning of a project.
During project planning.
During the whole lifetime of a project.
During project execution.
What is the correct order of the stages in The Project Risk Management Process Cycle ?
Assess, Plan, Respond, Repeat, Close
Assess, Identify, Plan, Monitor, Respond
Identify, Assess, Plan Response, Monitor & Respond, Close
Plan, Identify, Assess, Respond, Close
Which of these is NOT a possible strategy for responding to a project risk
Transfer
Avoid
Mitigate
Accept
Redefine
Risk thresholds are determined to help:
The team rank the project risks
The project manager estimate the project
The team schedule the project
Management know how other managers will act on the project
During which risk management process is a determination made to transfer a risk?
Identify Risks
Implement Risk Responses
Plan Risk Responses
Monitor Risks
Buying insurance is one example of:
Risk spreading
Risk transfer
Risk avoidance
Risk reduction
The following are risk management techniques, EXCEPT:
Avoid
Control
Reduce
Transfer
Works with numbers, statistics, formulations, and data
QUALITATIVE
QUANTITATIVE
Which is the correct flow of Risk Assessment?
Evaluation > Identification > Analysis
Analysis > Evaluation > Identification
Identification > Analysis > Evaluation
Identification > Analysis > Treatment
