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WorksheetsQuiz Lesson 3 - Topic F (Risks)
Total questions: 10
Worksheet time: 5mins
What does a trigger condition represent in risk management?
A risk that occurs due to external factors
A situation indicating that a risk event is about to happen
The level of risk appetite acceptable to the organization
A mitigation strategy to address a known risk
What is an example of a business risk in project management?
A risk that could lead to regulatory noncompliance
A competitive risk that could lead to either profit or loss
A resource-related issue affecting project performance
A project schedule overrun due to poor estimation
Which risk response strategy involves transferring ownership of a threat to a third party?
Escalate
Avoid
Transfer
Mitigate
What is the primary purpose of a risk register?
To track project compliance with legal requirements
To document identified risks and their management plans
To determine organizational risk appetite and threshold
To calculate expected monetary value (EMV)
What is the difference between a secondary risk and a residual risk?
Secondary risks occur due to poor planning; residual risks occur after project closure.
Secondary risks arise from implementing risk responses, while residual risks remain after implementing responses.
Secondary risks are external to the project, while residual risks are internal.
Secondary risks are addressed in contingency planning, while residual risks are escalated.
Which of the following is a valid opportunity response strategy?
Mitigate
Share
Transfer
Avoid
What does a probability and impact matrix help project managers achieve?
Assign ownership to risks
Rank risks based on their likelihood and potential effect on project objectives
Identify secondary risks and their mitigation strategies
Calculate expected monetary value (EMV) for all risks
What should be the first step when managing a risk with a high probability and low impact?
Mitigate the risk immediately
Document the risk in the risk register and monitor it
Escalate the risk to stakeholders for review
Transfer the risk to a third party
What does the term "contingency reserve" refer to in risk management?
A backup plan for unplanned risks
Resources allocated for unknown risks
Time or money set aside for known risks with planned responses
Extra resources allocated after a risk has occurred
What is the purpose of a decision tree analysis in risk management?
To identify all potential risk triggers
To evaluate the implications of multiple options in uncertainty
To assign qualitative risk ratings
To develop a hierarchical representation of risk sources
