Project Risk Management Practice Quiz 3
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Feb 20, 2024
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**Project Management Risk Quiz 3**
**1. Question: What is the primary purpose of a risk register in project management?**
a. To document project expenses b. To create the project schedule c. To identify and document potential risks d. To track project milestones **Answer: c. To identify and document potential risks**
**2. Question: What is the difference between a known risk and an unknown risk in project management?**
a. Known risks are always positive, while unknown risks are negative b. Known risks are predictable, while unknown risks are unforeseen c. Known risks have a high likelihood of occurrence, while unknown risks have a low likelihood d. Known risks are external, while unknown risks are internal **Answer: b. Known risks are predictable, while unknown risks are unforeseen**
**3. Question: In project risk management, what is the purpose of a risk appetite statement?**
a. To eliminate all project risks b. To express the organization's level of tolerance for risk c. To transfer all project risks to external parties d. To create contingency plans **Answer: b. To express the organization's level of tolerance for risk**
**4. Question: What does the term "residual risk" mean in project management?
**
a. The remaining budget after risk mitigation b. Risks that have been completely eliminated c. The risk that remains after risk response strategies have been implemented d. The initial risk before any mitigation actions **Answer: c. The risk that remains after risk response strategies have been implemented**
**5. Question: Which risk identification technique involves analyzing historical data from past projects to identify potential risks?**
a. Brainstorming b. SWOT analysis c. Checklists d. Historical data analysis **Answer: d. Historical data analysis**
**6. Question: What is the purpose of a risk breakdown structure (RBS) in project
risk management?**
a. To break down the project schedule into smaller components b. To identify and categorize potential sources of risks in a hierarchical structure c. To create a budget for risk management activities d. To develop contingency plans for identified risks **Answer: b. To identify and categorize potential sources of risks in a hierarchical
structure**
**7. Question: What is the primary goal of a risk assessment meeting in project management?**
a. To ignore potential risks b. To brainstorm potential risks with the project team c. To review and analyze identified risks with key stakeholders d. To assign numerical values to risks **Answer: c. To review and analyze identified risks with key stakeholders**
**8. Question: What is the purpose of a Monte Carlo simulation in project risk management?**
a. To eliminate all project risks b. To transfer all project risks to external parties c. To analyze the impact of identified risks on project schedule and budget through a probabilistic model d. To create a risk breakdown structure (RBS)
**Answer: c. To analyze the impact of identified risks on project schedule and budget through a probabilistic model**
**9. Question: What is the role of a risk owner in project risk management?**
a. To eliminate all identified risks b. To accept all identified risks c. To oversee and manage the implementation of risk response strategies for specific risks d. To avoid any involvement in risk management activities **Answer: c. To oversee and manage the implementation of risk response strategies for specific risks**
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**10. Question: What is the purpose of a risk response plan in project management?**
a. To eliminate all identified risks b. To document the actions that will be taken if a risk occurs c. To ignore potential risks d. To shift responsibility for risks to external parties **Answer: b. To document the actions that will be taken if a risk occurs**
**11. Question: In project risk management, what does the term "mitigation" refer to?**
a. Accepting the risk and taking no action b. Transferring the risk to a third party c. Reducing the likelihood or impact of a risk d. Ignoring the risk and hoping for a positive outcome **Answer: c. Reducing the likelihood or impact of a risk**
**12. Question: What is the purpose of continuous monitoring in project risk management?**
a. To ignore potential risks b. To adapt to changing circumstances and address emerging risks c. To eliminate all project risks d. To complete the project ahead of schedule **Answer: b. To adapt to changing circumstances and address emerging risks**
**13. Question: Which of the following is an example of an external risk in project
management?**
a. A team member unexpectedly resigning b. An unexpected change in project scope c. Delays in project schedule due to resource constraints d. Economic downturn affecting the project's market **Answer: d. Economic downturn affecting the project's market**
**14. Question: What is the purpose of a contingency plan in project risk management?**
a. To eliminate all identified risks b. To develop proactive strategies for addressing potential risks c. To ignore potential risks d. To transfer all project risks to external parties **Answer: b. To develop proactive strategies for addressing potential risks**
**15. Question: What role does a risk matrix play in project risk management?**
a. Assigning numerical values to risks b. Visual representation of risk severity c. Developing contingency plans for risks d. Brainstorming potential risks **Answer: b. Visual representation of risk severity**