Project Risk Management Practice Quiz 2
docx
keyboard_arrow_up
School
First Choice College *
*We aren’t endorsed by this school
Course
BSBPMG536
Subject
Information Systems
Date
Feb 20, 2024
Type
docx
Pages
5
Uploaded by EarlFreedomRat11
**Project Risk Management Practice Quiz**
**1. Question: What is the definition of a risk in project management?**
a. A certain event that will always occur b. An uncertain event or condition that, if it occurs, may have a positive or negative effect on project objectives c. An event that can be controlled by the project team d. A guaranteed positive outcome for the project
**Answer: b. An uncertain event or condition that, if it occurs, may have a positive or negative effect on project objectives**
**2. 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. Weather conditions affecting outdoor project activities **Answer: d. Weather conditions affecting outdoor project activities**
**3. Question: What is the difference between known risks and unknown risks in project management?**
a. Known risks can be eliminated, while unknown risks cannot b. Known risks are predictable, while unknown risks are unforeseen c. Known risks have a low impact, while unknown risks have a high impact d. Known risks always have a positive outcome, while unknown risks have a negative outcome **Answer: b. Known risks are predictable, while unknown risks are unforeseen**
**4. Question: In the risk management process, 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**
**5. Question: Which risk response strategy involves sharing the risk with a third party, such as through insurance or contracts?**
a. Acceptance b. Avoidance c. Mitigation d. Transfer **Answer: d. Transfer**
**6. Question: What is the purpose of a risk register in project management?**
a. To keep track of project expenses b. To document identified risks and their characteristics c. To manage project stakeholders d. To create project schedules **Answer: b. To document identified risks and their characteristics**
**7. Question: What does the term "residual risk" mean in the context of 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**
**8. Question: What is the purpose of a risk appetite statement in project management?**
a. To eliminate all project risks b. To communicate the project budget to stakeholders c. To express the organization's level of tolerance for risk d. To create a contingency plan **Answer: c. To express the organization's level of tolerance for risk**
**9. Question: What is the significance of a risk breakdown structure (RBS) in project risk management?**
a. To break down the project budget into smaller components b. To identify and categorize potential sources of risks in a hierarchical structure c. To create a schedule for risk management activities d. To develop a risk mitigation plan **Answer: b. To identify and categorize potential sources of risks in a hierarchical
structure**
**10. Question: What is the primary purpose of a risk assessment meeting in project management?**
a. To ignore potential risks b. To brainstorm potential risks with the project team
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
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**
**11. Question: Which risk identification technique involves gathering information from project team members, stakeholders, and experts through interviews or surveys?**
a. Brainstorming b. Delphi technique c. SWOT analysis d. Checklists **Answer: a. Brainstorming**
**12. Question: How does the Delphi technique contribute to risk identification in
project management?**
a. By gathering information from project team members through interviews b. By analyzing historical data from past projects c. By reaching a consensus among experts through iterative rounds of anonymous feedback d. By developing contingency plans for identified risks **Answer: c. By reaching a consensus among experts through iterative rounds of anonymous feedback**
**13. 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**
**14. 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**
**15. 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**