Questions on Project Risk Management

1. Andrew has joined as the Project Manager of a project. One of the project documents available to Andrew lists down all the risks in a hierarchical fashion. What is this document called?
1. Risk Management Plan.
2. List of risks.
3. Monte Carlo diagram.
4. Risk Breakdown Structure.


2. Which of the following statements is true about risks?
1. When evaluating risks their impact should be considered, however probability of occurrence is not important.
2. Risks if they happen always have negative impact and not positive.
3. Risk register documents all the risks in detail.
4. Risk response plan is another name for Risk Management Plan.
3. Beta is the Project Manager of a Road construction project. During a project review, Beta realizes that one particular risk has occured. To take appropriate action against risk that has happened, Beta needs to refer to which document?
1. Risk response plan
2. Risk management plan
3. Risk breakdown structure
4. Risk register


4. During which stage of Risk planning are risks prioritized based on probability and impact?
1. Identify Risks
2. Plan Risk responses
3. Perform Qualitative risk analysis
4. Perform Quantitative risk analysis


5. During which stage of Risk planning are modeling techniques used to determine overall effects of risks on project objectives for high probability, high impact risks?
1. Identify Risks
2. Plan Risk responses
3. Perform Qualitative risk analysis
4. Perform Quantitative risk analysis


6. Andrew is a Project Manager for Green Valley project. A risk management plan has been prepared for the project. Which of the following should Andrew do next?
1. Perform Qualitative risk analysis
2. Perform Quantitative risk analysis
3. Identify Risks
4. Plan Risk responses


7. Which of the following processes has risk register as the primary output?
1. Plan Risk Management
2. Identify Risks
3. Monitoring and Control Risks
4. Perform Qualitative Risk Analysis


8. Five of the processes in Project Risk Management are from which process group?
1. Initiating
2. Planning
3. Executing
4. Monitoring and Control


9. John Strauss is a Project Manager for a reforestation project. To identify the risks involved, John sends a questionnaire to gather inputs from experts. Which technique is John using?
1. Delphi technique
2. Interviews
3. Brain storming
4. Documentation review


10. Mathew is a Project Manager for software migration at a bank. A major risk that has been identified is attrition of resources. As a strategy to respond to this risk, Mathew, with support from Senior Management, provides good increments to his team members. What type of risk response is Mathew following?
1. Accept
2. Avoid
3. Transfer
4. Mitigate


11. Which of these is a valid response to positive risks?
1. Exploit
2. Mitigate
3. Enhance
4. Share

Answers

1. d. Hierarchical description of risks is called Risk Breakdown structure.
2. c. Risk register documents the risks in detail.
3. a. Beta needs to refer to the Risk response plan that documents responses to identified risks.
4. c. Risk probability and impact are defined during Qualitative risk analysis.
5. d.


6. c. Risk identification is performed after performing the risk management plan.
7. b. Process of Identify Risks has Risk register as the major output.
8. b. Five of the six processes in Project Risk Management are part of the Planning process group.
9. a. John is using the Delphi technique to identify risks.
10. d. Mathew is mitigating the risk by reducing the probability of risk happening


11. Risk mitigation is a response to negative risks and not positive risks. Positive risks may be responded by - "Exploit", "Enhance", "Share", "Accept".