Project Risk Management
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Questions and Answers

What is a risk in the context of project management?

  • A certain event that has a positive impact on a project
  • An uncertain event or condition that has a positive or negative impact on a project (correct)
  • A certain event that has a negative impact on a project
  • A type of project objective

    • What is the purpose of risk assessment?

  • To identify and analyze only external risks
  • To identify and mitigate all risks
  • To prioritize risks based on their likelihood
  • To identify, analyze, and prioritize risks and develop strategies to mitigate or exploit them (correct)

    • What is one way to identify potential risks in a project?

  • Conducting a post-project review
  • Reviewing project documentation (correct)
  • Developing a project schedule
  • Conducting a feasibility study

    • What is the purpose of risk prioritization?

    <p>To rank risks based on their likelihood and impact</p> Signup and view all the answers

    What is risk mitigation?

    <p>The process of developing and implementing strategies to reduce or eliminate risks</p> Signup and view all the answers

    What is one tool used in risk analysis?

    <p>Probability and impact matrices</p> Signup and view all the answers

    What is the primary goal of project scope management?

    <p>To ensure the project meets the customer's needs and expectations</p> Signup and view all the answers

    What is the purpose of the Work Breakdown Structure (WBS) in project scope management?

    <p>To decompose the project into smaller, manageable tasks</p> Signup and view all the answers

    What is the first step in the scope change control process?

    <p>Change Request</p> Signup and view all the answers

    What is risk mitigation?

    <p>Reducing the risk through preventive measures</p> Signup and view all the answers

    What is opportunity exploitation in positive risk mitigation?

    <p>Taking advantage of the opportunity to enhance project outcomes</p> Signup and view all the answers

    What is the purpose of customer approval and reviews in project scope management?

    <p>To ensure that the customer approves the project's scope, SOW, and WBS</p> Signup and view all the answers

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