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Project Risk Management Fundamentals

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Questions and Answers

What does project risk management involve?

Identifying, analyzing, and responding to risk factors (correct)

Mitigating only high-impact risks

Avoiding all potential risks

Ignoring potential risks until they materialize

Which PMBoK process involves determining what can be done to minimize the probability or impact of risks?

Perform Quantitative Risk Analysis (PMBoK 11.4)

Plan Risk Responses (PMBoK 11.5) (correct)

Plan Risk Management (PMBoK 11.1)

Control Risks (PMBoK 11.6)

What is a key question to consider in risk management according to the text?

What cues will signal the need for action? (correct)

Who is responsible for all risks?

How many risks can be ignored?

When should risks be hidden from stakeholders?

What is the Project Risk Analysis and Management (PRAM) process designed for?

To analyze and manage project risks Signup and view all the answers

Which PMBoK process involves recognizing four key stages in project risk management?

Identify Risks (PMBoK 11.2) Signup and view all the answers

What does the Project Risk Analysis and Management (PRAM) process involve?

Identifying, analyzing, and responding to risk factors throughout the project Signup and view all the answers

In which PMBoK process is the Plan Risk Management covered?

PMBoK 11.1 Signup and view all the answers

What is the primary focus of Perform Quantitative Risk Analysis (PMBoK 11.4)?

Measuring the probability and impact of identified risks Signup and view all the answers

What are the key stages in project risk management according to PMBoK?

Plan Risk Management, Identify Risks, Perform Qualitative Risk Analysis, Perform Quantitative Risk Analysis Signup and view all the answers

What is the essence of risk management as described in the text?