30 Questions
What is the main objective of negative risk management?
To minimize threats that are potential project problems
What type of risk is an environmental permit delay?
Negative risk
Which of the following is an example of a project condition?
Company has multiple projects going on at once
What is the first step in the PMBOK risk management process?
Plan Risk Management
What is the main objective of positive risk management?
To maximize opportunities where good things happen
What happens when a risk event occurs?
It becomes a project issue
What is the primary goal of the Plan Risk Management process?
To develop a risk management plan
What is the purpose of the Probability Scale in risk management?
To assign a numerical value to the likelihood of a risk occurring
What is the output of the Plan Risk Management process that provides a framework for categorizing risks?
Risk Breakdown Structure (RBS)
What is the purpose of the Risk Breakdown Structure (RBS) in risk management?
To break down risk categories into specific components related to the project
What is the output of the Plan Risk Management process that outlines the different impact levels for time and budget?
Guidelines for determining the potential impact
How often should risk assessment be performed, according to the Plan Risk Management process?
On a regular basis, as outlined in the risk management plan
What is the purpose of applying the Project Impact Scale in the Risk Register?
To identify high impact high probability risks
What is the expected outcome of Quantitative Analysis in risk management?
To quantify the risks using Expected Monetary Value (EMV)
What is the primary purpose of gathering information from people who know about the risks?
To get a three-point cost estimate on the impact of each risk
What is the next step after gathering information from people who know about the risks?
Analyze the information using Sensitivity Analysis and EMV
What is the formula to calculate the Expected Monetary Value (EMV)?
EMV = Probability x Impact
What is the benefit of using the Expected Monetary Value (EMV) in risk management?
It provides a way to quantify the risks
What is the primary goal of monitoring and controlling risks in a project?
To ensure project decisions are based on current information about overall project risk exposure
Which of the following is a positive response to risk?
Enhancing the opportunity
What is the purpose of risk reassessment in the risk management process?
To identify new risks
What is the primary focus of risk management?
Identifying and analyzing risks
What is the purpose of variance and trend analysis in risk management?
To analyze the impact of risks that have happened
What is the purpose of status meetings in risk management?
To monitor and control risks throughout the project
What is a key characteristic of a project risk?
It is an uncertain event or condition that may impact the project
What is the primary purpose of risk management in a project?
To identify and plan for potential risks
What is the term for the process of evaluating risks based on their likelihood and impact?
Quantitative Analysis
What is the term for a risk that has a positive impact on the project?
Opportunity
What is the purpose of a risk register?
To document and track identified risks
What is the term for the process of transferring a risk to another party?
Risk Transfer
Test your understanding of project risk management by identifying the risk management process, defining project risk, and evaluating risks qualitatively and quantitatively. This quiz covers key concepts and vocabulary related to risk management, including risk registers, mitigation strategies, and contingency plans.
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