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Risk Analysis and Probability Quiz

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Questions and Answers

What is the most popular approach for rating risks in the probability & impact matrix?

Red, Yellow, Green

High, Medium, Low (correct)

Software, Business, Technical

Funding, Estimates, Scheduling

How can the seriousness and priority for action of risks be indicated in a matrix?

By using different font styles

By underlining the cells

By adding border lines to the cells

By using red, yellow, green color codes (correct)

What is the purpose of the probability & impact matrix?

To prioritize project timelines

To identify and organize risks (correct)

To estimate funding and resource availability

To define risk categories

What does the scale in the probability & impact matrix typically consist of?

High, Medium, Low (D) Signup and view all the answers

What is the purpose of a RACI chart in the context of Human Resources?

To define the roles and responsibilities of team members and stakeholders (D) Signup and view all the answers

How does the RAM (Responsibility Assignment Matrix) contribute to project management?

By assigning responsibilities to individuals or roles (D) Signup and view all the answers

What is the primary function of understanding the budget in terms of resources, cost, and time for specific risk activities?

To track and control budget expenditures (A) Signup and view all the answers

What does the timing component in the context of risk management define?

How often risk management activities will be performed (C) Signup and view all the answers

What is the purpose of the probability & impact matrix in risk analysis?

To determine the most significant risks based on their likelihood and impact (D) Signup and view all the answers

How does the choice of grid size in a risk matrix affect risk analysis?

It affects the complexity or simplicity of the risk analysis (D) Signup and view all the answers

What does the acronym 'PIG' stand for in relation to risk heat maps?

Probability, Impact, Grid (C) Signup and view all the answers

How does stakeholders' risk tolerance influence the ranking of risks in impact levels?

It correlates with higher impacts for risks if stakeholders have low risk tolerance (A) Signup and view all the answers