Risk Management: Strategies and Approaches

What is a key preventive measure to ensure project continuity if staff members leave?

Hire additional staff for every critical activity
Ensure all team members are acquainted with current development activities (correct)
Maintain documentation strictly as per organizational standards
Conduct frequent code reviews to speed up work

Which of the following is a proactive risk strategy mentioned in the text?

Ensuring predicted risks actually occur or not
Maintaining documentation as per standards (correct)
Gathering information useful for risk analysis
Monitoring team members' behavior as project pressure varies

What is a reactive risk strategy mentioned in the text?

Conducting timely reviews to speed up work
Checking if risk avoidance steps are applied properly
Monitoring team cooperation and problems occurring
Providing additional staff for critical activities (correct)

Which of the following is NOT part of a risk management plan according to the text?

Monitoring availability of jobs within and outside the organization (C) Signup and view all the answers

What is the objective of risk monitoring according to the text?

Both a) and b) (B) Signup and view all the answers

Which of the following is an example of a 'firefighting' activity according to the text?

Providing additional staff for critical activities (D) Signup and view all the answers

What is the primary purpose of the risk monitoring activities mentioned in the text?

To track the effectiveness of risk mitigation efforts (C) Signup and view all the answers

What is the main purpose of a Risk Information Sheet (RIS)?

To track the priority and status of individual risks (C) Signup and view all the answers

What is the difference between risk mitigation and risk monitoring as described in the text?

Risk mitigation is a problem avoidance activity, while risk monitoring is a project tracking activity. (B) Signup and view all the answers

What is the main purpose of the RMMM (Risk Mitigation, Monitoring, and Management) plan?

To document all work performed as part of risk analysis (B) Signup and view all the answers

What is the key difference between a formal RMMM plan and individual Risk Information Sheets (RIS) as described in the text?

RMMM plans define a comprehensive risk management strategy, while RIS focus on individual risks. (A) Signup and view all the answers

What is the primary purpose of the error tracking metrics discussed in the text?

To compare current error rates with past project data (D) Signup and view all the answers

Which of the following is a characteristic of a reactive risk strategy?

Corrective actions are taken only when the project encounters problems. (B) Signup and view all the answers

What is the primary objective of a proactive risk strategy?

To avoid risks through preventive measures. (A) Signup and view all the answers

Which of the following activities is not typically associated with a proactive risk strategy?

Engaging in firefighting activities to rapidly correct problems. (C) Signup and view all the answers

What is the purpose of a risk management plan in a proactive risk strategy?

To establish a systematic approach for identifying, analyzing, and controlling potential risks. (B) Signup and view all the answers

Which of the following statements best describes the concept of 'firefighting activities'?

Activities focused on rapidly correcting problems as they arise. (B) Signup and view all the answers

What is the primary difference between a reactive and a proactive risk strategy?

A reactive strategy involves taking corrective actions after risks occur, while a proactive strategy involves preventive measures before risks occur. (A) Signup and view all the answers

Risk Management: Strategies and Approaches

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