Bootstrap Risk Assessment & Management 4

Question 1

During risk monitoring, what is the primary purpose of conducting periodic risk reviews?

Accepted Answer

To assess whether existing risks have changed and identify new ones

Answer

Periodic risk reviews evaluate changes in risk probability or impact, check trigger conditions, and surface newly emerging risks throughout the project.

Question 2

Which risk response is most appropriate when a risk's probability and impact are both too low to justify active treatment?

Accepted Answer

Passive acceptance

Answer

Passive acceptance means acknowledging the risk with no proactive action — appropriate when the cost of response exceeds the potential loss.

Question 3

A risk owner's primary responsibility is to:

Accepted Answer

Execute and monitor the assigned risk response plan

Answer

The risk owner is accountable for ensuring the designated risk response is carried out and for monitoring trigger conditions for their assigned risk.

Question 4

When assessing risk velocity, a project manager is evaluating:

Accepted Answer

The speed at which a risk is expected to impact the project if it occurs

Answer

Risk velocity (or speed of onset) describes how quickly a risk will transition from identification to impact, affecting how much warning time exists.

Question 5

The FMEA (Failure Mode and Effects Analysis) technique is used primarily to:

Accepted Answer

Identify ways a product or process can fail and assess the effects

Answer

FMEA systematically examines each component or process step for potential failure modes, their causes, and downstream effects on the overall system.

Bootstrap Practice Test

Bootstrap Practice Test

Bootstrap Risk Assessment & Management 4