Risk Management Flashcards

Which risk response strategy involves shifting the negative impact of a risk to a third party?

Answer: Transfer

Transfer shifts risk ownership to a third party, such as through insurance or outsourcing, without eliminating the risk.

A project manager discovers a risk that was not identified during planning. This is best described as a:

Answer: Unknown unknown

Unknown unknowns are risks that were not identified and could not have been anticipated during planning.

Which document records all identified risks, their characteristics, and risk response plans?

Answer: Risk register

The risk register is the primary document for capturing identified risks, their analysis results, and planned responses.

A new risk that arises as a direct result of implementing a risk response is called a:

Answer: Secondary risk

Secondary risks emerge as a direct consequence of implementing a risk response and must also be planned for.

Which of the following best describes a risk trigger?

Answer: A warning sign that a risk is about to occur

A risk trigger is an indicator or warning sign that reveals a risk event is imminent or has occurred.

During a risk workshop, the team uses a scale of Very Low, Low, Medium, High, and Very High. This is an example of:

Answer: Qualitative risk analysis

Qualitative risk analysis uses subjective scales to prioritize risks based on probability and impact without numerical calculation.

Which risk response strategy for opportunities involves expanding the positive impact to ensure the opportunity is realized?

Answer: Exploit

Exploit eliminates the uncertainty by taking definitive action to ensure the positive opportunity is captured.