Risk Management Flashcards
7 cards from real CAPM practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Risk Management flashcards as text
Which process involves implementing agreed-upon risk response plans and tracking identified risks?
Answer: Monitor Risks
Monitor Risks tracks the implementation of risk response plans and evaluates their effectiveness throughout the project.
A project manager assigns ownership of a risk to a vendor. Which risk response strategy is being used?
Answer: Transfer
Transfer moves the risk and its ownership to a third party such as a vendor, usually through contracts.
Which of the following inputs is used to perform quantitative risk analysis?
Answer: Risk register
The risk register, containing prioritized risks from qualitative analysis, is a key input to quantitative risk analysis.
The risk management plan is created as an output of which process?
Answer: Plan Risk Management
The Plan Risk Management process produces the risk management plan, which defines how risk activities will be conducted.
An opportunity response strategy where an organization teams with another to share both the opportunity and its resources is called:
Answer: Share
Share involves partnering with another party to capture an opportunity that the team could not fully capitalize on alone.
Which type of risk analysis technique simulates thousands of possible project outcomes to calculate a probability distribution?
Answer: Monte Carlo simulation
Monte Carlo simulation runs thousands of iterations using ranges of input values to produce probability distributions of outcomes.
Workarounds are unplanned responses to risks that were:
Answer: Previously unidentified
Workarounds are reactive responses to risks that were not anticipated or not included in the risk register.