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 of the following describes the overall risk of a project rather than individual risks?
Answer: Overall project risk
Overall project risk represents the combined effect of all project uncertainties on the project outcome as a whole.
A risk probability and impact matrix is used primarily to:
Answer: Prioritize risks for further analysis
The probability and impact matrix helps categorize and prioritize risks based on their likelihood and potential effect.
Which of the following is an example of a risk mitigation strategy?
Answer: Adding prototype testing to reduce technical uncertainty
Mitigation reduces the probability or impact of a risk, and prototyping is a classic example of reducing technical uncertainty.
Which technique involves gathering expert opinions anonymously to identify and assess risks?
Answer: Delphi technique
The Delphi technique uses multiple rounds of anonymous expert input to build consensus on risk identification and assessment.
A project's risk threshold defines:
Answer: The level of risk exposure above which action must be taken
Risk thresholds are specific points at which a risk becomes unacceptable and must be addressed with a response.
When performing Identify Risks, which of the following is an output?
Answer: Risk register updates
The risk register is created or updated as an output of the Identify Risks process, capturing all newly identified risks.
A project manager notices that after implementing a risk response, the risk still has a residual probability of 10%. This remaining risk is called:
Answer: Residual risk
Residual risks are the risks that remain after risk responses have been implemented and should be monitored.