Risk & Quality Management Flashcards

During which risk management process are risk owners assigned and risk response plans developed?

Answer: Plan Risk Responses

Plan Risk Responses is where the team develops options and assigns risk owners to execute agreed-upon response strategies.

A control chart shows data points consistently above the mean for eight consecutive measurements. This situation is called:

Answer: A rule of seven violation

The rule of seven states that seven or more consecutive data points on the same side of the mean indicate a non-random pattern requiring investigation.

Which of the following is an example of a positive risk response strategy?

Answer: Exploit

Exploit is a positive risk response used to ensure that an opportunity definitely occurs, such as assigning the best resources to capture it.

A project sponsor asks the project manager to add extra features beyond the agreed scope to impress the customer. This practice is known as:

Answer: Gold plating

Gold plating refers to adding extras beyond the agreed scope, which increases risk without providing approved value.

Which input to the Identify Risks process provides information about project objectives, constraints, and assumptions?

Answer: Project management plan

The project management plan contains scope, schedule, cost, and quality baselines that reveal areas of uncertainty used to identify risks.

A project team performs regular process audits to evaluate whether quality processes are being followed correctly. This is an example of:

Answer: Quality assurance

Quality assurance evaluates whether quality processes and standards are being properly applied across the project.

Residual risks are best described as risks that:

Answer: Remain after risk responses have been implemented

Residual risks are those that remain after planned risk responses have been applied and should be documented and monitored.