Risk & Quality 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 & Quality Management flashcards as text
Which quantitative risk analysis tool simulates thousands of possible project outcomes by varying input values within defined ranges?
Answer: Monte Carlo simulation
Monte Carlo simulation runs thousands of iterations with random variable inputs to produce a probability distribution of possible project outcomes.
A project manager adds extra time to a schedule to account for identified risks. This buffer is called:
Answer: Contingency reserve
Contingency reserves are planned time or budget buffers specifically allocated to address identified risks within the project baseline.
The Manage Quality process primarily aims to:
Answer: Audit quality processes for compliance and improvement
Manage Quality (formerly Quality Assurance) focuses on auditing processes to confirm quality standards are being applied and identifies improvements.
Which technique involves comparing project practices against those of other organizations to identify performance improvements?
Answer: Benchmarking
Benchmarking compares actual or planned practices against those of comparable projects to identify best practices and improvement opportunities.
A risk that is not identified during planning but emerges unexpectedly during execution is called a:
Answer: Unknown-unknown risk
Unknown-unknown risks (unk-unks) are those that cannot be anticipated and are addressed through management reserves and workarounds.
Which quality management concept states that it is less expensive to build quality into a product than to correct defects after delivery?
Answer: Prevention over inspection
Prevention over inspection is a core quality principle emphasizing that designing quality in from the start reduces overall costs compared to finding and fixing defects later.
A risk response that introduces a new risk as a result of implementing the original response is called a:
Answer: Secondary risk
Secondary risks are new risks that arise as a direct result of implementing a risk response and must also be identified and managed.