CAPM Risk & Quality Management 3 — Questions and Answers
Question 1: During which risk management process are risk owners assigned and risk response plans developed?
- Identify Risks
- Perform Qualitative Risk Analysis
- Perform Quantitative Risk Analysis
- Plan Risk Responses (Correct answer)
Correct answer: Plan Risk Responses
Plan Risk Responses is where the team develops options and assigns risk owners to execute agreed-upon response strategies.
Question 2: A control chart shows data points consistently above the mean for eight consecutive measurements. This situation is called:
- Common cause variation
- Special cause variation
- A rule of seven violation (Correct answer)
- Upper control limit breach
Correct 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.
Question 3: Which of the following is an example of a positive risk response strategy?
- Transfer
- Mitigate
- Exploit (Correct answer)
- Avoid
Correct 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.
Question 4: A project sponsor asks the project manager to add extra features beyond the agreed scope to impress the customer. This practice is known as:
- Scope creep
- Progressive elaboration
- Gold plating (Correct answer)
- Fast tracking
Correct answer: Gold plating
Gold plating refers to adding extras beyond the agreed scope, which increases risk without providing approved value.
Question 5: Which input to the Identify Risks process provides information about project objectives, constraints, and assumptions?
- Risk register
- Project management plan (Correct answer)
- Risk report
- Issue log
Correct answer: Project management plan
The project management plan contains scope, schedule, cost, and quality baselines that reveal areas of uncertainty used to identify risks.
Question 6: A project team performs regular process audits to evaluate whether quality processes are being followed correctly. This is an example of:
- Quality control
- Quality assurance (Correct answer)
- Continuous monitoring
- Risk auditing
Correct answer: Quality assurance
Quality assurance evaluates whether quality processes and standards are being properly applied across the project.
Question 7: Residual risks are best described as risks that:
- Have been transferred to a third party
- Remain after risk responses have been implemented (Correct answer)
- Are identified during project closure
- Were accepted without any response
Correct 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.
CAPM Risk & Quality Management 3
During which risk management process are risk owners assigned and risk response plans developed?