CMC CMC Risk Management & Problem Solving 1 — Questions and Answers
Question 1: In CMC consulting, a risk register is BEST described as:
- A financial ledger for project costs
- A structured log that documents identified risks, their likelihood, impact, and mitigation strategies (Correct answer)
- A list of client complaints
- A schedule of project deliverables
Correct answer: A structured log that documents identified risks, their likelihood, impact, and mitigation strategies
A risk register is the primary tool for capturing, assessing, and tracking risks throughout a consulting engagement.
Question 2: A CMC consultant uses a probability-impact matrix to:
- Rank risks by their likelihood of occurring and their potential impact on the project (Correct answer)
- Determine consultant compensation
- Map client organizational structure
- Assess competitor market share
Correct answer: Rank risks by their likelihood of occurring and their potential impact on the project
The probability-impact matrix prioritizes risks so resources can be focused on the most critical threats.
Question 3: Which problem-solving framework do CMC consultants most commonly use to identify the root cause of an organizational issue?
- SWOT Analysis
- The 5 Whys (Correct answer)
- Porter's Five Forces
- BCG Matrix
Correct answer: The 5 Whys
The 5 Whys technique iteratively asks 'why' to drill down to the fundamental root cause of a problem.
Question 4: Operational risk in a consulting context MOST often refers to:
- Risks arising from failed internal processes, systems, or human error (Correct answer)
- Financial market volatility
- Strategic misalignment with industry trends
- Regulatory compliance breaches only
Correct answer: Risks arising from failed internal processes, systems, or human error
Operational risk encompasses failures in internal processes, systems, people, or external events that disrupt delivery.
Question 5: When should a CMC consultant perform a risk assessment on a new engagement?
- Only if the client requests it
- At project closure
- During project initiation and continuously throughout the engagement (Correct answer)
- After the first major deliverable
Correct answer: During project initiation and continuously throughout the engagement
Risk assessment should begin at initiation and be revisited regularly as new information and circumstances emerge.
Question 6: A fishbone (Ishikawa) diagram is used in consulting to:
- Visualize project timelines
- Map the causes contributing to a specific problem or effect (Correct answer)
- Track financial performance
- Illustrate client organizational hierarchies
Correct answer: Map the causes contributing to a specific problem or effect
The fishbone diagram visually organizes potential causes of a problem across categories such as people, process, and technology.
CMC CMC Risk Management & Problem Solving 1
In CMC consulting, a risk register is BEST described as: