CMC CMC Risk Management & Problem Solving 1

Question 1

In CMC consulting, a risk register is BEST described as:

Accepted Answer

A structured log that documents identified risks, their likelihood, impact, and mitigation strategies

Answer

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:

Accepted Answer

Rank risks by their likelihood of occurring and their potential impact on the project

Answer

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?

Accepted Answer

The 5 Whys

Answer

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:

Accepted Answer

Risks arising from failed internal processes, systems, or human error

Answer

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?

Accepted Answer

During project initiation and continuously throughout the engagement

Answer

Risk assessment should begin at initiation and be revisited regularly as new information and circumstances emerge.

(CMC) Chartered Management Consultant Practice Test