Risk Management & Quality Assurance Flashcards
7 cards from real CPE 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 Management & Quality Assurance flashcards as text
In risk management, what is a 'risk trigger' (also called a risk symptom or warning sign)?
Answer: An indicator that a risk event is about to occur or has occurred
A risk trigger is an early warning signal indicating that a risk event is imminent, prompting execution of the pre-planned risk response.
Which risk response strategy is most appropriate when a risk has a very low probability and low impact?
Answer: Accept
Acceptance (passive) is appropriate for low-priority risks where the cost of other responses exceeds the potential impact of the risk event.
A project's Risk Register should be updated throughout the project lifecycle because:
Answer: New risks emerge and existing risks evolve as the project progresses
Risks change in probability and impact over the project lifecycle, and new risks are identified as the project environment and scope become clearer.
Statistical Process Control (SPC) uses control charts to distinguish between:
Answer: Common cause variation and special cause variation
SPC control charts separate normal, inherent process variation (common cause) from unusual, assignable variation (special cause) that requires investigation.
In AACE International's Total Cost Management framework, what is the primary purpose of the risk management process during the planning phase?
Answer: To inform cost and schedule estimates with appropriate contingency
Risk management during planning informs how much contingency to add to cost and schedule baselines to account for identified uncertainties.
A 'lessons learned' review at project closeout contributes primarily to which quality management principle?
Answer: Continuous improvement (Kaizen)
Lessons learned capture best practices and failures to drive continuous improvement on future projects, a core principle of quality management.
When a risk response plan is executed and the risk event occurs but the response proves insufficient, the team should:
Answer: Implement workarounds and update the Risk Register
Workarounds are unplanned responses to risks that have occurred and were not previously addressed; the Risk Register should then be updated to reflect the actual event.