CPM Risk Management & Contingency Planning Flashcards
6 cards from real CPM practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 CPM Risk Management & Contingency Planning flashcards as text
Which qualitative risk analysis output helps prioritize risks for further analysis or action?
Answer: Risk probability and impact matrix
A probability and impact matrix maps risks by likelihood and consequence to prioritize which ones need immediate attention or deeper quantitative analysis.
A project manager accepts a risk without taking any proactive action. This strategy is best described as:
Answer: Passive acceptance
Passive acceptance involves acknowledging a risk and taking no action unless the risk occurs, typically used for low-priority risks.
Which process involves numerically analyzing the effect of identified risks on overall project objectives?
Answer: Quantitative risk analysis
Quantitative risk analysis uses numerical methods such as Monte Carlo simulation to assess the probability of achieving project objectives given identified risks.
When should risk management planning ideally begin on a project?
Answer: At the start of the planning phase
Risk management planning should begin early in the planning phase so that risk processes, roles, and tools are defined before risks are identified.
What is a secondary risk?
Answer: A risk that arises as a direct result of implementing a risk response
Secondary risks are new risks that emerge as a result of implementing a risk response, requiring the project manager to monitor and plan for them as well.
Which CPM risk strategy involves changing the project plan to eliminate a threat entirely?
Answer: Avoid
Risk avoidance changes the project plan to eliminate the threat, such as extending the schedule, changing the approach, or reducing scope.