CPM CPM Risk Management & Contingency Planning 2

Question 1

Which qualitative risk analysis output helps prioritize risks for further analysis or action?

Accepted Answer

Risk probability and impact matrix

Answer

A probability and impact matrix maps risks by likelihood and consequence to prioritize which ones need immediate attention or deeper quantitative analysis.

Question 2

A project manager accepts a risk without taking any proactive action. This strategy is best described as:

Accepted Answer

Passive acceptance

Answer

Passive acceptance involves acknowledging a risk and taking no action unless the risk occurs, typically used for low-priority risks.

Question 3

Which process involves numerically analyzing the effect of identified risks on overall project objectives?

Accepted Answer

Quantitative risk analysis

Answer

Quantitative risk analysis uses numerical methods such as Monte Carlo simulation to assess the probability of achieving project objectives given identified risks.

Question 4

When should risk management planning ideally begin on a project?

Accepted Answer

At the start of the planning phase

Answer

Risk management planning should begin early in the planning phase so that risk processes, roles, and tools are defined before risks are identified.

Question 5

What is a secondary risk?

Accepted Answer

A risk that arises as a direct result of implementing a risk response

Answer

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.

(CPM) Certified Project Manager Practice Test

(CPM) Certified Project Manager Practice Test

CPM CPM Risk Management & Contingency Planning 2