CPM CPM Risk Management & Contingency Planning

Question 1

Which risk response strategy involves shifting the negative impact of a risk to a third party?

Accepted Answer

Transfer

Answer

Avoid

Answer

Mitigate

Answer

Accept

Question 2

In the CPM framework, what is a contingency reserve primarily used for?

Accepted Answer

Covering identified risks that may occur

Answer

Funding scope additions

Answer

Paying bonuses to project team members

Answer

Offsetting management overhead costs

Question 3

A project manager is evaluating risks by multiplying probability by impact. Which technique is being used?

Accepted Answer

Expected monetary value (EMV)

Answer

Monte Carlo simulation

Answer

Risk probability and impact matrix

Answer

Delphi technique

Question 4

Which of the following best describes a residual risk?

Accepted Answer

A risk that remains after risk responses have been applied

Answer

A risk that has been fully eliminated

Answer

A newly identified risk late in the project

Answer

A risk transferred to an external vendor

Question 5

During risk identification, which tool involves team members independently generating ideas before sharing them with the group?

Accepted Answer

Nominal Group Technique

Answer

Brainstorming

Answer

Delphi Technique

Answer

SWOT Analysis

Question 6

What is the primary purpose of a risk register in project management?

Accepted Answer

To document identified risks, responses, and owners

Answer

To track project milestones

Answer

To record team member performance issues

Answer

To outline the project communication plan