CPP Risk Management in Process Improvement 2

Question 1

Which of the following is a qualitative risk assessment technique used in process improvement?

Accepted Answer

Risk probability-impact matrix

Answer

A risk probability-impact matrix is a qualitative technique that categorizes risks using descriptive scales to assess likelihood and consequence levels.

Question 2

What is the primary goal of a 'risk response plan' in a process improvement project?

Accepted Answer

To define specific actions that will be taken to address identified risks

Answer

A risk response plan defines specific actions, owners, timelines, and resources to address identified risks using strategies such as avoidance, mitigation, transfer, or acceptance.

Question 3

Which risk response strategy involves taking actions to reduce the probability or impact of a risk?

Accepted Answer

Risk mitigation

Answer

Risk mitigation involves implementing actions to reduce the probability of a risk occurring or to minimize its impact if it does occur.

Question 4

When should risk management activities be performed during a process improvement project?

Accepted Answer

Continuously throughout the entire project lifecycle

Answer

Risk management must be performed continuously throughout the project lifecycle because new risks can emerge at any phase and existing risks require ongoing monitoring and reassessment.

Question 5

In process risk management, what is a 'contingency plan'?

Accepted Answer

A pre-defined response plan activated when a specific risk event occurs

Answer

A contingency plan is a pre-defined set of actions to be executed when a specific risk event materializes, ensuring a rapid, organized, and effective response.

(CPP) Certified Process Professional Practice Test

(CPP) Certified Process Professional Practice Test

CPP Risk Management in Process Improvement 2