CSC Risk Management & Quality Assurance 3 — Questions and Answers
Question 1: A senior consultant is helping a client select a risk quantification approach. The client needs to rank risks but lacks reliable historical data. Which approach is BEST?
- Expected Monetary Value (EMV) analysis
- Qualitative risk assessment using probability-impact matrices (Correct answer)
- Earned Value Analysis
- Statistical Process Control charts
Correct answer: Qualitative risk assessment using probability-impact matrices
Qualitative assessment using probability-impact matrices is appropriate when historical data is insufficient for quantitative modeling.
Question 2: In quality assurance, a 'control chart' showing data points consistently near the upper control limit but within bounds indicates:
- The process is in statistical control and no action is needed
- A potential trend suggesting the process may soon go out of control (Correct answer)
- The upper control limit should be raised to accommodate the data
- Random variation that requires immediate corrective action
Correct answer: A potential trend suggesting the process may soon go out of control
Consistent data clustering near a control limit often signals a trend or shift in the process that warrants investigation before a breach occurs.
Question 3: What distinguishes a 'residual risk' from a 'secondary risk' in project risk management?
- Residual risks are low priority; secondary risks are high priority
- Residual risks remain after a response is applied; secondary risks arise as a direct result of implementing a risk response (Correct answer)
- Residual risks apply to quality; secondary risks apply to schedule
- There is no meaningful distinction between the two terms
Correct answer: Residual risks remain after a response is applied; secondary risks arise as a direct result of implementing a risk response
Residual risk is what remains after mitigation; secondary risk is a new risk created by the act of implementing the mitigation itself.
Question 4: A consulting team conducts a 'lessons learned' session after a project with significant quality failures. Which outcome delivers the MOST long-term value?
- Publishing a report that attributes failures to specific team members
- Updating the firm's quality management templates and checklists for future engagements (Correct answer)
- Archiving the report in the project folder for reference
- Presenting the findings only to the project sponsor
Correct answer: Updating the firm's quality management templates and checklists for future engagements
Embedding lessons into reusable templates institutionalizes learning and prevents recurrence across future engagements.
Question 5: Which risk attitude describes a stakeholder who prefers a certain, smaller gain over a larger uncertain gain?
- Risk-seeking
- Risk-neutral
- Risk-averse (Correct answer)
- Risk-tolerant
Correct answer: Risk-averse
A risk-averse stakeholder values certainty and will sacrifice potential upside to avoid uncertainty.
Question 6: A senior consultant is evaluating a supplier's quality system. Which ISO standard is MOST directly relevant to assessing their quality management system?
- ISO 14001
- ISO 9001 (Correct answer)
- ISO 27001
- ISO 31000
Correct answer: ISO 9001
ISO 9001 is the internationally recognized standard for quality management systems applicable to supplier evaluation.
Question 7: During risk response planning, a consultant recommends purchasing insurance for a major project liability. This is an example of which risk strategy?
- Avoid
- Mitigate
- Transfer (Correct answer)
- Accept
Correct answer: Transfer
Purchasing insurance transfers the financial consequence of a risk to a third party (the insurer).
CSC Risk Management & Quality Assurance 3
A senior consultant is helping a client select a risk quantification approach.
The client needs to rank risks but lacks reliable historical data.
Which approach is BEST?