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Risk Assessment & Mitigation Flashcards

7 cards from real CSM practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Risk Assessment & Mitigation flashcards as text

  1. A software manager uses a risk matrix to prioritize risks. Which two dimensions are typically plotted on this matrix?

    Answer: Probability and impact

    A risk matrix plots probability (likelihood of occurrence) against impact (consequence if it occurs) to prioritize risks.

  2. During a sprint retrospective, the team discovers a recurring dependency on a third-party API that could fail. What risk mitigation strategy involves creating an alternative API integration in advance?

    Answer: Contingency planning

    Contingency planning involves preparing backup solutions (like an alternate API) in advance so the team can respond quickly if the primary fails.

  3. Which risk response strategy is most appropriate when a risk's potential cost to address exceeds the expected loss from the risk itself?

    Answer: Accept

    Acceptance is appropriate when mitigation costs exceed the expected loss, meaning the risk is cheaper to absorb if it occurs.

  4. A software project faces a risk of key developer turnover. The manager responds by cross-training team members. This is an example of:

    Answer: Risk mitigation

    Cross-training reduces the impact of key person departure by spreading knowledge, making it a mitigation strategy.

  5. In qualitative risk analysis, risks are assessed based on:

    Answer: Subjective judgment of probability and impact

    Qualitative risk analysis uses expert judgment and descriptive scales (e.g., high/medium/low) rather than numerical data.

  6. A CSM recognizes that a new government regulation could impact software compliance requirements mid-project. This is classified as which type of risk?

    Answer: External risk

    Regulatory and legal changes originating outside the project are classified as external risks.

  7. Which tool helps a software manager identify potential risks by systematically examining what could go wrong at each step of a process?

    Answer: Failure Mode and Effects Analysis (FMEA)

    FMEA systematically evaluates each process step to identify potential failures, their effects, and their likelihood, making it ideal for risk identification.