What is the primary goal of risk management in project management?
Correct!
Wrong!
Risk management aims to identify, assess, and mitigate potential project risks to minimize their impact on project objectives.
Which risk management process involves determining the likelihood and impact of risks?
Correct!
Wrong!
Risk assessment evaluates the probability and impact of potential risks, helping prioritize them for mitigation.
Which risk response strategy involves taking proactive steps to minimize risk impact?
Correct!
Wrong!
Risk mitigation involves implementing actions to reduce the probability or impact of a risk before it occurs.
Which document helps track and manage project risks?
Correct!
Wrong!
A risk register is a key tool used to document identified risks, their impact, mitigation strategies, and assigned responsibilities.
What is the purpose of a contingency plan in risk management?
Correct!
Wrong!
A contingency plan outlines specific actions to take if identified risks materialize, ensuring preparedness and minimizing disruption.
Which risk response strategy involves transferring risk responsibility to a third party?
Correct!
Wrong!
Risk transfer shifts the financial or operational impact of a risk to another entity, such as through insurance or outsourcing.