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