CSC Risk Management & Problem-Solving 1

Question 1

What is risk management?

Accepted Answer

Identifying, assessing, and mitigating risks.

Answer

Ignoring potential risks.

Answer

Focusing only on financial outcomes.

Answer

Reducing the scope of the project.

Question 2

What is the first step in risk management?

Accepted Answer

Identifying potential risks.

Answer

Assessing risks.

Answer

Mitigating risks.

Answer

Ignoring minor risks.

Question 3

What is a risk mitigation strategy?

Accepted Answer

Developing a plan to reduce the impact of risks.

Answer

Avoiding all risks.

Answer

Taking no action to address risks.

Answer

Ignoring potential risks.

Question 4

What is the purpose of a risk register?

Accepted Answer

To track identified risks and their mitigation strategies.

Answer

To record employee performance.

Answer

To track project timelines.

Answer

To record project budgets.

Question 5

What is a key characteristic of problem-solving in risk management?

Accepted Answer

Analyzing issues and finding root causes to develop solutions.

Answer

Avoiding problem-solving.

Answer

Focusing only on external factors.

Answer

Ignoring potential solutions.

Question 6

What is risk assessment?

Accepted Answer

Evaluating the likelihood and impact of risks.

Answer

Identifying risks.

Answer

Ignoring potential risks.

Answer

Focusing on financial risks only.

Question 7

What is the role of decision-making in risk management?

Accepted Answer

Making informed decisions to minimize risk impact.

Answer

Ignoring risks.

Answer

Making decisions based only on intuition.

Answer

Avoiding any decisions during a crisis.

Question 8

What is the importance of monitoring risks throughout the project?

Accepted Answer

To track and address risks as they evolve during the project.

Answer

To avoid identifying new risks.

Answer

To increase project costs.

Answer

To delay project timelines.

Question 9

What is the role of stakeholders in risk management?

Accepted Answer

Involving stakeholders in identifying and addressing risks.

Answer

Ignoring stakeholder concerns.

Answer

Focusing on internal risks only.

Answer

Excluding stakeholders from decision-making.