FREE General Risk Management Strategies Questions and Answers

Question 1

A project team identifies a potential risk that, if it occurs, could significantly delay the project schedule.
The team decides to develop a contingency plan that includes specific actions to take if the risk materializes.
Which risk response strategy is being employed here?

Accepted Answer

Mitigate

Answer

Accept

Answer

Transfer

Answer

Avoid

Question 2

Which of the following risk management strategies involves shifting the financial impact of a risk to a third party, often through insurance or warranties?

Accepted Answer

Transfer

Answer

Avoidance

Answer

Acceptance

Answer

Mitigation

Question 3

A project manager determines that a specific low-impact risk has a very small probability of occurring and decides not to take any proactive steps, but will monitor it. What risk response strategy is being applied?

Accepted Answer

Accept

Answer

Mitigate

Answer

Avoid

Answer

Exploit

Question 4

During the risk identification process for a new software development project, the team identifies a risk associated with using a new, untested technology component. To completely eliminate this risk, the project manager decides to use a well-established, proven technology instead. What risk response strategy is this an example of?

Accepted Answer

Avoidance

Answer

Mitigation

Answer

Acceptance

Answer

Transfer

Question 5

Which of the following is a proactive strategy focused on reducing the likelihood or impact of a negative risk event, rather than eliminating it entirely?

Accepted Answer

Risk Mitigation

Answer

Risk Transfer

Answer

Risk Acceptance

Answer

Risk Avoidance

Question 6

A construction company is bidding on a project in an earthquake-prone region. To manage the financial risk of potential damage, they decide to purchase comprehensive earthquake insurance. This is an example of which risk response strategy?

Accepted Answer

Risk Transfer

Answer

Risk Avoidance

Answer

Risk Mitigation

Answer

Risk Acceptance

A project team identifies a potential risk that, if it occurs, could significantly delay the project schedule.The team decides to develop a contingency plan that includes specific actions to take if the risk materializes.Which risk response strategy is being employed here?

A project team identifies a potential risk that, if it occurs, could significantly delay the project schedule.
The team decides to develop a contingency plan that includes specific actions to take if the risk materializes.
Which risk response strategy is being employed here?