What is the primary goal of risk assessment in project management?
Risk assessment aims to identify potential threats to a project and evaluate their impact, allowing for proactive risk mitigation strategies.
Which risk response strategy aims to minimize the impact of a risk?
The mitigation strategy focuses on reducing the probability or impact of a risk to limit its effect on the project.
What is the purpose of a risk register in project management?
A risk register is a document that tracks identified risks, their impact, and planned response strategies to ensure proper risk management.
Which factor is a common cause of project risk?
Scope creep, or uncontrolled changes in project requirements, often leads to budget overruns and timeline delays, increasing project risk.
Which tool is commonly used for qualitative risk assessment?
A risk matrix helps categorize risks based on their likelihood and impact, allowing project teams to prioritize response efforts.
What is the primary advantage of proactive risk mitigation?
Proactive risk mitigation minimizes disruptions and reduces the impact of potential risks, ensuring smoother project execution.