FREE PMBOK Managing Project Risks Questions and Answers

Question 1

A project manager is leading a software development project.
To address the risk of a critical server failing, the team implements a redundant server that will take over automatically.
However, this response introduces a new risk: the failover process itself could corrupt data.
According to the PMBOK® Guide, what is this new risk called?

Accepted Answer

Secondary risk

Answer

Residual risk

Answer

Contingency risk

Answer

Accepted risk

Question 2

During a project's Perform Qualitative Risk Analysis process, the team assesses identified risks to evaluate their probability of occurrence and potential impact on project objectives. What is the primary output of this process that helps in prioritizing risks for further action?

Accepted Answer

A list of risks for quantitative analysis and a risk watchlist

Answer

A detailed financial assessment of each risk's potential cost

Answer

The project's final contingency and management reserves

Answer

A Monte Carlo simulation diagram showing all risk outcomes

Question 3

A construction project faces a high-impact risk of encountering contaminated soil, which would cause significant budget overruns and schedule delays. The project manager decides to hire a specialized environmental firm that will assume all financial and legal responsibility for soil remediation if contamination is found. Which risk response strategy is being used?

Accepted Answer

Transfer

Answer

Mitigate

Answer

Avoid

Answer

Accept

Question 4

A project manager is performing a quantitative risk analysis to determine the project's exposure to overall risk. They use a technique that multiplies the probability of each risk occurring by its potential financial impact to calculate an average outcome. What is this technique called?

Accepted Answer

Expected Monetary Value (EMV) Analysis

Answer

Sensitivity Analysis

Answer

Decision Tree Analysis

Answer

Monte Carlo Simulation

Question 5

Which of the following documents provides a high-level summary of overall project risk, sources of risk, and trends for senior management and key stakeholders, as opposed to a detailed list of individual risks?

Accepted Answer

Risk Report

Answer

Risk Breakdown Structure (RBS)

Answer

Risk Register

Answer

Risk Management Plan

Question 6

During the Identify Risks process, a project manager facilitates a session with the team and key stakeholders. They review project documents, analyze assumptions, and use a technique where a facilitator solicits risk ideas anonymously in several rounds to prevent bias and groupthink. Which information-gathering technique is being described?

Accepted Answer

Delphi Technique

Answer

Brainstorming

Answer

SWOT Analysis

Answer

Checklist Analysis