FREE Project Risk Management MCQ Question and Answers

Question 1

You are utilizing the quantitative risk analysis methodology' interviewing method. Which of the ensuing assertions is accurate?

Accepted Answer

Subject matter experts will be interviewed, even if they are not part of the project team, and the information derived will be used in your estimated monetary value analysis.

Answer

Only project team members will be interviewed.

Answer

Quantitative risk analysis results in a high, medium or low ranking for a given risk.

Answer

The information gathered depends on the type of probability distribution used

Question 2

You inform your project team during a status meeting that your risk register is only as good as the steps you take to manage the risk. If you don't also implement the responses, simply finding and documenting them won't assist. The overall risk exposure can only be handled pro-actively if ______ expends the necessary amount of effort in putting the responses into practice. You are talking about:

Accepted Answer

Risk owners

Answer

Risk managers

Answer

Risk response owners

Answer

The team members themselves

Question 3

What distinguishes a risk audit from a risk review in particular?

Accepted Answer

A risk review is the process of identifying new risks, reevaluating existing risks, and closing risks that are out of date. A risk audit investigates and documents the effectiveness of risk responses as well as the effectiveness of the risk management process.

Answer

A risk audit is a tool and technique of control risks, while risk review is an output of control risks.

Answer

A risk audit identifies new risks, reevaluates existing risks, and closes risks that are out of date. A risk review evaluates and documents the success of risk responses as well as the effectiveness of the risk management process.

Answer

There is no difference

Question 4

A new telecommunications project that is entering its second phase has just been given to you by Global Telecom Inc. as its project manager. There seem to be a lot of risks associated with this endeavor, but no one has assessed them to determine the range of potential outcomes. Who would you recommend to lead the project?

Accepted Answer

Plan Risk Management

Answer

Plan Risk Responses

Answer

Monitor risks

Answer

Perform Quantitative Risk Analysis

Question 5

To limit a team's work in progress and potentially reduce risks while balancing demand against the team's delivery throughout adaptive projects, an on-demand strategy based on the idea of constraints and pull-based scheduling concepts from lean manufacturing is known as:

Accepted Answer

Kanban System

Answer

Sprint development

Answer

Retrospectives

Answer

PDCA framework

Question 6

Which of the following range estimates includes the LEAST risk, assuming that the range estimates' endpoints are +/- 3 sigma from the mean?

Accepted Answer

O=27 days, P=33 days, Most likely=30 days

Answer

The mean of 28 days

Answer

22-30 days

Answer

30 days, plus or minus 5 days

Question 7

The price of deciding on one project while rejecting another is referred to as:

Accepted Answer

Opportunity cost

Answer

Fixed cost

Answer

Net present value

Answer

Sunk cost