FREE Project Risk Management MCQ Question and Answers

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

Correct! Wrong!

Explanation:
Opportunity cost is the opportunity of advantages lost by choosing a different project based on certain selection criteria or methodologies rather than a certain project.

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?

Correct! Wrong!

Explanation:
The process of outlining how to carry out risk management tasks for a project and will include all facets of risk identification in such circumstances is known as plan risk management.

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

Correct! Wrong!

Explanation:
Assuming that 1sigma is 1. ML = 30, P = 30 + 3 = 33, and O = 30 – 3 = 27. Other Options carry the least risk and do not exhibit range with a 3 sigma distribution.

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

Correct! Wrong!

Explanation:
Interviewing subject-matter experts will help you gather the pertinent data; they are not required to be on the project team.

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:

Correct! Wrong!

Explanation:
Monitoring the risks and putting a risk response plan in place are the responsibilities of designated risk owners. Owners of risk response and risk managers are not terminology from the PMBOK Guide.

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:

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Explanation:
Based on the lean manufacturing principle, a team's work in progress has been limited in the Kanban system to potentially lower risks.

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

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Explanation:
A risk audit investigates and records the effectiveness of risk solutions, whereas a risk reassessment involves the discovery of new risks, a reevaluation of ongoing risks, and the closure of risks that are no longer relevant (PMBOK Guide page 351). Because risk reassessment is also a tool and approach used in the Control Risks process.

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