FREE Project Risk Management Question and Answers

Question 1

Disaster scenarios (such as floods, earthquakes, etc.) have been noted as potential project risks.
Your project sponsor advised you to create a contingency reserve (5% of the project budget) to be used in case of emergency scenarios after mentioning that no action could be taken to mitigate this risk at the project level.
This is an illustration of:

Accepted Answer

Risk Acceptance

Answer

Bad policy decision

Answer

Risk Mitigation

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Risk Avoidance

Question 2

To create a risk management strategy for your project, you are organizing a planning meeting. Who ought to be invited?

Accepted Answer

The project team leaders, key stakeholders, relevant subject matter experts, and anyone engaged in risk management activities for the company

Answer

Subject matter experts only

Answer

Just the project sponsor because her perception of how the risks will be handled is the most important

Answer

The corporate risk manager

Question 3

You are a seasoned project manager talking to a novice PM about project risk. She is having a hard time telling what belongs in the risk register from what is in the risk management plan. Of the following, which is not a part of the risk management strategy?

Accepted Answer

Risk responses

Answer

Methodologies used to handle risk

Answer

Risk categories

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Roles and responsibilities

Question 4

On your project, you are engaging in risk management efforts. You have identified all hazards and assembled all necessary stakeholders. After that, you evaluate the risks to decide how much contingency funding to include in the project baselines. What did you neglect to finish?

Accepted Answer

You need to Perform Qualitative Risk Analysis to prioritize the risks before Perform Quantitative Risk Analysis, which you may use to identify contingency reserve amounts

Answer

You need to Identify Stakeholders to ensure you have identified all stakeholders needing to be involved in this process

Answer

You need to Plan Risk Responses before doing determining contingency reserves

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You need to Perform Quantitative Risk Analysis to prioritize the risks before Perform Qualitative Risk Analysis, which you use to identify contingency reserve amounts

Question 5

Patrick is a brand-new project manager who is motivated to succeed. Patrick's mentor and sponsor, who has experience and a love of risk management, is certified. Given that it is often updated and utilized as both an input and an output in the majority of risk processes, which document would he advise Patrick to concentrate on?

Accepted Answer

Risk audit

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Risk probability and impact matrix

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Risk register

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Risk monitoring plan

Question 6

You discover that several of the risk owners are not on the project team when you implement risk responses. What is the most effective strategy to get them involved?

Accepted Answer

Influence

Answer

Telling them that they will be held to account for their actions and inactions

Answer

Monetary incentives

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Problem solving

Question 7

You discover a risk has a 25% chance of happening in any month of a project with an eight-month length during the Perform Qualitative Risk Analysis phase. A contingency reserve of 8% of the project budget has been set aside, and the project's cost performance index is 0.7. What is the likelihood that the risk will materialize in the sixth month?

Accepted Answer

25%

Answer

20%

Answer

12.50%

Answer

The question lacks sufficient information to answer