FREE Project Risk Management Risk Monitoring and Control Questions and Answers

Question 1

A project manager is holding a recurring meeting with key stakeholders to discuss the current status of identified risks, the effectiveness of implemented responses, and to identify any new risks that have emerged.
What is the primary purpose of this activity in the Monitor Risks process?

Accepted Answer

To ensure risk responses are being executed as planned and to evaluate their effectiveness.

Answer

To conduct a quantitative analysis of high-priority risks.

Answer

To create the initial risk management plan.

Answer

To secure contingency reserves from the project sponsor.

Question 2

A project manager commissions an external team to formally examine and document the effectiveness of the project's risk response planning and the execution of the overall risk management process. What tool or technique is being used?

Accepted Answer

Risk Audit

Answer

Risk Reassessment

Answer

Variance Analysis

Answer

Technical Performance Measurement

Question 3

Which of the following is a primary objective of performing a risk reassessment during the Monitor Risks process?

Accepted Answer

To identify new risks, re-evaluate existing ones, and close outdated risks.

Answer

To develop the initial risk register from scratch.

Answer

To calculate the project's final expected monetary value (EMV).

Answer

To assign risk owners for the first time.

Question 4

A project team implemented a mitigation strategy for a high-probability technical risk. During monitoring, performance data shows the risk's impact is actually increasing. What should be the project manager's immediate next step?

Accepted Answer

Analyze the situation to determine why the response was ineffective and develop an alternative response plan.

Answer

Accept the risk and inform stakeholders that the project will be delayed.

Answer

Immediately transfer the risk to a third-party vendor.

Answer

Request additional funding for the management reserve from the project sponsor.

Question 5

During project execution, the project manager compares the amount of contingency reserves remaining to the amount of risk remaining in the project to determine if the remaining reserve is adequate. This is an example of what technique?

Accepted Answer

Reserve Analysis

Answer

Trend Analysis

Answer

Earned Value Management

Answer

Assumption and Constraint Analysis

Question 6

While monitoring project progress, a project manager learns that a key supplier for a non-critical component has just declared bankruptcy. This was not an identified risk. What is the MOST appropriate first action for the project manager to take?

Accepted Answer

Add the new risk to the risk register and perform an analysis.

Answer

Immediately issue a change request to update the project baseline.

Answer

Use the management reserve to hire a new supplier immediately.

Answer

Escalate the issue to senior management and wait for direction.

A project manager is holding a recurring meeting with key stakeholders to discuss the current status of identified risks, the effectiveness of implemented responses, and to identify any new risks that have emerged.What is the primary purpose of this activity in the Monitor Risks process?

A project manager is holding a recurring meeting with key stakeholders to discuss the current status of identified risks, the effectiveness of implemented responses, and to identify any new risks that have emerged.
What is the primary purpose of this activity in the Monitor Risks process?