FREE Project Risk Management Trivia Question and Answers

Question 1

You are the project manager for a huge, entirely new manufacturing facility.
The project would use four sellers and is expected to cost US $30,000,000.
The project cannot be stopped once it has started because there will be a significant investment in plant and equipment.
It would be crucial for the project manager to carefully:

Accepted Answer

Perform an identification of risks

Answer

Examine the budget reserves

Answer

Complete the project charter

Answer

Review all cost proposals from the sellers

Question 2

Which process group includes the procedures of Manage Stakeholder Engagement and Implement Risk Responses?

Accepted Answer

Executing

Answer

Monitoring and Control

Answer

Planning

Answer

Initiating

Question 3

Considering that Analogous Cost Estimating is:

Accepted Answer

Generally less accurate

Answer

Generally Accurate

Answer

Bottom-up estimating

Answer

Uses statistical relationship between historical data and other variables

Question 4

One of the risks your project team has identified is that the equipment your team is constructing won't work under extremely high pressure, which is one of the needs of the client. Your team decided to prototype the equipment to manage this risk on the basis of your recommendation as the project manager. What risk approach is demonstrated by this?

Accepted Answer

Mitigation

Answer

Transfer

Answer

Acceptance

Answer

Avoidance

Question 5

Which of the following claims about risk management is accurate?

Accepted Answer

Risk register documents all the risks (positive or negative) in detail

Answer

Risks if they happen always have negative impact and seldom have positive impact

Answer

When evaluating risks their impact should be considered, however probability of occurrence is not important.

Answer

Plan Risk Management

Question 6

Tom is currently in charge of a bridge building project. The project is now being carried out. Sam created a thorough stakeholder management plan for the project during the planning stage. The frequency of the plan review has not yet been established, though. How frequently should Sam evaluate the stakeholder management plan?

Accepted Answer

The stakeholder management plan cannot be reviewed during the execution of the project.

Answer

On a regular basis; frequency needs to be decided by Tom

Answer

On a monthly basis

Answer

On a weekly basis

Question 7

For a project including reforestation, Ray is the project manager. Ray seeks anonymous opinions from six experts while also sending out a questionnaire including dangers that have been discovered by the project team in order to boost the process of detecting risks. What method is Ray employing?

Accepted Answer

Delphi technique

Answer

Interviews

Answer

Documentation review

Answer

Brain storming