FREE Project Risk Management Trivia Question and Answers

Considering that Analogous Cost Estimating is:

Generally less accurate

Generally Accurate

Bottom-up estimating

Uses statistical relationship between historical data and other variables

Correct! Wrong!

Explanation:
Similar cost estimating is a top-down method that is typically less accurate.

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

Monitoring and Control

Planning

Initiating

Executing

Correct! Wrong!

Explanation:
All "Manage" processes are part of the "Executing Process Group."

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:

Examine the budget reserves

Complete the project charter

Perform an identification of risks

Review all cost proposals from the sellers

Correct! Wrong!

Explanation:
It is crucial to properly carry out a risk identification activity in such circumstances. For initiatives with a high-risk impact, it's crucial to identify all potential risks.

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?

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

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

On a monthly basis

On a weekly basis

Correct! Wrong!

Explanation:
It ought to have been completed at the planning stage.

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?

Transfer

Acceptance

Avoidance

Mitigation

Correct! Wrong!

Explanation:
A risk response technique for mitigating negative risks is called a prototype. A prototype will assist in lowering the risks involved in product development in order to guarantee acceptance of the final product currently in development.

Which of the following claims about risk management is accurate?

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

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

Plan Risk Management

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

Correct! Wrong!

Explanation:
All risks, whether favorable or negative, are listed in the risk registry. Because probability is also significant.

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?

Interviews

Documentation review

Delphi technique

Brain storming

Correct! Wrong!

Explanation:
To eliminate biases, the Delphi technique maintains participant anonymity.

FREE Project Risk Management Trivia Question and Answers

Considering that Analogous Cost Estimating is:

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

Which of the following claims about risk management is accurate?

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?

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