Risk Assessment & Management Flashcards
7 cards from real GCP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Risk Assessment & Management flashcards as text
A residual risk is BEST described as:
Answer: The risk that remains after a risk response has been implemented
Residual risks are the remaining exposure after responses are applied and must continue to be monitored.
During Monitor Risks, a project manager discovers that the risk management plan is no longer aligned with current project conditions. What should the PM do?
Answer: Update the risk management plan through integrated change control
Changes to the risk management plan must go through integrated change control to maintain document consistency and stakeholder alignment.
What is a 'secondary risk'?
Answer: A new risk that arises as a direct result of implementing a risk response
Secondary risks emerge because of the response actions taken to address a primary risk and must themselves be planned for.
When using a probability and impact matrix, what determines whether a risk falls in the 'red' (high) zone?
Answer: The combined score of its probability rating and impact rating exceeding a threshold
The matrix multiplies or combines probability and impact scores; risks above a predefined threshold are classified as high priority.
Which risk identification technique involves systematically reviewing historical project documents, lessons learned, and organizational process assets?
Answer: Documentation reviews
Documentation reviews examine existing plans, assumptions, and historical records to surface risks that prior projects encountered.
A project sponsor asks why management reserves are NOT included in the project's cost baseline. What is the BEST explanation?
Answer: Management reserves cover unknown-unknown risks and are controlled by management, not included in the baseline
Management reserves address unforeseen, unknown-unknown events and sit outside the cost baseline, accessible only with management approval.
Which of the following BEST describes the risk appetite of an organization?
Answer: The degree of uncertainty an organization is willing to accept in pursuit of its objectives
Risk appetite reflects an organization's general attitude toward uncertainty and how much risk it is willing to tolerate to achieve goals.