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 project team uses a decision tree to evaluate two alternative approaches. Decision trees are PRIMARILY used to:
Answer: Calculate EMV across multiple decision paths with uncertain outcomes
Decision trees diagram possible choices and uncertain outcomes, calculating the expected monetary value of each branch to support decisions.
During a risk review meeting, the team notes that a previously accepted risk has exceeded its defined threshold. What should happen NEXT?
Answer: A risk response should now be developed and implemented
When a risk exceeds its threshold, acceptance is no longer appropriate and an active response must be developed.
What is the 'risk threshold' in project risk management?
Answer: The level of risk exposure above which an active response is required
The risk threshold is the organization's or stakeholder's tolerance boundary; risks exceeding it require active management.
A project manager uses an Ishikawa (fishbone) diagram during risk identification. What is its PRIMARY purpose in this context?
Answer: To identify root causes of potential risk events
Ishikawa diagrams map cause-and-effect relationships, helping teams trace potential risk events back to their root causes.
An agile project team discusses risks at the start of each sprint. This practice BEST aligns with which risk management principle?
Answer: Risk management is a continuous, iterative process throughout the project
Agile emphasizes continuous risk identification and response through iterative planning events like sprint reviews and retrospectives.
Which of the following is an example of an 'avoid' risk response strategy?
Answer: Changing the project plan to eliminate a risky activity entirely
Avoidance changes the project plan — often scope, schedule, or approach — to remove the risk entirely rather than manage its impact.
A project manager is preparing a risk report for senior leadership. Which metric MOST effectively communicates the overall level of project risk?
Answer: Aggregate EMV of all identified risks and contingency reserve adequacy
Aggregate EMV combined with contingency reserve status gives leadership a quantified, actionable view of the project's overall risk exposure.