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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

  1. A project manager identifies that a key vendor may go out of business before delivering critical software. What type of risk response is BEST suited for this scenario?

    Answer: Mitigate by qualifying an alternative vendor

    Mitigation reduces probability or impact; qualifying an alternate vendor reduces the impact if the primary vendor fails.

  2. During qualitative risk analysis, a risk is rated High probability and High impact. What should the project manager do NEXT?

    Answer: Prioritize it for quantitative analysis and response planning

    High-probability, high-impact risks should be prioritized for deeper quantitative analysis and proactive response planning.

  3. Which tool produces a numerical estimate of the overall project risk by simulating thousands of possible schedule or cost outcomes?

    Answer: Monte Carlo simulation

    Monte Carlo simulation runs thousands of iterations to produce probability distributions for schedule and cost outcomes.

  4. A risk owner has been assigned to a specific risk. What is the PRIMARY responsibility of a risk owner?

    Answer: Implement and monitor the agreed risk response

    The risk owner is accountable for executing and monitoring the risk response plan for their assigned risk.

  5. What is the difference between a 'risk' and an 'issue' in project management?

    Answer: An issue has already occurred; a risk is a potential future event

    A risk is an uncertain future event, while an issue is a problem that has already materialized and requires immediate action.

  6. Which risk response strategy is MOST appropriate for a positive risk (opportunity)?

    Answer: Exploit

    Exploit is used for opportunities to ensure they definitely occur, such as assigning best resources to guarantee a beneficial outcome.

  7. A project team creates contingency reserves. What is the PRIMARY purpose of these reserves?

    Answer: To cover known-unknown risks identified in the risk register

    Contingency reserves are allocated to address identified (known-unknown) risks if their triggers occur.