GCP Risk Assessment & Management 3

Question 1

During risk identification, a facilitator asks team members to write risks on cards without discussion, then groups them by theme. Which technique is being used?

Accepted Answer

Nominal group technique

Answer

The nominal group technique involves silent individual generation followed by group discussion and prioritization to surface diverse risk inputs.

Question 2

A risk has a 30% probability of occurring and would cost $50,000 if it does. What is its Expected Monetary Value (EMV)?

Accepted Answer

$15,000

Answer

EMV = Probability × Impact = 0.30 × $50,000 = $15,000.

Question 3

Which document records the results of risk analysis and risk response planning and is updated throughout the project?

Accepted Answer

Risk register

Answer

The risk register is the central repository for all risk identification, analysis, response, and monitoring information.

Question 4

A project manager notices that several small, low-probability risks share a common root cause. What is the BEST action?

Accepted Answer

Address the root cause to eliminate or reduce multiple risks simultaneously

Answer

Addressing a shared root cause is more efficient and can neutralize multiple related risks at once.

Question 5

What does a risk breakdown structure (RBS) help a project team accomplish?

Accepted Answer

Categorize and organize risks by source or type

Answer

The RBS organizes risks into hierarchical categories, helping ensure comprehensive coverage of risk sources.

GCP Test Practice Test

GCP Test Practice Test

GCP Risk Assessment & Management 3