Risk Management & Assessment Flashcards

Which technique gathers anonymous expert opinions through repeated rounds of questionnaires to reach consensus on risks?

Answer: Delphi technique

The Delphi technique uses anonymous, iterative expert feedback to converge on a consensus without group-think.

A risk register entry is most useful when it includes which of the following?

Answer: A risk owner, probability, impact, and planned response

A useful register assigns ownership and records likelihood, impact, and response so the risk can be tracked.

What is the primary purpose of a risk assessment's qualitative analysis?

Answer: To prioritize risks using subjective ratings of probability and impact

Qualitative analysis ranks risks by relative probability and impact so attention goes to the most significant ones.

Which tool plots risks on a grid of likelihood versus consequence?

Answer: Risk heat map (probability-impact matrix)

A heat map or probability-impact matrix visually ranks risks by combining likelihood and impact.

A risk that exists after all controls and responses have been applied is called:

Answer: Residual risk

Residual risk is what remains after mitigation actions have been implemented.

Which of the following best describes a risk trigger?

Answer: A warning sign indicating a risk is about to occur or has occurred

Triggers are early indicators that signal a risk event may be imminent, prompting the planned response.

When identifying risks, why is it valuable to review lessons learned from similar past projects?

Answer: It reveals risks that actually materialized before and which responses worked

Historical information highlights real, recurring risks and proven responses, improving identification.