FREE Project Risk Management MCQ Question and Answers

Question 1

You are utilizing the quantitative risk analysis methodology' interviewing method. Which of the ensuing assertions is accurate?

Accepted Answer

Subject matter experts will be interviewed, even if they are not part of the project team, and the information derived will be used in your estimated monetary value analysis.

Answer

Explanation:
Interviewing subject-matter experts will help you gather the pertinent data; they are not required to be on the project team.

Question 2

You inform your project team during a status meeting that your risk register is only as good as the steps you take to manage the risk. If you don't also implement the responses, simply finding and documenting them won't assist. The overall risk exposure can only be handled pro-actively if ______ expends the necessary amount of effort in putting the responses into practice. You are talking about:

Accepted Answer

Risk owners

Answer

Explanation:
Monitoring the risks and putting a risk response plan in place are the responsibilities of designated risk owners. Owners of risk response and risk managers are not terminology from the PMBOK Guide.

Question 3

What distinguishes a risk audit from a risk review in particular?

Accepted Answer

A risk review is the process of identifying new risks, reevaluating existing risks, and closing risks that are out of date. A risk audit investigates and documents the effectiveness of risk responses as well as the effectiveness of the risk management process.

Answer

Explanation:
A risk audit investigates and records the effectiveness of risk solutions, whereas a risk reassessment involves the discovery of new risks, a reevaluation of ongoing risks, and the closure of risks that are no longer relevant (PMBOK Guide page 351). Because risk reassessment is also a tool and approach used in the Control Risks process.

Question 4

A new telecommunications project that is entering its second phase has just been given to you by Global Telecom Inc. as its project manager. There seem to be a lot of risks associated with this endeavor, but no one has assessed them to determine the range of potential outcomes. Who would you recommend to lead the project?

Accepted Answer

Plan Risk Management

Answer

Explanation:
The process of outlining how to carry out risk management tasks for a project and will include all facets of risk identification in such circumstances is known as plan risk management.

Question 5

To limit a team's work in progress and potentially reduce risks while balancing demand against the team's delivery throughout adaptive projects, an on-demand strategy based on the idea of constraints and pull-based scheduling concepts from lean manufacturing is known as:

Accepted Answer

Kanban System

Answer

The Kanban System is a lean manufacturing concept adapted for adaptive projects, focusing on visualizing work, limiting work in progress (WIP), and using a pull-based scheduling approach. This strategy helps balance demand with the team's delivery capacity, thereby reducing bottlenecks and risks. It directly addresses the need to limit WIP and improve flow in project management.

Project Risk Management Practice Test

Project Risk Management Practice Test

FREE Project Risk Management MCQ Question and Answers