FREE Project Risk Management Risk Identification Techniques Questions and Answers

Question 1

A project manager is leading a risk identification workshop for a first-of-its-kind technology project. To mitigate the influence of dominant personalities and prevent groupthink, the manager wants to gather unbiased input from a geographically dispersed panel of experts. Which technique would be most effective in this situation?

Accepted Answer

Delphi Technique

Answer

The Delphi Technique is ideal for this scenario because it uses anonymous, iterative questionnaires to collect and consolidate expert opinions. This anonymity prevents a few vocal experts from dominating the discussion and encourages more honest, unbiased feedback, which is crucial for a novel project with high uncertainty.

Question 2

During a risk identification meeting, a project team is using a predefined list of risk categories, such as technical, external, organizational, and environmental, to ensure they consider a wide range of potential risks. This list helps trigger discussions and prevents them from overlooking common sources of project risk. What tool or technique is the team using?

Accepted Answer

Prompt List

Answer

The team is using a Prompt List. A prompt list is a structured set of risk categories or areas that helps guide the project team in identifying risks comprehensively. It serves as a checklist or framework to stimulate thinking about various risk sources that might otherwise be missed.

Question 3

A project building a new manufacturing plant is experiencing repeated equipment malfunctions. The project manager wants to identify the underlying causes of these failures, not just the symptoms. Which of the following techniques would be most appropriate for this purpose?

Accepted Answer

Root Cause Analysis

Answer

Root Cause Analysis (RCA) is a problem-solving method used to identify the fundamental cause of a problem. By repeatedly asking 'Why?' (as in the 5 Whys technique) or using tools like fishbone diagrams, the team can dig deeper than the immediate symptoms (equipment malfunctions) to find the core issue that, if resolved, will prevent recurrence.

Question 4

A project team is conducting a comprehensive risk identification session. They decide to analyze the project from four perspectives: what internal factors give them an advantage, what internal factors are disadvantageous, what external elements could help the project, and what external elements could harm it. This approach helps them identify risks from both internal and external sources. Which technique are they employing?

Accepted Answer

SWOT Analysis

Answer

The team is performing a SWOT Analysis, which stands for Strengths, Weaknesses, Opportunities, and Threats. Strengths and weaknesses are internal to the project or organization, while opportunities and threats are external. This technique provides a structured way to identify a broad range of risks (threats) and opportunities.

Question 5

A project manager is reviewing the project charter and notes several key factors that are considered to be true for planning purposes, such as the timely availability of key subject matter experts and the approval of a specific technology. The manager recognizes that if these factors prove to be false, the project could be negatively impacted. What risk identification technique is best suited for exploring the risks associated with these factors?

Accepted Answer

Assumption and Constraint Analysis

Answer

Assumption and Constraint Analysis is the most suitable technique. Assumptions are factors believed to be true without proof, and each one carries the risk of being incorrect. This analysis systematically examines these assumptions to identify the risks that arise if they prove to be false, turning them into potential risk events to be managed.

Project Risk Management Practice Test

Project Risk Management Practice Test

FREE Project Risk Management Risk Identification Techniques Questions and Answers