PMBOK FREE PMBOK Managing Project Risks Questions and Answers 2

Question 1

A project manager identifies a risk that could delay the critical path by three weeks. The probability is low but the impact is very high. What is the BEST risk response strategy?

Accepted Answer

Develop a contingency plan with triggers

Answer

High-impact risks on the critical path warrant contingency plans with defined triggers, even when probability is low.

Question 2

During the Perform Quantitative Risk Analysis process, which technique uses probability distributions to model schedule and cost outcomes?

Accepted Answer

Monte Carlo simulation

Answer

Monte Carlo simulation iterates thousands of scenarios using probability distributions to forecast likely project outcomes.

Question 3

What is the PRIMARY purpose of a risk register in project management?

Accepted Answer

To serve as a repository for all identified risks and their response plans

Answer

The risk register is a comprehensive document that records all identified risks, their analysis results, and planned responses.

Question 4

A project team discovers a new risk during execution that was not identified in planning. What should the project manager do FIRST?

Accepted Answer

Add it to the risk register and assess its impact

Answer

Newly identified risks should be logged in the risk register and assessed before determining the appropriate response.

Question 5

Which risk response strategy involves shifting the negative impact of a risk to a third party?

Accepted Answer

Transfer

Answer

Risk transfer shifts the financial or operational impact to a third party, commonly through insurance or contracts.

PMBOK - Project Management Body of Knowledge Practice Test

PMBOK - Project Management Body of Knowledge Practice Test

PMBOK FREE PMBOK Managing Project Risks Questions and Answers 2