Risk Assessment & Mitigation Flashcards
7 cards from real PCC practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Risk Assessment & Mitigation flashcards as text
Which document formally authorizes the use of contingency reserves and defines conditions for their release?
Answer: Risk Management Plan
The Risk Management Plan defines how contingency reserves are calculated, tracked, and released based on risk outcomes.
A 'secondary risk' in project management is best defined as:
Answer: A risk that arises as a direct result of implementing a risk response
Secondary risks emerge from the actions taken to address a primary risk and must themselves be assessed and managed.
In a risk probability and impact matrix, risks falling in the high-probability and high-impact quadrant are typically assigned which priority?
Answer: High — immediate response required
High-probability, high-impact risks require immediate, active risk responses and close monitoring to protect project objectives.
Which international standard provides guidelines for risk management processes applicable to project controls?
Answer: ISO 31000
ISO 31000 provides principles and guidelines for enterprise and project risk management applicable across industries.
What is the key difference between a risk appetite and a risk threshold?
Answer: Risk appetite is the level of risk an organization is willing to accept; risk threshold is the point at which a risk requires escalation
Risk appetite describes overall tolerance for uncertainty, while risk thresholds define specific measurable limits that trigger escalation or response.
During schedule risk analysis, the 'P80' date on a Monte Carlo output means:
Answer: There is an 80% probability the project will finish by that date
The P80 date represents the date by which there is an 80% statistical confidence of completing the project based on simulated scenarios.
Which risk identification tool maps risks visually by decomposing them into hierarchical categories?
Answer: Risk Breakdown Structure (RBS)
A Risk Breakdown Structure hierarchically categorizes risk sources (technical, external, organizational, project management) to ensure comprehensive identification.
How this page was made: written with AI tools and published by Nathan Beja, founder of Practice Test Geeks, who is responsible for its content. We have not yet matched this exam's facts to an official source, so confirm fees, dates and rules with the exam body. Not reviewed by a subject-matter expert. Editorial policy