PMBOK FREE PMBOK Managing Project Risks Questions and Answers 3

Question 1

A project manager is using an Expected Monetary Value (EMV) analysis for a decision. Risk A has a 30% probability and a -$100,000 impact. What is the EMV of Risk A?

Accepted Answer

-$30,000

Answer

EMV is calculated by multiplying probability (0.30) by impact (-$100,000), resulting in -$30,000.

Question 2

Which document defines how risk management activities will be structured and performed throughout the project?

Accepted Answer

Risk management plan

Answer

The risk management plan outlines the methodology, roles, budgeting, timing, and categories for risk management activities.

Question 3

During risk identification, the team uses a technique that examines the project from the perspective of strengths, weaknesses, opportunities, and threats. What is this technique called?

Accepted Answer

SWOT analysis

Answer

SWOT analysis broadens risk identification by examining internal strengths and weaknesses alongside external opportunities and threats.

Question 4

A project manager decides to reduce the probability of a risk event by adding extra testing phases. Which risk response strategy is being applied?

Accepted Answer

Mitigation

Answer

Mitigation reduces the probability or impact of a risk to an acceptable threshold, such as adding testing to catch defects early.

Question 5

What is the difference between a risk owner and a risk action owner?

Accepted Answer

The risk owner monitors the risk while the risk action owner executes the response

Answer

The risk owner is accountable for monitoring the risk, while the risk action owner is responsible for carrying out the specific response actions.

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 3