PMBOK Risk Management Processes Questions and Answers Flashcards
6 cards from real PMBOK practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 PMBOK Risk Management Processes Questions and Answers flashcards as text
Which process involves prioritizing individual project risks by assessing their probability of occurrence and impact?
Answer: Perform Qualitative Risk Analysis
Perform Qualitative Risk Analysis prioritizes risks by assessing their probability and impact, typically using a probability-impact matrix.
What is the primary output of the Plan Risk Management process?
Answer: Risk management plan
The Plan Risk Management process produces the risk management plan, which defines how risk activities will be structured and performed.
During Implement Risk Responses, who is primarily responsible for executing the agreed-upon risk response strategies?
Answer: Risk owner
Risk owners are assigned during Plan Risk Responses and are responsible for implementing the agreed-upon risk response strategies.
Which technique uses models to simulate the combined effect of individual risks and other sources of uncertainty on project objectives?
Answer: Monte Carlo simulation
Monte Carlo simulation is a Perform Quantitative Risk Analysis technique that models combined risk effects through repeated iterations.
What is a fallback plan in the context of project risk management?
Answer: A plan activated when the primary risk response proves ineffective
A fallback plan is a predefined alternative response that is implemented when the primary risk response strategy does not work as intended.
Which risk response strategy involves shifting the negative impact of a risk to a third party?
Answer: Transfer
Transfer shifts the ownership and liability of a negative risk to a third party, commonly through insurance, warranties, or contracts.