PMBOK Risk Management Processes Questions and Answers Flashcards

What distinguishes a residual risk from a secondary risk?

Answer: Residual risks remain after responses are implemented; secondary risks arise as a direct result of implementing a response

Residual risks persist after planned responses, while secondary risks are new risks created by implementing a risk response strategy.

In the Monitor Risks process, what is the purpose of conducting risk audits?

Answer: To examine and document the effectiveness of risk responses and the risk management process

Risk audits evaluate the effectiveness of risk responses and the overall risk management process, identifying improvements for current and future projects.

What does the expected monetary value (EMV) technique calculate?

Answer: The average outcome of scenarios that may or may not happen, using probability and impact values

EMV multiplies the probability of each risk scenario by its financial impact and sums the results to provide an average expected outcome.

Which input is essential to the Identify Risks process but is NOT a project document?

Answer: Enterprise environmental factors

Enterprise environmental factors are external inputs to Identify Risks that include industry studies, benchmarking data, and published risk databases.

What is the primary purpose of risk categorization using a Risk Breakdown Structure (RBS)?

Answer: To organize risks by their source or area of impact for systematic analysis

A Risk Breakdown Structure organizes risks hierarchically by source or category, enabling systematic identification and pattern analysis.

When should the Identify Risks process be performed on a project?

Answer: Throughout the project lifecycle as an iterative process

Identify Risks is an iterative process that should be performed throughout the project as new risks may emerge at any time.