Risk Management Processes Flashcards
7 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 7 Risk Management Processes flashcards as text
Which PMBOK process establishes how risk management activities will be structured and performed throughout the project?
Answer: Plan Risk Management
Plan Risk Management defines the approach, tools, and data sources for risk management activities on a project.
A project team is evaluating risks by assessing the likelihood and impact of each identified risk without numerical data. Which process are they performing?
Answer: Perform Qualitative Risk Analysis
Perform Qualitative Risk Analysis prioritizes risks using subjective assessments of probability and impact.
What is the PRIMARY output of the Identify Risks process?
Answer: Risk Register
The Risk Register is the primary output of Identify Risks, documenting identified risks and their characteristics.
A risk response strategy where the project team decides to eliminate a threat by changing the project plan is called:
Answer: Avoid
Avoid eliminates the threat by changing the project plan to remove the risk or protect project objectives from its impact.
During which process does the project team use Monte Carlo simulation to model combined risk effects?
Answer: Perform Quantitative Risk Analysis
Perform Quantitative Risk Analysis uses numerical techniques like Monte Carlo simulation to quantify overall project risk.
Which risk response strategy for threats involves shifting the financial impact of a risk to a third party?
Answer: Transfer
Transfer shifts ownership of a threat and its impact to a third party, such as through insurance or outsourcing.
Residual risks are best described as risks that:
Answer: Remain after risk responses have been implemented
Residual risks are those that are expected to remain after risk responses are executed, including intentionally accepted risks.