PMBOK Managing Project Risks 2

Question 1

Which risk response strategy involves shifting the negative impact of a risk to a third party?

Accepted Answer

Transfer

Answer

Transfer shifts risk ownership and financial impact to another party, such as through insurance or subcontracting.

Question 2

A project manager discovers a new risk after the risk register has been finalized. What is the BEST next step?

Accepted Answer

Add it to the risk register and analyze it

Answer

Risks can be identified at any project phase; newly discovered risks must be added to the risk register and analyzed.

Question 3

What is the purpose of a risk audit in project management?

Accepted Answer

To evaluate the effectiveness of risk responses

Answer

Risk audits examine and document the effectiveness of risk responses and the risk management process itself.

Question 4

A project team uses a decision tree to evaluate two options. Option A has a 60% chance of a $200K gain and 40% chance of a $50K loss. Option B has a guaranteed $80K gain. Which option has a higher Expected Monetary Value (EMV)?

Accepted Answer

Option A with EMV of $100K, making it preferable

Answer

Option A EMV = (0.6 × $200K) + (0.4 × -$50K) = $120K - $20K = $100K, which exceeds Option B's $80K.

Question 5

Which document lists all identified risks, their root causes, potential responses, and owners?

Accepted Answer

Risk Register

Answer

The risk register is the primary artifact for capturing identified risks, analysis results, response plans, and ownership.

PMBOK - Project Management Body of Knowledge Practice Test

PMBOK - Project Management Body of Knowledge Practice Test

PMBOK Managing Project Risks 2