PMBOK Managing Project Risks 4 â Questions and Answers
Question 1: Which of the following is a risk response strategy that applies ONLY to opportunities?
- Mitigate
- Transfer
- Share (Correct answer)
- Avoid
Correct answer: Share
Share allocates ownership of an opportunity to a third party best positioned to capture the benefit, and applies only to positive risks.
Question 2: Risk owners are assigned during which process?
- Identify Risks
- Perform Qualitative Risk Analysis
- Plan Risk Responses (Correct answer)
- Monitor Risks
Correct answer: Plan Risk Responses
Risk ownersâthe individuals responsible for monitoring and implementing responsesâare formally assigned in the Plan Risk Responses process.
Question 3: A project manager wants to understand which individual risks have the most influence on overall project uncertainty. The BEST tool to use is:
- Risk Register
- Tornado Diagram (Correct answer)
- Probability and Impact Matrix
- Work Breakdown Structure
Correct answer: Tornado Diagram
A Tornado Diagram ranks variables by their impact on the output, showing which risks have the widest range of effect on project outcomes.
Question 4: What is the KEY output of the Monitor Risks process?
- Risk Register
- Risk Management Plan
- Work Performance Information (Correct answer)
- Issue Log
Correct answer: Work Performance Information
Work Performance Informationâincluding status of risk responses and emerging risksâis the primary output of Monitor Risks.
Question 5: An Enhance risk response strategy aims to:
- Eliminate an opportunity by removing its cause
- Increase the probability or positive impact of an opportunity (Correct answer)
- Transfer an opportunity to a third party
- Accept the opportunity without any action
Correct answer: Increase the probability or positive impact of an opportunity
Enhance increases the likelihood or magnitude of a positive risk by targeting its root causes or drivers.
Question 6: A project manager documents a plan that will be executed only if a specific risk event occurs. This plan is called a:
- Fallback plan
- Contingency plan (Correct answer)
- Risk management plan
- Issue resolution plan
Correct answer: Contingency plan
A contingency plan is a predefined set of actions to be taken if a risk event materializes, triggered by identified risk triggers.
Question 7: Which risk analysis approach is considered SUBJECTIVE and does not use numerical probabilities?
- Quantitative Risk Analysis
- Qualitative Risk Analysis (Correct answer)
- Expected Monetary Value Analysis
- Monte Carlo Simulation
Correct answer: Qualitative Risk Analysis
Qualitative risk analysis uses descriptive scales (high/medium/low) and expert judgment rather than precise numerical data.
PMBOK Managing Project Risks 4
Which of the following is a risk response strategy that applies ONLY to opportunities?