Full Practice Test Flashcards

A project manager wants to capture the overall effect of uncertainty on the entire project rather than on a single event. Which term best describes this?

Answer: Overall project risk

Overall project risk reflects the effect of uncertainty on the project as a whole, arising from all sources including individual risks.

During qualitative risk analysis, what two parameters are most commonly used to prioritize individual project risks?

Answer: Probability and impact

Qualitative analysis prioritizes risks primarily by assessing their probability of occurrence and impact on objectives.

A new risk arises directly as a result of implementing a risk response. What is this called?

Answer: Secondary risk

A secondary risk is one that emerges as a direct outcome of implementing a chosen risk response.

Which response strategy is appropriate for a positive risk (opportunity) when the team wants to ensure the opportunity is realized by removing uncertainty?

Answer: Exploit

Exploiting an opportunity removes the uncertainty by ensuring the positive risk definitely happens.

A contingency reserve is established to address which type of risk?

Answer: Known risks that have been identified and analyzed

Contingency reserves cover identified (known) risks for which active or passive acceptance responses are planned.

What is the primary purpose of a risk register's 'risk owner' field?

Answer: To identify who is responsible for monitoring and responding to the risk

The risk owner is the person responsible for monitoring the risk and implementing the agreed response.

Which document defines how risk management activities will be structured and performed on a project?

Answer: Risk management plan

The risk management plan describes how risk activities will be structured and performed throughout the project.