PMI Risk Register & Response Planning 2 — Questions and Answers
Question 1: A project manager is updating the risk register after a risk response is implemented. Which field should be updated to reflect residual exposure after the response?
- Inherent risk rating
- Residual risk rating (Correct answer)
- Secondary risk rating
- Risk trigger
Correct answer: Residual risk rating
The residual risk rating captures the remaining risk exposure after a response strategy has been applied.
Question 2: Which risk response strategy involves shifting the negative impact of a risk to a third party without eliminating the risk?
- Avoid
- Accept
- Transfer (Correct answer)
- Mitigate
Correct answer: Transfer
Transfer shifts ownership or financial impact of a risk to another party, such as through insurance or contracts.
Question 3: A risk owner listed in the risk register is responsible for:
- Approving the project budget
- Monitoring the risk and implementing the response plan (Correct answer)
- Identifying all project risks
- Closing the risk after the project ends
Correct answer: Monitoring the risk and implementing the response plan
The risk owner is accountable for monitoring assigned risks and executing the agreed response actions.
Question 4: Which element of the risk register documents what observable signal indicates a risk is about to occur?
- Risk cause
- Risk trigger (Correct answer)
- Risk impact
- Risk category
Correct answer: Risk trigger
A risk trigger (also called a warning sign) is a condition that signals a risk event is imminent or has occurred.
Question 5: When a project team deliberately decides to acknowledge a risk and take no proactive action, this is known as:
- Escalate
- Exploit
- Accept (Correct answer)
- Mitigate
Correct answer: Accept
Acceptance is appropriate when the cost of response outweighs the potential impact or the risk is within tolerance.
Question 6: A project manager records a new risk that arises as a direct result of implementing a risk response. This is called a:
- Residual risk
- Secondary risk (Correct answer)
- Known unknown
- Risk threshold
Correct answer: Secondary risk
Secondary risks are new risks introduced by the execution of a risk response strategy.
Question 7: In the risk register, the probability-impact (P×I) score is PRIMARILY used to:
- Determine the project budget reserve
- Prioritize risks for response planning (Correct answer)
- Assign risk owners
- Close risks at project completion
Correct answer: Prioritize risks for response planning
The P×I score ranks risks so the team focuses response planning efforts on the highest-priority threats.
PMI Risk Register & Response Planning 2
A project manager is updating the risk register after a risk response is implemented.
Which field should be updated to reflect residual exposure after the response?