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Risk Management Flashcards

7 cards from real PMP 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 flashcards as text

  1. A project manager assigns a risk owner for each risk in the risk register. What is the PRIMARY responsibility of a risk owner?

    Answer: Monitoring the risk and implementing the agreed response

    A risk owner is responsible for monitoring the risk and executing the planned response strategy if the risk materializes.

  2. During project execution, the project manager observes that risk triggers are appearing for a high-priority risk. What should the project manager do NEXT?

    Answer: Implement the planned risk response

    When a risk trigger occurs, the pre-planned risk response should be executed as documented in the risk register.

  3. Which of the following is an example of risk sharing as a response to an opportunity?

    Answer: Partnering with another company to jointly develop a new technology

    Sharing an opportunity involves partnering with a third party who is better positioned to capture the benefit of the opportunity.

  4. A project has a 70% chance of finishing on time, which would earn a $100,000 bonus, and a 30% chance of being late, incurring a $50,000 penalty. What is the overall EMV?

    Answer: $55,000

    EMV = (0.70 × $100,000) + (0.30 × -$50,000) = $70,000 - $15,000 = $55,000.

  5. What is a secondary risk?

    Answer: A risk that arises as a direct result of implementing a risk response

    Secondary risks are new risks that are created as a byproduct of implementing a risk response strategy.

  6. In which process group does the Monitor Risks process occur?

    Answer: Monitoring and Controlling

    Monitor Risks is part of the Monitoring and Controlling process group, where risk responses are tracked and new risks are identified.

  7. A project manager decides to eliminate a risky activity from the project scope altogether. This is an example of which risk response strategy?

    Answer: Avoid

    Risk avoidance involves changing the project plan to eliminate the threat or protect project objectives from its impact.