Project Management Risk Management and Mitigation Questions and Answers

Question 1

A project manager identifies a risk that could significantly delay the project.
The team decides to change the project plan to eliminate the risk entirely by adopting a different technical approach that does not carry this risk.
This is an example of which risk response strategy?

Accepted Answer

Avoidance

Answer

Mitigation

Answer

Transference

Answer

Acceptance

Question 2

During a project to implement a new CRM system, the project team decides to purchase an insurance policy to cover potential data loss during migration. This action is an example of which of the following risk response strategies?

Accepted Answer

Transference

Answer

Mitigation

Answer

Acceptance

Answer

Avoidance

Question 3

A project team implements a response to a known risk. As a direct result of this action, a new, unforeseen risk emerges. What is the correct term for this new risk?

Accepted Answer

Secondary Risk

Answer

Residual Risk

Answer

Unforeseen Contingency

Answer

Accepted Risk

Question 4

A project manager is leading a risk analysis session. The team is using a probability and impact matrix to prioritize identified risks by assigning ratings such as 'High,' 'Medium,' and 'Low.' Which risk analysis process is being performed?

Accepted Answer

Perform Qualitative Risk Analysis

Answer

Perform Quantitative Risk Analysis

Answer

Identify Risks

Answer

Plan Risk Responses

Question 5

Which of the following components is LEAST likely to be found in a comprehensive risk register?

Accepted Answer

A detailed project schedule

Answer

The assigned risk owner

Answer

The planned risk response

Answer

The probability and impact of the risk

Question 6

After implementing a risk response, the project team determines that a small amount of the original risk still remains. The team decides this remaining level of risk is acceptable and does not warrant further action. This remaining risk is known as a:

Accepted Answer

Residual Risk

Answer

Secondary Risk

Answer

Contingency Risk

Answer

Mitigated Risk

A project manager identifies a risk that could significantly delay the project.The team decides to change the project plan to eliminate the risk entirely by adopting a different technical approach that does not carry this risk.This is an example of which risk response strategy?

A project manager identifies a risk that could significantly delay the project.
The team decides to change the project plan to eliminate the risk entirely by adopting a different technical approach that does not carry this risk.
This is an example of which risk response strategy?