Project Management Risk Response Planning Questions and Answers

Question 1

A project team identifies an opportunity to finish a critical phase two weeks early by using a new, unproven technology.
To capitalize on this, the project manager allocates budget for the top developers to receive specialized training and dedicates them solely to this task, ensuring the opportunity will be realized.
Which risk response strategy is being implemented?

Accepted Answer

Exploit

Answer

Enhance

Answer

Share

Answer

Accept

Question 2

A project manager for an outdoor festival is concerned about the risk of severe weather. To address this, the manager purchases an insurance policy that will cover financial losses if the event is cancelled due to a storm. This action is an example of which risk response strategy?

Accepted Answer

Transfer

Answer

Avoidance

Answer

Mitigation

Answer

Acceptance

Question 3

During risk response planning for a software development project, the team identifies a risk that a third-party API may be unreliable. The team's primary response is to build a monitoring tool to detect API failures quickly. They also identify an alternative API provider and prepare an integration plan in case the primary one fails completely. What is this second plan called?

Accepted Answer

A fallback plan

Answer

A secondary risk plan

Answer

A workaround

Answer

A residual risk plan

Question 4

A project team determines that a potential risk has a very low probability of occurring and a low impact on the project objectives. The cost to develop any mitigation or avoidance strategy far outweighs the potential damage. The team documents the risk and decides to set aside a small amount of money in the budget to deal with it only if it occurs. This is an example of:

Accepted Answer

Active Acceptance

Answer

Risk Ignorance

Answer

Passive Acceptance

Answer

Risk Avoidance

Question 5

Which of the following scenarios is the BEST example of the 'Avoid' risk response strategy?

Accepted Answer

Redesigning a product to use a standard, reliable component instead of a new, experimental one.

Answer

Hiring a specialized subcontractor to handle a high-risk portion of the work.

Answer

Conducting a small-scale pilot study before a full-scale technology rollout.

Answer

Allocating extra time in the schedule for a task known to have uncertain duration.

Question 6

A project to develop a new drone delivery system faces a risk of failing to meet strict regulatory flight-path requirements. To reduce the likelihood of this risk, the project team decides to build and test a sophisticated simulation model before conducting any physical flights. This action represents which risk response strategy?

Accepted Answer

Mitigate

Answer

Transfer

Answer

Accept

Answer

Avoid