Risk Response Planning Flashcards
7 cards from real Project Management 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 Response Planning flashcards as text
A project manager discovers that a risk response is not working as planned after implementation. The BEST next step is to:
Answer: Update the risk register and develop an alternative response
If a response proves ineffective, the risk register should be updated and an alternative or fallback response developed.
Which risk response strategy is MOST appropriate when the probability of a threat occurring is very high and the impact would be catastrophic?
Answer: Avoid
When both probability and impact are extreme, avoidance — eliminating the risk entirely by changing the plan — is the most prudent strategy.
A risk trigger (also called a 'risk symptom' or 'warning sign') is used to:
Answer: Signal that a risk event is about to occur, activating the contingency plan
A risk trigger is an early indicator that a risk event is imminent, prompting the activation of the pre-planned contingency response.
The risk response strategies of Avoid, Transfer, Mitigate, and Accept are used for which type of risks?
Answer: Threats only
Avoid, Transfer, Mitigate, and Accept are the four PMBOK strategies specifically for addressing threats (negative risks).
A project manager budgets additional funds in the management reserve for unknown risks. This approach represents:
Answer: Passive acceptance of unknown risks
Management reserve addresses unknown unknowns through passive acceptance — funds are held but no specific response plan exists.
Which of the following scenarios BEST illustrates risk mitigation focused on reducing impact rather than probability?
Answer: Installing fire sprinklers in the project facility
Fire sprinklers don't prevent fires (probability), but they reduce damage severity (impact) when a fire does occur.
During risk response planning, the project manager should ensure that responses are commensurate with the risk. This principle means:
Answer: The cost and effort of the response should be proportional to the risk's significance
Risk responses should be cost-effective; spending more on a response than the risk's expected monetary value is wasteful.