Project Management Risk Management and Mitigation 5

Question 1

In the context of risk management, what is a 'trigger' (also called a risk symptom or warning sign)?

Accepted Answer

An indication that a risk event is about to occur or has occurred

Answer

A risk trigger is an early warning signal or condition that indicates a risk event is imminent or has already been activated.

Question 2

A project manager implements additional testing phases to reduce the probability that software defects reach production. Which risk response is being applied?

Accepted Answer

Mitigate

Answer

Mitigation reduces the probability or impact of a negative risk, such as adding testing phases to lower the chance of defects reaching users.

Question 3

What is the MAIN purpose of conducting a risk audit during project execution?

Accepted Answer

To evaluate the effectiveness of risk responses and the risk management process

Answer

Risk audits examine whether risk responses are effective and whether the overall risk management process is being followed as planned.

Question 4

A project manager calculates a risk's Expected Monetary Value (EMV) as -$30,000. What does this negative value indicate?

Accepted Answer

The risk is a threat with a negative expected impact of $30,000

Answer

A negative EMV indicates a threat—the expected financial impact of the risk on the project is a loss of $30,000.

Question 5

Which risk management process involves determining which risks may affect the project and documenting their characteristics?

Accepted Answer

Identify Risks

Answer

The Identify Risks process focuses on finding, recognizing, and documenting all possible risks that could affect project objectives.

Project Management Practice Test

Project Management Practice Test

Project Management Risk Management and Mitigation 5