Project Risk Management Flashcards
7 cards from real Project Risk 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 Project Risk Management flashcards as text
Which risk response strategy involves shifting the negative impact of a risk to a third party?
Answer: Transfer
Transfer moves the financial or operational burden of a risk to another party, such as through insurance or contracts.
A project manager documents risks that are below the threshold for active response. This is called:
Answer: Passive acceptance
Passive acceptance means acknowledging a risk exists but choosing not to act unless it occurs.
What is the PRIMARY purpose of a risk register?
Answer: Document identified risks and response plans
The risk register is the central repository for all identified risks, their analysis, and planned responses.
During project execution, a risk that was not previously identified occurs. This is called a:
Answer: Unknown risk
Unknown risks (unknown unknowns) are risks that were not foreseen during planning and cannot be managed proactively.
Which qualitative risk analysis technique maps risks based on probability and impact?
Answer: Probability and Impact Matrix
The Probability and Impact Matrix categorizes risks as low, medium, or high based on their likelihood and potential effect.
A project team allocates budget to cover the cost of accepted risks if they occur. This budget is called:
Answer: Contingency reserve
Contingency reserve is set aside to address known risks (known unknowns) that may occur during the project.
Which process involves tracking identified risks, monitoring residual risks, and evaluating risk process effectiveness?
Answer: Monitor Risks
Monitor Risks is the process that tracks and evaluates risk throughout project execution to ensure responses are effective.
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- pmi.org — Passing score, score release, test dates, renewal, fees, score validity, exam format, retake policy · verified Oct 2026
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