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 document outlines how risk management activities will be structured and performed throughout the project?
Answer: Risk management plan
The risk management plan defines the methodology, roles, timing, and categories for managing risk on the project.
Expected Monetary Value (EMV) is calculated by:
Answer: Multiplying probability by impact cost
EMV = Probability × Impact, providing a weighted average outcome value used in decision tree analysis.
A project manager exploits an opportunity by ensuring the positive event definitely occurs. This maps to which response strategy?
Answer: Exploit
Exploit removes uncertainty from an opportunity by making it certain to happen, often by assigning more resources.
Which type of risk analysis uses numerical methods such as Monte Carlo simulation?
Answer: Quantitative risk analysis
Quantitative risk analysis uses statistical modeling to numerically assess the impact of risks on project objectives.
Risk owners are assigned during which process?
Answer: Plan Risk Responses
Risk owners are designated in the Plan Risk Responses process to ensure accountability for each risk response.
A tornado diagram is used to display the results of which analysis technique?
Answer: Sensitivity analysis
Tornado diagrams rank variables by their impact on the project outcome, with the largest bars at the top.
Which of the following is an example of a risk trigger?
Answer: A vendor misses two consecutive milestone deadlines
Triggers are early warning signs indicating a risk event is about to occur or has occurred, prompting a planned response.
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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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