Project Risk Management MCQ 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 MCQ flashcards as text
Which of the following is NOT a tool or technique used in the Identify Risks process?
Answer: Probability and impact matrix
The probability and impact matrix is used in Perform Qualitative Risk Analysis, not in Identify Risks.
Management reserve differs from contingency reserve because it is:
Answer: Set aside for unknown unknowns, not controlled by the project manager
Management reserve is held by senior management for unforeseen events (unknown unknowns) and requires executive approval to access.
A sensitivity analysis is best described as a technique that:
Answer: Determines which risks have the most potential impact on project objectives
Sensitivity analysis identifies which individual risks or uncertainties have the greatest effect on project outcomes, often displayed as a tornado diagram.
An organization consistently documents lessons learned related to risk management. This practice supports which principle?
Answer: Continuous improvement and organizational process asset updates
Documenting lessons learned updates organizational process assets and improves risk management practices on future projects.
A project is 60% complete when a previously unidentified risk surfaces. What should the project manager do first?
Answer: Add the risk to the risk register and analyze it
Newly identified risks should first be documented in the risk register and analyzed before any response actions are taken.
Which of the following scenarios best illustrates 'risk enhancement'?
Answer: Increasing marketing spend to improve the chance of a favorable regulatory ruling
Risk enhancement increases the probability or impact of a positive risk, such as investing more resources to improve the chance of a favorable outcome.
When communicating risk status to stakeholders, a project manager should primarily focus on:
Answer: High-priority risks and the effectiveness of current responses
Stakeholder communication should emphasize high-priority risks and whether response plans are working, keeping reporting concise and actionable.
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