Risk Monitoring and Control Flashcards

Which tool is primarily used to track the status of identified risks and monitor residual risks throughout the project?

Answer: Risk register

The risk register is the primary document for tracking identified risks, responses, owners, and current status throughout the project lifecycle.

A project manager discovers a risk that was not identified during initial planning. What should be done first?

Answer: Add it to the risk register and analyze it

Newly identified risks should be added to the risk register and then analyzed for probability and impact before determining a response.

What is a 'risk trigger' in the context of risk monitoring and control?

Answer: An indicator that a risk is about to occur

A risk trigger (also called a warning sign or symptom) is an event or condition that indicates a risk is about to occur or has occurred.

Which of the following best describes 'workarounds' in risk monitoring?

Answer: Unplanned responses to risks that were not anticipated or mitigated

Workarounds are unplanned responses developed on the spot when a risk occurs that was either not identified or had no planned response.

During a risk audit, the project team evaluates the effectiveness of risk responses. Who typically facilitates this audit?

Answer: An independent auditor or the project manager

Risk audits can be facilitated by the project manager or an independent auditor to objectively evaluate how well risk responses have worked.

What is the primary purpose of reserve analysis during the Monitor Risks process?

Answer: To compare remaining contingency reserves to remaining risk exposure

Reserve analysis during monitoring compares the amount of contingency reserves remaining against the level of remaining risk to ensure adequate coverage.

Which metric indicates that risk monitoring activities are being performed effectively on a project?

Answer: Risk responses are implemented on time and secondary risks are tracked

Effective risk monitoring is demonstrated when responses are implemented as planned and secondary risks (resulting from responses) are identified and tracked.