Risk Monitoring and Control Flashcards

What is the difference between a 'residual risk' and a 'secondary risk'?

Answer: Residual risks remain after responses; secondary risks are created by responses

Residual risks are smaller risks that remain after a response is applied, while secondary risks are new risks introduced as a direct result of implementing a risk response.

A project's risk exposure has significantly increased due to scope changes. Which action should the project manager take?

Answer: Perform an unscheduled risk reassessment immediately

Significant changes like scope additions warrant immediate, unscheduled risk reassessments to ensure the risk management plan reflects current project realities.

Which output of the Monitor Risks process can result in change requests to the project management plan?

Answer: Recommended corrective or preventive actions

Recommended corrective actions (to deal with occurred risks) and preventive actions (to reduce future risk probability) can trigger formal change requests to the project management plan.

A risk owner reports that the probability of a high-priority risk has decreased significantly. What should the project manager update?

Answer: The risk register with new probability and priority ranking

When risk parameters change, the risk register must be updated to reflect the new probability, impact, and resulting priority to ensure accurate monitoring.

What does 'variance and trend analysis' help a project manager understand during risk monitoring?

Answer: Whether project performance deviations indicate emerging risks

Variance and trend analysis examines project performance data over time to identify trends that might indicate emerging risks or signal that existing risks are materializing.

In risk monitoring, 'risk reassessment' differs from 'risk audits' in that:

Answer: Reassessment identifies new risks and re-evaluates existing ones; audits evaluate the effectiveness of risk processes

Risk reassessment focuses on identifying new risks and re-evaluating existing risk rankings, while risk audits examine whether risk management processes and responses are being executed effectively.

Which of the following is NOT typically an input to the Monitor Risks process?

Answer: Project scope statement (initial)

The initial project scope statement is not a direct input to Monitor Risks; rather, work performance data, the risk register, and the risk management plan are the key inputs.