Risk Monitoring and Control Flashcards

A previously identified risk has now occurred on the project. What does this risk become in project management terminology?

Answer: An issue

When a risk event actually occurs, it transitions from a risk (uncertain future event) to an issue (a current problem that requires immediate action).

Which risk response strategy, when implemented, would most likely create secondary risks that must be monitored?

Answer: Risk transfer

Risk transfer (e.g., using contracts or insurance) can create secondary risks such as vendor default, contract disputes, or inadequate coverage that must be monitored.

What is the purpose of 'technical performance measurement' in the context of monitoring project risks?

Answer: To compare technical accomplishments to planned milestones as a risk indicator

Technical performance measurement compares achieved technical results against planned targets; deviations can indicate that technical risks are materializing or escalating.

A project manager wants to ensure all identified risk owners are actively managing their assigned risks. Which tool is most appropriate?

Answer: Risk register review meetings

Regular risk register review meetings bring together risk owners to report on risk status, response effectiveness, and trigger conditions, ensuring accountability.

When should a project team consider closing a risk in the risk register?

Answer: When the risk can no longer occur because its window of opportunity has passed

A risk should be closed when it can no longer occur—typically because the phase or condition that would trigger it has passed—or when it has been fully mitigated.

Which of the following scenarios represents an appropriate use of management reserves in risk monitoring?

Answer: Funding responses to unknown-unknown risks that materialize

Management reserves are held for unforeseeable 'unknown-unknown' risks; when such an event occurs, a change request is needed to access these funds.

A project manager receives work performance reports showing the schedule is significantly behind. From a risk monitoring perspective, this information should primarily be used to:

Answer: Assess whether schedule risks are materializing and update risk status

Schedule variance data is a key input for risk monitoring, helping the team assess whether previously identified schedule risks have triggered and whether new risks have emerged.