Project Risk Management Project Risk Management 2

Question 1

Which risk response strategy involves shifting the negative impact of a risk to a third party?

Accepted Answer

Transfer

Answer

Transfer moves the financial or operational burden of a risk to another party, such as through insurance or contracts.

Question 2

A project manager documents risks that are below the threshold for active response. This is called:

Accepted Answer

Passive acceptance

Answer

Passive acceptance means acknowledging a risk exists but choosing not to act unless it occurs.

Question 3

What is the PRIMARY purpose of a risk register?

Accepted Answer

Document identified risks and response plans

Answer

The risk register is the central repository for all identified risks, their analysis, and planned responses.

Question 4

During project execution, a risk that was not previously identified occurs. This is called a:

Accepted Answer

Unknown risk

Answer

Unknown risks (unknown unknowns) are risks that were not foreseen during planning and cannot be managed proactively.

Question 5

Which qualitative risk analysis technique maps risks based on probability and impact?

Accepted Answer

Probability and Impact Matrix

Answer

The Probability and Impact Matrix categorizes risks as low, medium, or high based on their likelihood and potential effect.

Project Risk Management Practice Test