Project Risk Management Project Risk Management MCQ 5

Question 1

Which of the following is NOT a tool or technique used in the Identify Risks process?

Accepted Answer

Probability and impact matrix

Answer

The probability and impact matrix is used in Perform Qualitative Risk Analysis, not in Identify Risks.

Question 2

Management reserve differs from contingency reserve because it is:

Accepted Answer

Set aside for unknown unknowns, not controlled by the project manager

Answer

Management reserve is held by senior management for unforeseen events (unknown unknowns) and requires executive approval to access.

Question 3

A sensitivity analysis is best described as a technique that:

Accepted Answer

Determines which risks have the most potential impact on project objectives

Answer

Sensitivity analysis identifies which individual risks or uncertainties have the greatest effect on project outcomes, often displayed as a tornado diagram.

Question 4

An organization consistently documents lessons learned related to risk management. This practice supports which principle?

Accepted Answer

Continuous improvement and organizational process asset updates

Answer

Documenting lessons learned updates organizational process assets and improves risk management practices on future projects.

Question 5

A project is 60% complete when a previously unidentified risk surfaces. What should the project manager do first?

Accepted Answer

Add the risk to the risk register and analyze it

Answer

Newly identified risks should first be documented in the risk register and analyzed before any response actions are taken.

Project Risk Management Practice Test

Project Risk Management Practice Test

Project Risk Management Project Risk Management MCQ 5