Project Risk Management Qualitative Risk Analysis 3 — Questions and Answers
Question 1: Which of the following is an example of a 'secondary risk'?
- A risk that was not identified during planning
- A risk created as a result of implementing a risk response (Correct answer)
- A risk with both high probability and high impact
- A risk transferred to a third-party vendor
Correct answer: A risk created as a result of implementing a risk response
Secondary risks emerge as a direct consequence of executing a risk response action and must be identified and tracked.
Question 2: During qualitative risk analysis, the team discovers two risks that always occur together. What should the project manager do?
- Eliminate one risk from the register as a duplicate
- Analyze them as correlated risks that may amplify each other (Correct answer)
- Rate them separately and ignore their relationship
- Assign both risks to the same team member
Correct answer: Analyze them as correlated risks that may amplify each other
Correlated risks that co-occur can compound their impact and should be analyzed together to understand the combined effect.
Question 3: What is the primary output of the Perform Qualitative Risk Analysis process?
- Risk response plan
- Probabilistic project schedule
- Updates to the risk register with priority ratings (Correct answer)
- Contingency reserve calculations
Correct answer: Updates to the risk register with priority ratings
The main output is an updated risk register containing prioritized risks based on probability and impact ratings.
Question 4: A stakeholder insists that a risk the team rated 'Low' is actually critical. What is the best approach?
- Accept the stakeholder's view immediately without analysis
- Ignore the objection and proceed with the team's rating
- Revisit the assessment using additional data and perspectives (Correct answer)
- Escalate the disagreement to the project sponsor
Correct answer: Revisit the assessment using additional data and perspectives
Re-examining the risk with additional data and diverse perspectives ensures the assessment reflects the most accurate understanding.
Question 5: Which characteristic makes a risk a candidate for 'watch list' status rather than active management?
- High probability and high impact
- Low probability and low impact (Correct answer)
- High probability and low impact
- Unknown probability but known impact
Correct answer: Low probability and low impact
Risks with both low probability and low impact are typically placed on a watch list to monitor without dedicating significant resources.
Question 6: How does the 'Risk Breakdown Structure (RBS)' support qualitative risk analysis?
- It calculates the monetary value of each risk
- It organizes risks hierarchically by category for systematic review (Correct answer)
- It assigns team members to each risk category
- It defines the schedule for risk review meetings
Correct answer: It organizes risks hierarchically by category for systematic review
The RBS provides a hierarchical framework for organizing risks by source or category, facilitating thorough and structured qualitative assessment.
Question 7: Which data gathering technique uses multiple rounds of anonymous expert input to reach consensus on risk ratings?
- Brainstorming
- Delphi technique (Correct answer)
- Root cause analysis
- SWOT analysis
Correct answer: Delphi technique
The Delphi technique collects anonymous expert opinions through iterative rounds, reducing bias and building consensus on risk probability and impact.
Project Risk Management Qualitative Risk Analysis 3
Which of the following is an example of a 'secondary risk'?