Project Risk Management Risk Management Planning 2

Question 1

Which document serves as the PRIMARY input when developing the Risk Management Plan?

Accepted Answer

Project charter

Answer

The project charter provides high-level project information including risk tolerances, making it the primary input to Plan Risk Management.

Question 2

A risk management plan specifies that all risks with a probability above 0.4 AND an impact above 0.6 require a formal response plan. This threshold definition is known as what?

Accepted Answer

Risk threshold

Answer

A risk threshold defines the specific measurable level at which a risk requires a formal response, distinguishing it from broader appetite or tolerance concepts.

Question 3

During Plan Risk Management, the team debates how frequently risks should be reviewed. Which section of the risk management plan documents this decision?

Accepted Answer

Timing

Answer

The timing section of the risk management plan defines when and how often risk management activities, including risk reviews, will be performed throughout the project.

Question 4

A project sponsor insists the team skip formal risk management planning because the project is 'low complexity.' What is the BEST response from the project manager?

Accepted Answer

Explain that all projects regardless of size benefit from some level of risk planning

Answer

All projects carry some level of uncertainty, and even simple projects benefit from tailored risk management planning to prevent avoidable issues.

Question 5

Which tool or technique used in Plan Risk Management involves gathering experts to define risk categories, thresholds, and methodologies?

Accepted Answer

Meetings

Answer

Meetings (specifically planning meetings) are the primary tool for Plan Risk Management, where the team collaborates to establish the risk management approach.

Project Risk Management Practice Test

Project Risk Management Practice Test

Project Risk Management Risk Management Planning 2