Project Risk Management Risk Management Planning 4 — Questions and Answers
Question 1: A stakeholder register shows that two key stakeholders have very different risk tolerances. How should this information affect the risk management plan?
- Ignore stakeholder risk preferences as they are not relevant to risk planning
- Document both tolerance levels and develop an approach that addresses the divergence (Correct answer)
- Adopt the most conservative stakeholder's tolerance for all risks
- Defer the issue to the risk response planning phase
Correct answer: Document both tolerance levels and develop an approach that addresses the divergence
Differing stakeholder risk tolerances must be acknowledged and reconciled in the risk management plan so that the risk approach reflects the project's actual constraints.
Question 2: Which of the following is NOT typically included in a risk management plan?
- Risk categories
- Probability and impact definitions
- Specific risk responses for identified risks (Correct answer)
- Roles and responsibilities for risk management
Correct answer: Specific risk responses for identified risks
Specific risk responses are documented in the risk register and risk response plan, not in the risk management plan, which defines the overall approach and methodology.
Question 3: A project manager is tailoring the risk management approach for an agile project. Which adjustment is MOST appropriate?
- Perform all risk management activities at the start of the project only
- Integrate risk reviews into sprint retrospectives and planning meetings (Correct answer)
- Eliminate formal risk management since agile embraces change
- Use only quantitative risk analysis methods
Correct answer: Integrate risk reviews into sprint retrospectives and planning meetings
In agile environments, risk management is most effective when integrated into iterative ceremonies such as sprint planning and retrospectives rather than performed as a one-time event.
Question 4: What is the relationship between the risk management plan and the risk register?
- The risk register replaces the need for a risk management plan
- The risk management plan defines how the risk register will be structured and maintained (Correct answer)
- They are identical documents with different names
- The risk register must be completed before the risk management plan
Correct answer: The risk management plan defines how the risk register will be structured and maintained
The risk management plan establishes the methodology, format, and process for managing the risk register, which is created during the Identify Risks process.
Question 5: During Plan Risk Management, the team determines that risks will be tracked using a 5x5 probability-impact matrix. Impact is scored 1-5 based on cost, schedule, scope, and quality. This scoring approach is an example of what?
- Risk register format
- Defined probability and impact scales (Correct answer)
- Risk breakdown structure
- Monte Carlo simulation parameters
Correct answer: Defined probability and impact scales
Defining numeric or descriptive scales for probability and impact during planning ensures all team members apply ratings consistently during qualitative risk analysis.
Question 6: A PMO mandates that all projects with budgets over $1M must perform quantitative risk analysis. This mandate represents which type of organizational input to Plan Risk Management?
- Enterprise environmental factor (Correct answer)
- Organizational process asset
- Project management plan component
- Expert judgment output
Correct answer: Enterprise environmental factor
PMO mandates and organizational governance requirements are enterprise environmental factors that constrain and guide how risk management is planned and executed.
Question 7: Which of the following scenarios demonstrates that the risk management plan has been effectively tailored to the project?
- The team copied the risk management plan from the previous project without modification
- The risk management approach reflects the project's size, complexity, and stakeholder risk tolerances (Correct answer)
- The plan requires the same level of quantitative analysis regardless of project type
- Risk reviews are scheduled once per year for all projects
Correct answer: The risk management approach reflects the project's size, complexity, and stakeholder risk tolerances
An effective risk management plan is tailored to the specific project context, including its size, complexity, timeline, and the risk tolerances of key stakeholders.
Project Risk Management Risk Management Planning 4
A stakeholder register shows that two key stakeholders have very different risk tolerances.
How should this information affect the risk management plan?