Project Risk Management Risk Management Planning 5

Question 1

A project team identifies that their industry has significant regulatory risk. How should this influence the risk breakdown structure (RBS) in the risk management plan?

Accepted Answer

A regulatory risk category should be explicitly included in the RBS

Answer

The RBS should reflect the actual risk landscape of the project, including industry-specific categories like regulatory risk, to ensure comprehensive risk identification.

Question 2

What is the MAIN purpose of defining risk categories during Plan Risk Management?

Accepted Answer

To provide a structured framework that ensures comprehensive risk identification

Answer

Risk categories provide a structured framework that helps the team think systematically across different types of risks, reducing the chance of missing important risk areas.

Question 3

Which statement about the risk management plan is CORRECT?

Accepted Answer

It is a component of the project management plan and can be updated as needed

Answer

The risk management plan is a subsidiary plan within the overall project management plan and should be updated whenever the project context or risk environment changes significantly.

Question 4

A project manager is presenting the risk management approach to a skeptical executive who sees risk management as overhead. What is the STRONGEST argument for investing in proper risk management planning?

Accepted Answer

Early risk planning reduces the cost of addressing risks later when options are fewer and more expensive

Answer

Addressing risks early in the project is far less costly than responding to them during execution, when options are more limited and the cost of change is higher.

Question 5

During Plan Risk Management, the team decides that risks will be re-evaluated at each phase gate. This decision is captured under which section of the risk management plan?

Accepted Answer

Timing

Answer

The timing section documents when and how frequently risk management activities will be performed, including phase gate reviews.

Project Risk Management Practice Test

Project Risk Management Practice Test

Project Risk Management Risk Management Planning 5