Project Risk Management Risk Monitoring and Control 3

Question 1

What is the difference between a 'residual risk' and a 'secondary risk'?

Accepted Answer

Residual risks remain after responses; secondary risks are created by responses

Answer

Residual risks are smaller risks that remain after a response is applied, while secondary risks are new risks introduced as a direct result of implementing a risk response.

Question 2

A project's risk exposure has significantly increased due to scope changes. Which action should the project manager take?

Accepted Answer

Perform an unscheduled risk reassessment immediately

Answer

Significant changes like scope additions warrant immediate, unscheduled risk reassessments to ensure the risk management plan reflects current project realities.

Question 3

Which output of the Monitor Risks process can result in change requests to the project management plan?

Accepted Answer

Recommended corrective or preventive actions

Answer

Recommended corrective actions (to deal with occurred risks) and preventive actions (to reduce future risk probability) can trigger formal change requests to the project management plan.

Question 4

A risk owner reports that the probability of a high-priority risk has decreased significantly. What should the project manager update?

Accepted Answer

The risk register with new probability and priority ranking

Answer

When risk parameters change, the risk register must be updated to reflect the new probability, impact, and resulting priority to ensure accurate monitoring.

Question 5

What does 'variance and trend analysis' help a project manager understand during risk monitoring?

Accepted Answer

Whether project performance deviations indicate emerging risks

Answer

Variance and trend analysis examines project performance data over time to identify trends that might indicate emerging risks or signal that existing risks are materializing.

Project Risk Management Practice Test

Project Risk Management Practice Test

Project Risk Management Risk Monitoring and Control 3