Project Risk Management Risk Monitoring and Control 4

Question 1

A previously identified risk has now occurred on the project. What does this risk become in project management terminology?

Accepted Answer

An issue

Answer

When a risk event actually occurs, it transitions from a risk (uncertain future event) to an issue (a current problem that requires immediate action).

Question 2

Which risk response strategy, when implemented, would most likely create secondary risks that must be monitored?

Accepted Answer

Risk transfer

Answer

Risk transfer (e.g., using contracts or insurance) can create secondary risks such as vendor default, contract disputes, or inadequate coverage that must be monitored.

Question 3

What is the purpose of 'technical performance measurement' in the context of monitoring project risks?

Accepted Answer

To compare technical accomplishments to planned milestones as a risk indicator

Answer

Technical performance measurement compares achieved technical results against planned targets; deviations can indicate that technical risks are materializing or escalating.

Question 4

A project manager wants to ensure all identified risk owners are actively managing their assigned risks. Which tool is most appropriate?

Accepted Answer

Risk register review meetings

Answer

Regular risk register review meetings bring together risk owners to report on risk status, response effectiveness, and trigger conditions, ensuring accountability.

Question 5

When should a project team consider closing a risk in the risk register?

Accepted Answer

When the risk can no longer occur because its window of opportunity has passed

Answer

A risk should be closed when it can no longer occur—typically because the phase or condition that would trigger it has passed—or when it has been fully mitigated.

Project Risk Management Practice Test

Project Risk Management Practice Test

Project Risk Management Risk Monitoring and Control 4