Project Risk Management Risk Monitoring and Control 5 — Questions and Answers
Question 1: What role does a 'risk owner' play specifically during the Monitor Risks process?
- Approves the project budget for risk responses
- Monitors assigned risks, implements responses, and reports status (Correct answer)
- Manages all risks across the entire project
- Documents risks in the risk register on behalf of the team
Correct answer: Monitors assigned risks, implements responses, and reports status
During monitoring, each risk owner is responsible for watching their assigned risks, executing planned responses when triggers occur, and reporting current status to the project manager.
Question 2: Which of the following best explains why risk monitoring must be continuous rather than a single event?
- It is required by PMI standards regardless of project size
- Project conditions change, new risks emerge, and existing risks evolve throughout the project (Correct answer)
- Continuous monitoring reduces the need for contingency reserves
- Stakeholders expect regular risk reports as part of communication
Correct answer: Project conditions change, new risks emerge, and existing risks evolve throughout the project
Projects are dynamic; new risks can emerge at any phase, existing risks can escalate or diminish, and project conditions change—making continuous monitoring essential for effective risk management.
Question 3: A risk audit reveals that risk responses are not being consistently implemented. What is the most appropriate corrective action?
- Replace all risk owners immediately
- Issue change requests to update the risk management plan and reinforce accountability (Correct answer)
- Remove unimplemented responses from the risk register
- Escalate directly to the PMO without informing the team
Correct answer: Issue change requests to update the risk management plan and reinforce accountability
When audits reveal implementation gaps, the project manager should issue change requests to address the root cause and strengthen accountability through updated plans and clearer ownership.
Question 4: In a risk register, what does it mean when a risk's 'risk score' increases during a monitoring review?
- The risk has been successfully mitigated
- The combination of probability and/or impact has grown, increasing the risk's priority (Correct answer)
- The risk has been transferred to a vendor
- The risk owner has changed
Correct answer: The combination of probability and/or impact has grown, increasing the risk's priority
An increasing risk score (probability × impact) means the risk has become more likely or more severe, requiring elevated attention and potentially revised response strategies.
Question 5: Which of the following is a key difference between monitoring risks and controlling risks?
- They are identical activities with different names
- Monitoring tracks risk status; controlling implements responses and adjustments (Correct answer)
- Controlling is done only at project closure
- Monitoring is performed by the sponsor; controlling by the team
Correct answer: Monitoring tracks risk status; controlling implements responses and adjustments
While often combined as 'Monitor and Control Risks,' monitoring refers to tracking risk status and triggers, while controlling involves implementing responses and adjusting plans based on what is observed.
Question 6: A project manager notices that contingency reserves are being consumed faster than expected relative to project progress. What risk monitoring action should follow?
- Increase the project budget immediately
- Perform a reserve analysis and reassess outstanding risks (Correct answer)
- Eliminate low-priority risks to free up attention
- Request management reserves without further analysis
Correct answer: Perform a reserve analysis and reassess outstanding risks
Faster-than-expected reserve consumption signals that risks may be occurring more frequently or severely than planned, warranting an immediate reserve analysis and risk reassessment.
Question 7: Which document is updated as a key output of the Monitor Risks process to capture lessons about risk management effectiveness?
- Project charter
- Lessons learned register (Correct answer)
- Stakeholder register
- Quality management plan
Correct answer: Lessons learned register
The lessons learned register captures insights about what risk monitoring and control approaches worked or failed, providing valuable guidance for future phases and projects.
Project Risk Management Risk Monitoring and Control 5
What role does a 'risk owner' play specifically during the Monitor Risks process?