Project Risk Management Risk Response Strategies 3

Question 1

An opportunity risk response strategy that attempts to guarantee the opportunity will occur is called:

Accepted Answer

Exploit

Answer

Exploit is used for opportunities when the team wants to ensure the positive risk definitely occurs.

Question 2

A project manager adds a skilled resource to a task to reduce the time needed to complete it, thereby reducing schedule risk. This is an example of:

Accepted Answer

Mitigate

Answer

Mitigation reduces the probability or impact of a threat; adding resources to shorten duration reduces schedule risk impact.

Question 3

Which of the following best describes the 'Share' strategy for opportunities?

Accepted Answer

Partnering with a third party to capture the benefit of the opportunity

Answer

Sharing involves allocating ownership of an opportunity to a third party best positioned to capture its benefit.

Question 4

A contingency plan differs from a fallback plan in that a contingency plan is:

Accepted Answer

Implemented when a defined risk trigger occurs

Answer

A contingency plan is a pre-planned response triggered when a specific risk event occurs, while a fallback plan activates if the contingency plan is insufficient.

Question 5

Which risk response strategy is MOST suitable when a project team wants to increase the probability of a positive risk occurring?

Accepted Answer

Enhance

Answer

Enhance focuses on increasing the probability and/or impact of an opportunity without guaranteeing it will occur.

Project Risk Management Practice Test

Project Risk Management Practice Test

Project Risk Management Risk Response Strategies 3