Project Risk Management Trivia 5

Question 1

Which risk response strategy for threats involves making a third party responsible for the risk without eliminating it?

Accepted Answer

Transfer

Answer

Transfer shifts the financial impact of a risk to a third party (e.g., insurance or subcontracting) without eliminating the risk itself.

Question 2

What is the purpose of a 'risk breakdown structure' (RBS)?

Accepted Answer

To hierarchically categorize risk sources for comprehensive identification

Answer

An RBS organizes identified risks into hierarchical categories to ensure comprehensive coverage of all risk sources.

Question 3

What does a sensitivity analysis in quantitative risk analysis determine?

Accepted Answer

Which risks have the most influence on a specific project outcome

Answer

Sensitivity analysis identifies which individual risks or variables have the greatest potential impact on project outcomes.

Question 4

According to PMI, what is an 'overall project risk'?

Accepted Answer

The effect of uncertainty on the project as a whole

Answer

Overall project risk represents the effect of all uncertainty on the project as a whole, not just the sum of individual risks.

Question 5

Which risk identification technique involves reviewing historical project documents, lessons learned, and contracts?

Accepted Answer

Document analysis

Answer

Document analysis involves reviewing project documents, historical records, and contracts to identify risks.

Project Risk Management Practice Test