Describe Risk & Issue Management Terms Quiz

1. What is the definition of a Realized Risk?

A risk that has been mitigated successfully and no longer poses a threat to the project.

A previously identified event or condition (risk) that has already occurred or is occurring and negatively affects the project.

A potential risk that has not yet occurred but may impact the project in the future.

A risk that has no impact on the project outcomes.

A realized risk refers to an event or condition that was identified as a risk and has already happened or is currently happening, leading to negative consequences for the project. It is different from potential risks, risks with no impact, or risks that have been successfully managed.

Explanation

A realized risk refers to an event or condition that was identified as a risk and has already happened or is currently happening, leading to negative consequences for the project. It is different from potential risks, risks with no impact, or risks that have been successfully managed.

2. What is the definition of an Issue?

A situation where everything is going smoothly without any challenges.

An event or condition that was not previously identified but has occurred and is negatively affecting the project.

A task that was completed ahead of schedule.

An unexpected positive development that benefits the project.

An issue is a problem or concern that arises during the project that was not initially anticipated and is causing a negative impact on the project progress.

Explanation

An issue is a problem or concern that arises during the project that was not initially anticipated and is causing a negative impact on the project progress.

3. What is the definition of Impact?

The amount of coffee consumed in a day.

The aftermath of a strategic decision.

The potential effect of a risk.

A measure of force exerted over an area.

Impact is the potential effect of a risk, not a measure of force, aftermath of a decision, or the amount of coffee consumed.

Explanation

Impact is the potential effect of a risk, not a measure of force, aftermath of a decision, or the amount of coffee consumed.

4. What is a Risk Trigger?

A fictional event created to scare people.

An objective indicator that a risk event has occurred or may soon occur.

A measure to eliminate all risks.

A trigger used in video games to enhance gameplay.

A Risk Trigger is a specific event or indicator that signals the occurrence of a risk or potential risk. It is not a measure to eliminate risks, a fictional event, or related to video game triggers.

Explanation

A Risk Trigger is a specific event or indicator that signals the occurrence of a risk or potential risk. It is not a measure to eliminate risks, a fictional event, or related to video game triggers.

5. What is a Risk Originator?

The program stakeholder who identifies and reports a potential risk.

The team member designated to mitigate risks.

The project manager responsible for risk management.

The external consultant brought in to assess risks.

A Risk Originator is not necessarily the project manager or the team member responsible for risk management, but rather any stakeholder within the program who identifies and reports a potential risk.

Explanation

A Risk Originator is not necessarily the project manager or the team member responsible for risk management, but rather any stakeholder within the program who identifies and reports a potential risk.

6. What is a Risk Owner?

An external consultant hired to assess risks

Program stakeholder with sufficient authority to manage a risk. Must be a US-VISIT government employee.

A junior employee responsible for minor risks in a program

Anyone with concerns about potential risks in a program

A Risk Owner is a program stakeholder with the authority to manage a risk, typically a US-VISIT government employee.

Explanation

A Risk Owner is a program stakeholder with the authority to manage a risk, typically a US-VISIT government employee.

7. What is the process of determining impact, probability, urgency, and overall priority of a risk to the project, process, or program?

Risk Mitigation

Risk Analysis

Risk Management

Risk Assessment

Risk Analysis involves evaluating potential risks by considering their impact, probability, urgency, and overall priority to make informed decisions.

Explanation

Risk Analysis involves evaluating potential risks by considering their impact, probability, urgency, and overall priority to make informed decisions.

8. What is the process of determining which risks might affect the project and documenting their characteristics?

Risk Assessment

Risk Mitigation

Risk Management

Risk Identification

Risk identification involves identifying and documenting potential risks that may impact the project. It is the first step in the risk management process.

Explanation

Risk identification involves identifying and documenting potential risks that may impact the project. It is the first step in the risk management process.

9. What are the strategies for handling a risk?

Control, Avoid, Accept, Transfer

Ignore, Delegate, Embrace

When handling a risk, it is important to consider strategies such as controlling, avoiding, accepting, or transferring the risk. Ignoring or delegating a risk can lead to negative consequences, while embracing a risk without a proper plan can also have detrimental effects.

Explanation

When handling a risk, it is important to consider strategies such as controlling, avoiding, accepting, or transferring the risk. Ignoring or delegating a risk can lead to negative consequences, while embracing a risk without a proper plan can also have detrimental effects.

10. How often do the RM CoP meetings take place?

Every year

Every quarter

Every week

Every month

RM CoP meetings take place on a monthly basis to ensure regular communication and collaboration among members.

Explanation

RM CoP meetings take place on a monthly basis to ensure regular communication and collaboration among members.