Project+ Risk Response Strategies Quiz

1. A contractor purchases a performance bond to protect against vendor failure. This demonstrates:

Avoidance

Mitigation

Transfer

Acceptance

2. Which response strategy is most cost-effective for low-probability, high-impact risks?

Acceptance without reserves

Avoidance at any cost

Transfer through insurance or contracts

Mitigation with no monitoring

3. A vendor fails to deliver on time. If the project manager had accepted this risk, what tool should have been in place?

A contingency plan and reserve

Insurance only

A new vendor contract

No tool was needed

4. When a risk response strategy is implemented, the project manager should:

Remove the risk from the risk register

Monitor the risk and track response effectiveness

Avoid discussing it further

Transfer all responsibility

5. A project team identifies a potential schedule delay. They add buffer time to the project timeline. This is:

Risk avoidance

Risk mitigation

Risk transfer

Risk acceptance

6. Which of the following best describes the difference between mitigation and acceptance?

Mitigation reduces impact; acceptance prepares for it

Mitigation transfers risk; acceptance reduces it

Mitigation is cheaper; acceptance is faster

Mitigation eliminates risk; acceptance avoids it

7. Eliminating a high-risk activity by redesigning the project workflow is an example of:

Risk acceptance

Risk transfer

Risk avoidance

Risk mitigation

8. In risk response planning, what is a 'contingency reserve'?

Budget set aside to respond to accepted risks

Insurance coverage

A backup vendor contract

A change request

9. A project manager decides to implement redundant systems to prevent single points of failure. This is an example of:

Risk avoidance

Risk mitigation

Risk transfer

Risk acceptance

10. Which response strategy is best suited for high-impact, high-probability risks?

Acceptance only

Avoidance or mitigation

Transfer only

No response needed

11. Which risk response strategy involves eliminating the risk by changing project scope or objectives?

Risk avoidance

Risk mitigation

Risk transfer

Risk acceptance

12. When should risk acceptance be chosen as a response strategy?

When the cost of response exceeds the risk impact

When the risk is certain to occur

When there are no other options

When the risk is high priority

13. A project faces potential budget overrun. The team creates a detailed cost control process to minimize spending variance. This is:

Risk avoidance

Risk mitigation

Risk transfer

Risk acceptance

14. Which response strategy reduces the probability or impact of a risk without eliminating it?

Avoidance

Mitigation

Transfer

Acceptance

15. Outsourcing a critical function to reduce internal risk is an example of which strategy?

Avoidance

Mitigation

Transfer

Acceptance

16. A development team identifies the risk of losing a key technical expert. To avoid this risk, what action should they take?

Document knowledge and cross-train team members

Purchase key-person insurance

Reduce project scope

Accept the risk and plan contingencies

17. Which response strategy is most appropriate when a risk has low probability and low impact?

Avoidance

Mitigation

Transfer

Acceptance

18. When a project manager accepts a risk, what must they establish?

A contingency reserve and response plan

Insurance coverage

An alternative vendor

A scope change request

19. Risk transfer typically involves shifting responsibility to a third party. Which tool best supports this?

Insurance

Contingency planning

Scope reduction

Team training

20. A project manager identifies that a supplier delay could impact the schedule. She develops a backup supplier relationship. What strategy is this?

Avoidance

Mitigation

Transfer

Acceptance

Project+ Risk Response Avoid Mitigate Transfer Accept Quiz

1. A contractor purchases a performance bond to protect against vendor failure. This demonstrates:

2.

What first name or nickname would you like us to use?

2. Which response strategy is most cost-effective for low-probability, high-impact risks?

3. A vendor fails to deliver on time. If the project manager had accepted this risk, what tool should have been in place?

4. When a risk response strategy is implemented, the project manager should:

5. A project team identifies a potential schedule delay. They add buffer time to the project timeline. This is:

6. Which of the following best describes the difference between mitigation and acceptance?

7. Eliminating a high-risk activity by redesigning the project workflow is an example of:

8. In risk response planning, what is a 'contingency reserve'?

9. A project manager decides to implement redundant systems to prevent single points of failure. This is an example of:

10. Which response strategy is best suited for high-impact, high-probability risks?

11. Which risk response strategy involves eliminating the risk by changing project scope or objectives?

12. When should risk acceptance be chosen as a response strategy?

13. A project faces potential budget overrun. The team creates a detailed cost control process to minimize spending variance. This is:

14. Which response strategy reduces the probability or impact of a risk without eliminating it?

15. Outsourcing a critical function to reduce internal risk is an example of which strategy?

16. A development team identifies the risk of losing a key technical expert. To avoid this risk, what action should they take?

17. Which response strategy is most appropriate when a risk has low probability and low impact?

18. When a project manager accepts a risk, what must they establish?

19. Risk transfer typically involves shifting responsibility to a third party. Which tool best supports this?

20. A project manager identifies that a supplier delay could impact the schedule. She develops a backup supplier relationship. What strategy is this?