Quiz: Risk Management Planning Practice Questions

10 Questions | By Lingo_Bingo | Updated: Aug 30, 2022 | Attempts: 1640

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Quiz: Risk Management Planning Practice Questions - Quiz

Get ready to answer some risk management planning practice questions in this quiz. The questions are perfect for someone who wants to add to their knowledge on the topic. There are a lot of risks that come with going into different ventures or taking up projects successfully. The quiz will ensure that you know how to assess, manage, and avoid some of them. All the best to you with this quiz.

Questions and Answers

1.

Julia has just presented her risk management strategy to her project sponsor. The project sponsor is very happy with the strategy but has asked Julia to setup a Management Reserve as well. What type of project risks are handled by the Management Reserves?
- A.
  
  Known risks
- B.
  
  Unknown risks
- C.
  
  Mitigated risks
- D.
  
  Transferred risks
2.

Anne is currently analyzing her project risks. She wishes to quickly assign relative probabilities to these risks in order to prioritize them. Which of the following processes assigns relative probabilities to the identified project risks?
- A.
  
  Plan Risk Responses
- B.
  
  Perform Quantitative Risk Analysis
- C.
  
  Perform Qualitative Risk Analysis
- D.
  
  Identify Risks
3.

Carol is currently planning her project risk responses. There is a huge risk of cost variation due to some of the present economic conditions in the country. This situation cannot be avoided because Carol doesn’t have any control over it. In addition, she doesn’t have any control over influencing the probability or the impact of this risk. This is also not a type of risk that can be insured. What should Carol do in this situation?
- A.
  
  Accept the risk
- B.
  
  Mitigate the risk
- C.
  
  Transfer the risk
- D.
  
  Avoid the risk
4.

Which of the following statements regarding Expected Monetary Value analysis (EMV) is incorrect?
- A.
  
  It calculates a statistical average of the probable outcome of risk events.
- B.
  
  It requires a risk-neutral approach.
- C.
  
  It can be used in decision tree analysis.
- D.
  
  It calculates the impact of risks that have already occurred.
5.

Risks that have already occurred are considered...
- A.
  
  Damage
- B.
  
  Solutions
- C.
  
  Issues
- D.
  
  None of these
6.

George has identified his project risks. He now wants to determine which risks have the most significant impact. This will consist of analyzing the effects of various risks on project objectives by keeping all the uncertain elements at their baseline values. Which of the following tools can help George conduct this analysis?
- A.
  
  Fishbone Diagram
- B.
  
  Flowchart
- C.
  
  Tornado Diagram
- D.
  
  Pareto Chart
7.

James has just finished documenting a list of his project risks. He now wants to analyze his company’s strengths and capabilities to deal with these risks. Which of the following techniques can help James determine these strengths and capabilities and analyze the organizational environment?
- A.
  
  Expert Judgment
- B.
  
  SWOT Analysis
- C.
  
  Brainstorming
- D.
  
  Checklist Analysis
8.

SWOT means
- A.
  
  Strengths, Weaknesses, Opportunities, and Troubles
- B.
  
  Strategies, Weaknesses, Opportunities, and Threats
- C.
  
  Strengths, Ways, Opportunities, and Threats
- D.
  
  Strengths, Weaknesses, Opportunities, and Threats
9.

Which of the following statements regarding the Perform Qualitative Risk Analysis and the Perform Quantitative Risk Analysis processes is correct?
- A.
  
  The Perform Quantitative Risk Analysis process assigns relative probabilities while the Perform Qualitative Risk Analysis process assigns numerical probabilities to the project risks.
- B.
  
  The Perform Qualitative Risk Analysis process assigns relative probabilities while the Perform Quantitative Risk Analysis process assigns numerical probabilities to the project risks.
- C.
  
  The Perform Qualitative Risk Analysis process is a mandatory process to be performed on every project, while the Perform Quantitative Risk Analysis process is an optional process.
- D.
  
  The Perform Quantitative Risk Analysis process is a mandatory process to be performed on every project, while the Perform Qualitative Risk Analysis process is an optional process.
10.

Which of the following updates to the Risk Register are not performed during the Perform Qualitative Risk Analysis process?
- A.
  
  Relative ranking of risks
- B.
  
  Categorization of risks
- C.
  
  List of risks for additional analysis
- D.
  
  List of potential responses