Risk Management Practice Quiz

10 Questions | By ClaireA1234 | Updated: Nov 1, 2022 | Attempts: 34311

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What do you understand by risk management? What are the different principles of risk management? Think you can pass this practice quiz. There are different threats that people face when it comes to their property, and if they occur, it can lead to someone suffering a loss. To guide you through this there are different insurance covers. Take this quiz below and find out how much you know about risk identification, control, and management. Let's get started.

Questions and Answers

1.

Which of the following statements best describes risk?
- A.
  
  Uncertainty when looking to the future.
- B.
  
  Clarity in future decisions.
- C.
  
  Uncertainty when looking at the past.
- D.
  
  Certainly of not suffering harm or loss.
2.

Which of these is not a source of risk?
- A.
  
  Political Risk
- B.
  
  Technology Risk
- C.
  
  Environmental Risk
- D.
  
  Functional Risk
3.

Which of the following is an act of god?
- A.
  
  Sunshine
- B.
  
  A Hurricane
- C.
  
  McDonalds
- D.
  
  A baby being born
4.

The project manager look into risks associated with __________.
- A.
  
  On the project
- B.
  
  In the Project
- C.
  
  On top of the project
- D.
  
  Beside the project
5.

Why Risk Management is Important? Pick the correct answer.
- A.
  
  Minimizes threats, maximize opportunities, and optimizes the achievement of project objectives.
- B.
  
  Reduce the number of threats that materialize into problems and minimize the effects of those that do occur.
- C.
  
  Failing to manage risk will result in more problems, higher benefits and a higher chance of project success.
- D.
  
  Results in more opportunities being captured proactively and turned into positive benefits for the project.
6.

When determining the risk of an event or activity it can be classed as major, moderate or minor – which of the following statements correctly describes the classification?
- A.
  
  Major - cause total failure of seven or more parts of the project.
- B.
  
  Moderate - will hold up or increase costs in one or more areas.
- C.
  
  Minor - will cause inconvenience and completely set the project back financially or in time.
7.

Which of the following is a quantification technique?
- A.
  
  REPT
- B.
  
  PERT
- C.
  
  PET
- D.
  
  PRET
8.

What are the four possible options when responding to risk?
- A.
  
  Avoid, Transfer, Accept, Mitigate
- B.
  
  Accept, Mitigate, Evade, Transfer
- C.
  
  Evade, Receive, Transfer, Avoid
- D.
  
  Mitigate, Avoid, Evade, Transfer
9.

Identifying alternative strategies’ is also knowing as a
- A.
  
  Contingency plan
- B.
  
  Emergency plan
- C.
  
  Back-up plan
- D.
  
  Incident plan
10.

Which factor is not normally considered in risk control?
- A.
  
  Cost
- B.
  
  Quality
- C.
  
  Effort