Risk Management Quiz

10 Questions | Total Attempts: 3580

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Risk Management Quiz

Test your risk mangement knowledge after examining the lecture materials, case studies, and readings for this module.


Questions and Answers
  • 1. 
    • A. 

      Cost, schedule, and quality

    • B. 

      Environment, cost, and legal

    • C. 

      Resources, schedule, and health and safety

  • 2. 
    What are the three stages of cyclical risk management?
    • A. 

      Identification, quantification and prioritisation

    • B. 

      Identification, analysis, and monitoring and control

    • C. 

      Analysis, mitigation, and control

  • 3. 
    Which of the following are risk analysis techniques?
    • A. 

      Interviewing

    • B. 

      Network diagrams

    • C. 

      Brainstorming

    • D. 

      SWOT analysis

    • E. 

      Acceptance

    • F. 

      Outsourcing

    • G. 

      RBS - risk breakdown structure

  • 4. 
    What does the acronym SWOT mean?
    • A. 

      Sensitivity, Weaknesses, Opportunities, and Time

    • B. 

      Strengths, Weaknesses, Opportunities, and Threats

  • 5. 
    Which of the following is the more commonly-used type of risk analysis method?
    • A. 

      Qualitative

    • B. 

      Quantitative

  • 6. 
    Which of the following are quantitative risk analysis technologies?
    • A. 

      Simulation

    • B. 

      Gathering opinions

    • C. 

      Decision-making trees

    • D. 

      Using simple ranking charts

    • E. 

      The Event Chain method

    • F. 

      Failure mode effect analysis (FMEA)

    • G. 

      PERT

  • 7. 
    Which of the following are advantages of using quantitative methods of risk analysis?
    • A. 

      Less time-consuming

    • B. 

      More precise

    • C. 

      Less reliance on software

  • 8. 
    When might a PERT approach to risk assessment now be most useful?
    • A. 

      In determining the effects of risks

    • B. 

      For a manager deciding whether to accept the level of risk that a project presents

    • C. 

      In all large projects

    • D. 

      In determining the likelihood of individual risks occurring

  • 9. 
    What is Opportunities Management?
    • A. 

      The management of any identified risk once it occurs

    • B. 

      The management of positive risks

    • C. 

      A new school of thought that treats the emergence of any risk as an opportunity to re-work the project

  • 10. 
    In NASA’s Mars Climate Orbiter Project, what were some of the failures in relation to risk management?
    • A. 

      Failure to continually perform system analyses to identify risks

    • B. 

      Failure to communicate risks to all sectors of the project team and management

    • C. 

      Failure of the team and management to work to make trade-off decisions to mitigate risks

    • D. 

      Failure to properly consider the likelihood and impact of potential risks

    • E. 

      Failure to regularly communicate progress of the risk mitigation plans and trade-offs to management

    • F. 

      Failure to define and quantify acceptable risk

    • G. 

      Failure to draw up an initial risk register

    • H. 

      Failure to prioritise risks