Risk Management Quiz: Test!
- 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
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