Risk Management Quiz: Test!

10 Questions | By Team418b | Last updated: Mar 22, 2022 | Total Attempts: 6832

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1.

According to Maylor, what are traditionally the core three risk categories?
- 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.

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
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.

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
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