Project Risk Management

Assess your knowledge level  on Project Risk  Management by attempting the following online test  from PM Expert -20 Randomly Selected Questions

Click to Start 20 randomly selected questions on Project Risk Management

1. Based on the following data
(Probability -P, Impact -I, Expected Value = P X I)
What is the amount needed for the contingency fund ?

Risk - 1 (.35, -4000, -1400)
Risk - 2  (.40, 50000, 20000)
Risk -  3 (.45, -300000, - 135000)
Risk - 4 (.30 ,50000 ,15000)
Risk - 5 (.35, -45000, - 15750)

a. Unknown with this information
b. 249,000
c. 117,150
d. 15750

2. Risk Identification is considered to be_________________
a. Iterative
b. Self-led
c. Mandatory
d. Optional
3. Which of the following can determine multiple scenarios with risk and probability of impact
a. Decision trees
b. Monte Carlo simulations
c. Pareto charts
d. Gantt charts

4. Risks that include fire, theft, or injury and offer no chance for gain are
a. Business Risks
b. Pure Risks
c. Risk acceptance
d. Life risks
5. Which of the following is not an input to risk management planning?
a. The project charter
b. Risk Identification
c. Defined Roles and Responsibilities
d. WBS

6. John has joined as the Project Manager of a project. One of the project documents available to John lists down all the risks in a hierarchical fashion. What is this document called?
a. Risk Management Plan.
b. List of risks.
c. Monte Carlo diagram.
d. Risk Breakdown Structure.

7. Which of the following statements is true about risks?
a. When evaluating risks their impact should be considered, however probability of occurrence is not important.
b. Risks if they happen always have negative impact and not positive.
c. Risk register documents all the risks in detail.
d. Risk response plan is another name for Risk Management Plan.

8. David is the Project Manager of a Road construction project. During a project review, David realizes that one particular risk has occurred. To take appropriate action against risk that has happened, David needs to refer to which document?
a. Risk response plan
b. Risk management plan
c. Risk breakdown structure
d. Risk register

9. During which stage of Risk planning are risks prioritized based on probability and impact?
a. Identify Risks
b. Plan Risk responses
c. Perform Qualitative risk analysis
d. Perform Quantitative risk analysis

10. During which stage of Risk planning are modeling techniques used to determine overall effects of risks on project objectives for high probability, high impact risks?
a. Identify Risks
b. Plan Risk responses
c. Perform Qualitative risk analysis
d. Perform Quantitative risk analysis

11. David is a Project Manager for Green Valley project. A risk management plan has been prepared for the project. Which of the following should David do next?
a. Perform Qualitative risk analysis
b. Perform Quantitative risk analysis
c. Identify Risks
d. Plan Risk responses

12. Which of the following processes has risk register as the primary output?
a. Plan Risk Management
b. Identify Risks
c. Monitoring and Control Risks
d. Perform Qualitative Risk Analysis

13. Five of the processes in Project Risk Management are from which process group?
a. Initiating
b. Planning
c. Executing
d. Monitoring and Control

14. Monika is a Project Manager for a reforestation project. To identify the risks involved, John sends a questionnaire to gather inputs from experts. Which technique is Monika using?
a. Delphi technique
b. Interviews
c. Brain storming
d. Documentation review

15. Mathew is a Project Manager for software migration at a bank. A major risk that has been identified is attrition of resources. As a strategy to respond to this risk, Mathew, with support from Senior Management, provides good increments to his team members. What type of risk response is Mathew following?
a. Accept
b. Avoid
c. Transfer
d. Mitigate

1. C-117150 is the correct answer
2. a
3. b. Monte Carlo simulations can reveal multiple scenarios
4. b. Pure risks are the risks that could threaten the safety of the individuals on the project
5. b. Risk Identification is not an input to risk management
6. d. Hierarchical description of risks is called Risk Breakdown structure.
7. c. Risk register documents the risks in detail.
8. a. David needs to refer to the Risk response plan that documents responses to identified risks.
9. c. Risk probability and impact are defined during Qualitative risk analysis.
10. d.

11. d
12. b. Process of Identify Risks has Risk register as the major output.
13. b. Five of the six processes in Project Risk Management are part of the Planning process group.
14. a. Monika is using the Delphi technique to identify risks.
15. d. Mathew is mitigating the risk by reducing the probability of risk happening

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