PMBOK PMBOK Risk Management Processes Questions and Answers 2 — Questions and Answers
Question 1: Which process involves prioritizing individual project risks by assessing their probability of occurrence and impact?
- Perform Qualitative Risk Analysis (Correct answer)
- Perform Quantitative Risk Analysis
- Plan Risk Responses
- Identify Risks
Correct answer: Perform Qualitative Risk Analysis
Perform Qualitative Risk Analysis prioritizes risks by assessing their probability and impact, typically using a probability-impact matrix.
Question 2: What is the primary output of the Plan Risk Management process?
- Risk management plan (Correct answer)
- Risk register
- Risk report
- Issue log
Correct answer: Risk management plan
The Plan Risk Management process produces the risk management plan, which defines how risk activities will be structured and performed.
Question 3: During Implement Risk Responses, who is primarily responsible for executing the agreed-upon risk response strategies?
- Risk owner (Correct answer)
- Project manager
- Project sponsor
- Quality assurance team
Correct answer: Risk owner
Risk owners are assigned during Plan Risk Responses and are responsible for implementing the agreed-upon risk response strategies.
Question 4: Which technique uses models to simulate the combined effect of individual risks and other sources of uncertainty on project objectives?
- Monte Carlo simulation (Correct answer)
- Decision tree analysis
- SWOT analysis
- Influence diagrams
Correct answer: Monte Carlo simulation
Monte Carlo simulation is a Perform Quantitative Risk Analysis technique that models combined risk effects through repeated iterations.
Question 5: What is a fallback plan in the context of project risk management?
- A plan activated when the primary risk response proves ineffective (Correct answer)
- A plan to avoid all identified risks
- A plan created after project closure
- A plan that replaces the risk management plan
Correct answer: A plan activated when the primary risk response proves ineffective
A fallback plan is a predefined alternative response that is implemented when the primary risk response strategy does not work as intended.
Question 6: Which risk response strategy involves shifting the negative impact of a risk to a third party?
- Transfer (Correct answer)
- Mitigate
- Avoid
- Accept
Correct answer: Transfer
Transfer shifts the ownership and liability of a negative risk to a third party, commonly through insurance, warranties, or contracts.
PMBOK PMBOK Risk Management Processes Questions and Answers 2
Which process involves prioritizing individual project risks by assessing their probability of occurrence and impact?