PMBOK Risk Management Processes 3 — Questions and Answers
Question 1: What document describes the risk thresholds and risk appetite of the organization and stakeholders?
- Risk Register
- Risk Report
- Risk Management Plan (Correct answer)
- Stakeholder Register
Correct answer: Risk Management Plan
The Risk Management Plan includes stakeholder risk tolerances, thresholds, and the organization's overall risk appetite.
Question 2: Which technique used in Identify Risks involves team members individually generating risk ideas before group discussion?
- Brainstorming
- Nominal Group Technique (Correct answer)
- Delphi Technique
- Root Cause Analysis
Correct answer: Nominal Group Technique
The Nominal Group Technique allows participants to privately generate ideas first, then share and vote as a group to reduce social influence bias.
Question 3: An opportunity response strategy where the project team acts to ensure an opportunity definitely occurs is called:
- Share
- Exploit (Correct answer)
- Enhance
- Accept
Correct answer: Exploit
Exploit eliminates uncertainty associated with an opportunity by ensuring it definitely happens, often by assigning the best resources to it.
Question 4: Which output is FIRST created in the Plan Risk Management process?
- Risk Register
- Risk Report
- Risk Management Plan (Correct answer)
- Risk Response Plan
Correct answer: Risk Management Plan
The Risk Management Plan is the sole output of Plan Risk Management and serves as the foundation for all subsequent risk processes.
Question 5: A secondary risk is defined as a risk that:
- Has a secondary (medium) priority rating
- Arises as a direct result of implementing a risk response (Correct answer)
- Is identified after project execution begins
- Cannot be transferred or avoided
Correct answer: Arises as a direct result of implementing a risk response
Secondary risks are new risks that emerge as a direct consequence of implementing a risk response strategy.
Question 6: The Monitor Risks process primarily aims to:
- Identify new risks and evaluate risk response effectiveness (Correct answer)
- Assign numerical values to identified risks
- Develop options to address project risks
- Prioritize risks for further analysis
Correct answer: Identify new risks and evaluate risk response effectiveness
Monitor Risks tracks identified risks, identifies new risks, evaluates risk response effectiveness, and ensures risk processes are followed.
Question 7: When a project team decides to do nothing about a risk unless it occurs, they are using which response strategy?
- Mitigate
- Transfer
- Avoid
- Accept (Correct answer)
Correct answer: Accept
Accept acknowledges the risk without taking proactive action; passive acceptance means no response is planned unless the risk occurs.
PMBOK Risk Management Processes 3
What document describes the risk thresholds and risk appetite of the organization and stakeholders?