PMBOK Risk Management Processes 5 — Questions and Answers
Question 1: A tornado diagram is MOST useful for:
- Showing the schedule impact of risk events
- Ranking risks by their relative impact on project objectives (Correct answer)
- Calculating the probability of project completion on time
- Displaying the risk breakdown structure hierarchy
Correct answer: Ranking risks by their relative impact on project objectives
A tornado diagram ranks variables by their impact on the output, showing which risks have the greatest influence on project outcomes.
Question 2: Which process involves working with the risk owner to implement agreed-upon risk responses?
- Plan Risk Responses
- Implement Risk Responses (Correct answer)
- Monitor Risks
- Perform Qualitative Risk Analysis
Correct answer: Implement Risk Responses
Implement Risk Responses ensures that agreed-upon risk responses are executed as planned, a process added explicitly in PMBOK 6.
Question 3: Which of the following is an example of active risk acceptance?
- Ignoring a risk because its probability is low
- Creating a contingency plan to use if a risk occurs (Correct answer)
- Transferring the risk to an insurance provider
- Reducing the probability of the risk occurring
Correct answer: Creating a contingency plan to use if a risk occurs
Active acceptance involves establishing a contingency plan or reserve to address a risk if and when it materializes.
Question 4: During risk identification, the 'prompt list' technique helps project teams by:
- Ranking risks by severity
- Providing predetermined risk categories as memory triggers (Correct answer)
- Calculating numerical probabilities for risks
- Assigning ownership of identified risks
Correct answer: Providing predetermined risk categories as memory triggers
A prompt list is a predetermined list of risk categories that stimulates the team to think about risks they might otherwise overlook.
Question 5: The 'Enhance' strategy for opportunities focuses on:
- Eliminating uncertainty so the opportunity definitely occurs
- Increasing the probability or impact of a positive risk (Correct answer)
- Sharing the opportunity with a third party
- Acknowledging the opportunity without action
Correct answer: Increasing the probability or impact of a positive risk
Enhance increases the probability or positive impacts of an opportunity by targeting and strengthening its root causes.
Question 6: A risk that has been identified and has a plan ready, but the plan is only activated if a specific trigger condition is met, is managed through:
- Residual risk management
- A workaround
- A contingent response strategy (Correct answer)
- Active acceptance
Correct answer: A contingent response strategy
Contingent response strategies are pre-planned responses that are only implemented when specific predefined trigger conditions occur.
Question 7: Which of the following best describes 'overall project risk' as defined in PMBOK?
- The sum of all individual risk exposure values
- The effect of uncertainty on the project as a whole (Correct answer)
- The number of high-priority risks in the risk register
- The total contingency reserve allocated for risk events
Correct answer: The effect of uncertainty on the project as a whole
Overall project risk is the effect of all sources of uncertainty on the project outcome as a whole, not just a sum of individual risks.
PMBOK Risk Management Processes 5
A tornado diagram is MOST useful for: