Risk Management & Quality Assurance Flashcards
7 cards from real CPE practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Risk Management & Quality Assurance flashcards as text
Which risk response strategy involves shifting the negative impact of a risk to a third party, such as through insurance?
Answer: Transfer
Risk transfer moves the financial or operational impact of a risk to another party, typically via insurance or contractual agreements.
In Monte Carlo simulation for schedule risk analysis, what does the P80 value represent?
Answer: The date with an 80% probability of being met or exceeded
P80 means there is an 80% probability that the project will complete on or before that date based on the simulation results.
A Fishbone (Ishikawa) diagram is primarily used in quality management to:
Answer: Identify root causes of quality problems
A Fishbone diagram helps teams systematically explore all potential root causes of a quality issue by categorizing contributing factors.
Which of the following best describes a 'Risk Breakdown Structure' (RBS)?
Answer: A hierarchical framework categorizing sources of project risk
An RBS organizes risks into hierarchical categories (technical, external, organizational, etc.) to ensure comprehensive risk identification.
What is the primary purpose of a quality audit in a construction planning project?
Answer: To independently assess whether quality processes are being followed
Quality audits verify that defined quality management processes and standards are being implemented correctly on the project.
When performing qualitative risk analysis, a risk with HIGH probability and HIGH impact should be placed in which quadrant of a probability-impact matrix?
Answer: High priority / immediate action required
High probability combined with high impact places a risk in the top-priority quadrant requiring active risk response planning.
In project risk management, what is the difference between 'residual risk' and 'secondary risk'?
Answer: Residual risk remains after response; secondary risk arises from the response itself
Residual risks are what remains after mitigation actions, while secondary risks are new risks introduced by implementing the risk response.