Risk Assessment & Mitigation Flashcards

A risk that has the potential to benefit the project if it occurs is known as:

Answer: A positive risk or opportunity

Positive risks (opportunities) are uncertain events that, if they occur, would have a beneficial effect on project objectives.

Which risk identification technique brings together cross-functional team members to collaboratively identify risks through open discussion?

Answer: Brainstorming

Brainstorming sessions gather diverse team members to collectively surface risks that individuals might not identify alone.

A secondary risk is best defined as:

Answer: A new risk that arises as a result of implementing a risk response

Secondary risks are new risks that emerge as a direct result of implementing a risk response strategy.

When a CSM uses Monte Carlo simulation in risk analysis, what is the primary output?

Answer: A probability distribution of possible project outcomes

Monte Carlo simulation runs thousands of iterations to produce a probability distribution showing the range of possible cost or schedule outcomes.

Which of the following is an example of risk avoidance in a software project?

Answer: Dropping a high-risk feature from the project scope

Risk avoidance eliminates the risk entirely by removing its source, such as dropping a feature that introduces unacceptable risk.

A risk trigger (also called a risk symptom or warning sign) is used to:

Answer: Initiate a contingency plan when specific conditions are met

A risk trigger is a predefined condition or event that signals it is time to implement the contingency plan for that risk.

In risk management, 'risk appetite' refers to:

Answer: The amount of risk an organization is willing to accept in pursuit of its objectives

Risk appetite defines how much uncertainty or risk an organization is willing to tolerate while pursuing its strategic goals.