Risk Assessment & Mitigation Flashcards
7 cards from real CSM 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 Assessment & Mitigation flashcards as text
A software manager conducts a risk audit. What is the primary purpose of this activity?
Answer: To evaluate the effectiveness of risk responses and update the risk register
Risk audits assess whether risk responses have been implemented as planned and whether they are achieving the desired effect.
Which of the following best illustrates the difference between a risk and an issue?
Answer: A risk is an uncertain future event; an issue is a problem that has already occurred
A risk is a potential future event that may or may not occur, while an issue is a problem that has already materialized and needs immediate resolution.
A software manager sets aside 15% of the project budget as a contingency reserve. This reserve is primarily intended to cover:
Answer: Known risks that have been identified and planned for
Contingency reserves address known risks (identified risks with mitigation or contingency plans), while management reserves cover unknown unknowns.
Which risk assessment approach is most appropriate when precise probability data is unavailable and expert judgment must be relied upon?
Answer: Qualitative risk analysis
Qualitative risk analysis uses subjective expert assessment to prioritize risks when precise numerical data is not available.
During risk planning, a CSM identifies a risk that could cause a 3-week schedule delay if a critical vendor misses their delivery deadline. The manager negotiates a contractual penalty clause with the vendor. This is:
Answer: Risk transference
Contractual penalty clauses shift the financial consequences of the vendor's failure to the vendor, transferring the risk.
A 'known unknown' in software risk management refers to:
Answer: Risks that are identified but whose exact parameters are uncertain
Known unknowns are risks you know exist but don't have complete information about, such as knowing a technology may fail but not when or how severely.
What is the purpose of a risk breakdown structure (RBS) in software project management?
Answer: To hierarchically categorize risks by source or type
An RBS organizes risks into a hierarchical structure by category (e.g., technical, external, organizational), helping ensure comprehensive risk identification.