Risk Management Processes Flashcards

A tornado diagram is MOST useful for:

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.

Which process involves working with the risk owner to implement agreed-upon risk responses?

Answer: Implement Risk Responses

Implement Risk Responses ensures that agreed-upon risk responses are executed as planned, a process added explicitly in PMBOK 6.

Which of the following is an example of active risk acceptance?

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.

During risk identification, the 'prompt list' technique helps project teams by:

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.

The 'Enhance' strategy for opportunities focuses on:

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.

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:

Answer: A contingent response strategy

Contingent response strategies are pre-planned responses that are only implemented when specific predefined trigger conditions occur.

Which of the following best describes 'overall project risk' as defined in PMBOK?

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.