Risk Register & Response Planning Flashcards

Which risk response strategy for opportunities is the opposite of 'Avoid' for threats?

Answer: Exploit

Exploit seeks to ensure the opportunity definitely occurs, mirroring how Avoid seeks to eliminate a threat entirely.

A project manager wants to reduce the probability of a critical risk occurring. Which response strategy is being used?

Answer: Mitigate

Mitigation reduces the probability or impact of a threat, though it does not eliminate the risk entirely.

The risk register entry for 'risk cause' documents:

Answer: The root source or condition that may give rise to the risk

The risk cause identifies the underlying condition or event that could lead to the risk materializing.

Which document establishes thresholds and risk appetite that guide how risks are prioritized in the risk register?

Answer: Risk management plan

The risk management plan defines methodology, roles, risk categories, probability/impact scales, and stakeholder risk tolerances.

When a risk exceeds the project team's authority or threshold and must be handled at a higher organizational level, the correct response is to:

Answer: Escalate

Escalation is used when a risk falls outside the project's scope of control and requires executive or organizational-level response.

A contingency reserve in the project budget is BEST associated with which type of risk response?

Answer: Active acceptance

Active acceptance includes establishing contingency reserves (time or cost) to address known risks should they materialize.

Which risk response strategy for opportunities involves allocating ownership to a third party better positioned to realize the benefit?

Answer: Share

Sharing involves transferring ownership of an opportunity to a third party who can best capitalize on it, such as a joint venture.