Risk Register & Response Planning Flashcards

A project manager discovers that a previously closed risk has re-emerged. The BEST immediate action is to:

Answer: Reopen and update the risk in the risk register

Re-emerged risks should be reopened in the risk register and reassessed so appropriate responses can be planned.

What is the purpose of a risk reassessment during project execution?

Answer: To identify new risks and review status of existing ones

Risk reassessments ensure the risk register stays current by surfacing new risks and verifying whether existing risks have changed in probability or impact.

Which qualitative risk analysis technique maps risks visually by probability and impact to assist prioritization?

Answer: Probability and impact matrix

The probability and impact matrix categorizes risks into low, moderate, and high zones to guide prioritization in the risk register.

A project team identifies a risk caused by relying on a single supplier. To reduce the risk, they contract a second supplier. This response is BEST classified as:

Answer: Mitigate

Adding a backup supplier reduces the probability and potential impact of a supply disruption, which is mitigation.

In the risk register, 'risk category' is useful PRIMARILY because it:

Answer: Helps organize risks for pattern analysis and ownership

Categorizing risks (e.g., technical, external, organizational) reveals patterns and helps assign subject-matter owners.

A workaround differs from a contingency plan in that a workaround is:

Answer: A response developed in real time for unplanned risks

Workarounds are unplanned responses developed on the fly when a risk that had no prior response plan actually occurs.

Which type of reserve addresses residual and secondary risks as well as unknown risks that cannot be specifically planned for?

Answer: Management reserve

Management reserve covers unknown-unknown risks and is controlled by management, not the project manager's direct budget.