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Risk Management Flashcards

7 cards from real PMP 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 Management flashcards as text

  1. Which type of risk refers to the inherent uncertainty in all projects before any risk responses are implemented?

    Answer: Inherent risk

    Inherent risk is the natural level of risk existing before any controls or mitigations are applied to the project.

  2. A risk probability and impact matrix is used primarily to:

    Answer: Prioritize risks for further analysis and response planning

    The probability and impact matrix categorizes and prioritizes risks based on their likelihood and potential effect, guiding where to focus resources.

  3. A project manager reviews the risk register and finds several risks with low probability and low impact. The MOST appropriate response strategy is to:

    Answer: Accept them and monitor passively

    Low-probability, low-impact risks are typically accepted passively with periodic monitoring rather than consuming resources for active response.

  4. Which input is MOST critical when performing Perform Quantitative Risk Analysis?

    Answer: Risk register

    The risk register contains the list of identified and prioritized risks that serve as the foundation for quantitative risk analysis.

  5. A project manager uses Monte Carlo simulation to analyze project schedule risk. The PRIMARY output of this simulation is:

    Answer: A probability distribution of possible outcomes

    Monte Carlo simulation runs thousands of iterations to produce a probability distribution showing the range and likelihood of different project outcomes.

  6. A project manager is reviewing risk responses and finds that after mitigation, some risk still remains. This remaining risk is called:

    Answer: Residual risk

    Residual risk is the amount of risk remaining after risk responses have been implemented, which the team accepts as a known remainder.

  7. Which of the following BEST distinguishes a known unknown from an unknown unknown in project risk management?

    Answer: Known unknowns are identified risks that can be planned for; unknown unknowns are risks that cannot be anticipated

    Known unknowns are identified uncertainties that can be planned for with contingency reserves, while unknown unknowns are unforeseeable events covered by management reserves.