Risk Response Planning Flashcards
7 cards from real Project Management 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 Response Planning flashcards as text
A project manager wants to reduce the probability of a supplier delay risk by adding a second approved supplier. This strategy is BEST described as:
Answer: Mitigate
Adding a second supplier reduces the probability of the delay risk occurring, which is the definition of mitigation.
A risk has been identified that exceeds the project manager's authority level to address. The BEST response is to:
Answer: Escalate the risk to the sponsor or senior management
Escalation is the appropriate strategy when a risk falls outside the project's authority or scope to address.
Which of the following BEST describes a contingency plan?
Answer: A pre-planned response that activates when a defined trigger event happens
A contingency plan is a pre-defined response activated when a specific trigger (risk event) occurs.
The 'Exploit' strategy for opportunities aims to:
Answer: Ensure the opportunity definitely occurs
Exploiting an opportunity means taking actions to ensure the positive event definitely happens, maximizing its probability to 100%.
A project manager updates the project documents and risk register after completing Plan Risk Responses. Which document captures agreed-upon response strategies and risk owners?
Answer: Risk report
The risk report (introduced in PMBOK 6) consolidates overall risk exposure and individual risk information including responses and ownership.
A risk response that reduces the financial impact of a risk by negotiating a fixed-price contract with a vendor is BEST categorized as:
Answer: Transfer
A fixed-price contract shifts the financial risk of cost overruns to the vendor, making it a transfer strategy.
After all planned responses are implemented, the remaining risk exposure is known as:
Answer: Residual risk
Residual risk is the remaining risk that persists after responses have been implemented and accepted by stakeholders.