les 13 risk management

Question 1

What is an uncertain event or set of events that, should it occur, will affect the project?

Answer 1

Risk

Question 2

Can a risk positively impact a project, or does a risk have to be negative?

Answer 2

A risk can have either a positive or negative impact on the project.

Question 3

Can excellent risk management ensure project success?

Answer 3

No, there can be lots of reasons why projects do not succeed. Good risk management helps to increase the chances of project success.

Question 4

Which document is a guideline on how risk management should be done during the project?

Answer 4

Risk management approach

Question 5

When are new risks likely to be captured during a project?

Answer 5

Risks can be captured at any time during a project and added to the ‘risk register.’

Question 6

Which document is mainly used to capture risks?

Answer 6

Risk register

Question 7

Can a project be stopped due to a high level of risk?

Answer 7

Yes, i.e., At the start of the project, there was a 10% chance that government funding would not be provided. During the 2nd stage, it jumped to 80%, so the project should be stopped.