Practice: Risk

Question 1

Medium likelihood = 50% as stated in the risk management approach (1 word).

Answer 1

Standards

Question 2

How quickly a threat or opportunity would have an effect on objectives if it occurred (1 word)

Answer 2

Velocity

Question 3

Any risk that, should it occur, would result in loss of more than 1% of data should be escalated to
the business layer. (2 words)

Answer 3

Risk Tolerances

Question 4

Risks that may occur within 2 months are noted as imminent, risks that occur within 3 - 4 months
noted as medium term, other risks noted as long term. (1 word)

Answer 4

Proximity

Question 5

Established in the �Plan� step and mentioned in highlight reports and lessons reports. They could
relate to a schedule and cost performance index which would be monitored weekly. Any trend
showing two successive deviations away from 1 should trigger corrective action. (3 words)

Answer 5

Early Warning Indicators

Question 6

We will broadly use the process described in PRINCE2 which has been adopted and tailored by the
business layer. (3 words)

Answer 6

Risk Management Technique

Question 7

Cause and effect diagrams and horizon scanning could be used along with prompt lists to identify
risks. Pre-mortem analysis should be used to identify opportunities. They would be examples of
�Supporting (�?)� in the risk management approach (3 words)

Answer 7

Tools and Techniques

Question 8

The �Communicate� step in the risk management technique is about communicating threats and
opportunities within the project ecosystem, typically via (?). (1 word)

Answer 8

Reports

Question 9

Project assurance will audit the risk management technique after the first planning workshop and
recommend actions for improvement if necessary. (1 word)

Answer 9

Responsibilities

Question 10

�5,000 will be held in reserve to fund a �plan B� contingent plan response should the risk
materialize. (2 words)

Answer 10

Risk Budget

Question 11

PESTLE (political, economic, social, technical, legal, environmental) is to be used to identify and
prioritize risks. (2 words)

Answer 11

Risk Categories

Question 12

When describing a risk, this aspect would be the �area of uncertainty�, the thing that might happen.
(1 word)

Answer 12

Event

Question 13

The risk register should contain fields to record the residual risk and a link to any secondary risks.
(1 word)

Answer 13

Records