Risk and Issue Management Flashcards
While providing support to the project and attending a risk management workshop, the following statements were noted. Which one of these could be considered as a risk to a project?
A We have never done a project of this kind before.
B We might not have sufficient people with the right experience to undertake the project.
C We always find that design verification takes longer than planned.
D We have never worked in that country before.
B We might not have sufficient people with the right experience to undertake the project.
On examining a particular risk in the project there is some uncertainty among the project team of how important this risk is to the project. How would you advise the team on how the significance of the risk is to be determined?
A By assessing its probability of occurrence.
B By assessing its impact on project objectives.
C By assessing both its probability of occurrence and its impact on project objectives.
D By assessing its effect on the business case.
C By assessing both its probability of occurrence and its impact on project objectives.
What is the main benefit of using a risk register in the project?
A It records risks, their impact and the responses being adopted.
B It records risk ownership and how issues are being managed.
C It assesses the impact and probability of risks taking place.
D It directs the team in how the management of risk in the project should be conducted.
A It records risks, their impact and the responses being adopted.
A member of your team has described being involved in a risk event. Which one of the following would best describe such an event?
A An action or set of actions to reduce the probability or impact of a threat, or to increase the probability or impact of an opportunity.
B The plan of the response to risks.
C An uncertain event or set of circumstances that if realised would have an effect on project objectives.
D A risk identification workshop.
C An uncertain event or set of circumstances that if realised would have an effect on project objectives.
Which one of the following statements about project risk is true?
A Risk is always beneficial to the project.
B Risk is neither beneficial or detrimental to the project.
C Risk can be beneficial or detrimental to the project.
D Risk is always detrimental to the project.
C Risk can be beneficial or detrimental to the project.
A typical risk management process would follow the steps:
A identification, analysis, response, closure.
B assessment, analysis, closure, response.
C assessment, planning, managing, response.
D identification, planning, response, closure.
A identification, analysis, response, closure.
Who would be typically described as the person or organisation best placed to deal with a risk?
A Risk manager
B Sponsor
C Project sponsor
D Risk owner
D Risk owner
As part of the risk management process the capture of threats and opportunities to the project objectives are referred to as:
A risk assessment
B risk avoidance
C risk exposure
D risk identification
D risk identification
Which one of the following would be expected to form the main part of a risk analysis?
A Deciding on the approach to project risk management.
B Evaluating the risk in terms of severity and relative importance.
C Deciding on how to respond to the risk and who should implement the response.
D Deciding if the risk is a threat or opportunity.
B Evaluating the risk in terms of severity and relative importance.
The implementation of risk management on a project requires a cost allocation from the project budget. Which statement describes the most representative return from such an investment?
A A benefit to the project if potential opportunities are realised.
B The cost of dealing with a risk should it occur is usually greater than the cost of managing that risk.
C Risk management in the project facilitates team building.
D It allows the organisation to assure stakeholders of project compliance with regard to risk management.
B The cost of dealing with a risk should it occur is usually greater than the cost of managing that risk.
Which of the following descriptions particularly identifies a risk?
A An unplanned delay to the project.
B A current problem that will result in the project going over budget.
C An uncertain event that if it occurs will have an effect on one or more of the project objectives.
D A current problem that will result in the project being delayed.`
C An uncertain event that if it occurs will have an effect on one or more of the project objectives.
Which one of these categories would best represent project issues?
A Uncertain events that may or may not occur.
B Opportunities that occur through change control.
C Problems that the project manager has to deal with on a day-to-day basis.
D Threats to the project which cannot be resolved by the project manager.
D Threats to the project which cannot be resolved by the project manager.
What is the likely decision to arise from the response stage of the risk management process?
A Whether to proceed with the project or recommend termination.
B Whether the process being used is robust enough for the project being undertaken.
C Whether to proactively invest to bring the exposure to risk within tolerable levels.
D Whether to use brainstorming or a workshop to decide on the best response.
C Whether to proactively invest to bring the exposure to risk within tolerable levels.
For successful risk identification to take place what must the project team know as a minimum?
A Skills of the team delivering the project.
B Project objectives.
C Amount of time allowed for risk identification to take place.
D Location of the venue where risk identification will take place.
B Project objectives.
What defining character from those listed below particularly typifies an issue?
A A major problem that was unexpected and now requires the attention of the whole project team.
B A major problem that can only be addressed by the project sponsor.
C A major problem that may happen in the future.
D A major problem that requires a formal process of escalation.
D A major problem that requires a formal process of escalation.
