Risk and Opportunity Management

Question 1

6 Steps of Risk and Opportunity Management

Answer 1

1) Identify
2) Assess
3) Respond
4) Monitor
5) Report and escalate
6) Sustain and continuously improve

Question 2

Risks Categories (5)

Answer 2

1) Products Technology
2) Location Customer Contract
3) Resources
4) Logistics, suppliers, partners
5) Financials

Question 3

PROM

Answer 3

Process of Identifying risks and Opportunities within the entire project as well as continuously managing them

Question 4

The X of a provision is an example for NCC

Answer 4

Usage

Question 5

True or False - ERM compromises the management of risks which are too significant to be controlled on a project level

Answer 5

True

Question 6

True or False - The team identified a new risk, with a probability of 5%. Although the project manager believes the risk can be neglected, the RM assigns a risk owner and records it within the risk register.

Answer 6

True, every risk identified needs to be recorded regardless of its probability

Question 7

True or False - the probability of a risk decreases to 5% it is assumed it will decrease even further - RM deletes it from the register

Answer 7

False, no matter how unlikely it seems, it must be recorded in the register

Question 8

The costs for response actions need to be included into the project calculation - how?

Answer 8

Completely and directly

Question 9

What are response strategies for risks (4)

Answer 9

Watch, retain, reduce, avoid

Question 10

Which risk management steps need to be done before PM040

Answer 10

Identify, assess, respond

Question 11

Risks like technical problems or quality need to be handled on

Answer 11

PROM Level