Risk Management – Practice Questions

Q1: Decision tree analysis is a type of
A. Risk Response strategy
B. A subset of EVM Technique
C. A subset of EMV Technique
D. A quantitative risk analysis and modeling technique

Q2: You are purchasing insurance for your project equipment considering how this is a long term project. What type of risk response is this?
A. Acceptance
B. Mitigation
C. Transfer
D. Avoidance

Q3: As a Project Manager, what is the first action you would take as soon as you realize that an unidentified risk has materialized
A. Rework on the risk register to better uncover other such unknown risks
B. Create a work around
C. Inform the senior management about this
D. Inform the customer about possible consequences

Q4: You have used a risk analysis tool that models your project risks by running simulations that calculate random outcomes and probabilities. What is this tool called?
A. EMV Analysis
B. Monte Carlo Analysis
C. Delphi Technique
D. Brainstorming

Q5: How should you not respond to a positive risk or opportunity?
A. Transfer
B. Exploit
C. Share
D. Enhance

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ANSWERS

Q1: D. A quantitative risk analysis and modeling technique
Q2: C. Transfer
Q3: B. Create a work around
Q4: B. Monte Carlo Analysis
Q5: A. Transfer

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