Question 1:
Which of the following is NOT a component of the risk management process?
Explanation: Risk tracking is not a component of the risk management process. The correct components are risk identification, risk analysis, risk response planning, and risk monitoring and control.
Question 2:
Which risk analysis technique is used to assess risks based on their impact and likelihood?
Explanation: The probability-impact matrix is a risk analysis technique used to assess risks based on their impact and likelihood. It helps prioritize risks by mapping them into categories such as high probability-high impact, low probability-high impact, etc.
Question 3:
What is the purpose of a risk register?
Explanation: The purpose of a risk register is to document identified risks and their characteristics, track the status of risk response actions, and provide a centralized repository for risk information. It is a key tool in risk management.
Question 4:
Which risk response strategy involves accepting the risk and not taking any specific actions?
Explanation: The risk response strategy that involves accepting the risk and not taking any specific actions is risk acceptance. It is suitable when the potential impact of the risk is low or the cost of mitigation outweighs the potential consequences.
Question 5:
What is the purpose of risk monitoring and control?
Explanation: The purpose of risk monitoring and control is to track identified risks and their characteristics, assess the effectiveness of risk response strategies, and identify new risks to update the risk register. It ensures that the project's risk management processes remain effective throughout the project lifecycle.
