Risk Management Quiz: Correct Answers and Explanations

1. A document you use to capture all known risks is called:

1. Risk Log
2. Risk Register
3. Risk List
4. Risk Diary

2. In a Friday evening, John (your best engineer in the team) comes to you and says he quits. You have two weeks to find a substitution. What would reduce the chances of such an event? Why?

1. Regular one-on-ones with John
2. Comprehensive professional development plan
3. The highest salary in the team
4. More responsibility

3. A process that involves prioritizing risks for further action or analysis by assessing the impact and the probability of occurrence is called

1. Qualitative Risk Analysis
2. Risk Brainstorming
3. Quantitative Risk Analysis
4. Risk Retrospective

4. When do you perform Risk Identification?

1. At the beginning of a project.
2. During project planning.
3. During the whole lifetime of a project.
4. During project execution.

5. As a part of your project, you need to organize a conference. You learn that in the place that you rented there’s a 70% chance of a tropical storm on the selected dates. How should you handle such risk?

1. Change the location of the conference.
2. Buy insurance to cover possible damage.
3. Book another place nearby to mitigate the risk of the first location being unavailable due to the storm.
4. Inform all participants of the possible storm.

6. Who should be involved in Risk Management activities?

1. Only Project Team.
2. Only Project Manager.
3. As many stakeholders as practical.
4. All stakeholders except clients.

7. You acquired an expensive piece of equipment for your project. It is known to be sensitive and fragile in work. Several tasks that require this equipment are on a critical path. What’s the BEST action you can do to improve the project’s chances for success?

1. Buy insurance to cover the costs of repairs.
2. Hire a technical support team to quickly fix the equipment if needed.
3. Find a good expert to operate the equipment.
4. There’s nothing you can do.

8. You are on the call with clients. They say the vendor team they hired to create designs is behind schedule. What should you do?

1. State that your project is also behind the schedule because of it.
2. Log the risk into the Risk Register to assess impact.
3. Do nothing. It’s not your problem.
4. Contact the vendor to help them out.

9. After you performed Qualitative Risk Analysis you need to create:

1. A prioritized list of risks.
2. List of risks for additional analysis and investigation.
3. List of urgent risks
4. Watch list
5. All the above

10. After reviewing Risk Register you see two critical risks that you anticipate during the next week. What should you do with this knowledge?

1. Do nothing. Your Risk Register is shared with the team and stakeholders.
2. Reach out to the stakeholders and the responsible person with a reminder.