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Knowledge Area Quiz Project Risk Management Practice

Questions
Test Name: Knowledge Area Test: Project Risk Management
Total Questions: 10
Correct Answers Needed to Pass: 7 (70.00%)
Time Allowed: 15 Minutes

Test Description
This practice quiz specifically targets your knowledge of the Project Risk
Management knowledge area.

Test Questions
1. Which of these is a valid response to negative risks and not to
positive risks?
A. Exploit
B. Mitigate
C. Enhance
D. Share
2. Which of these is accurate regarding risk management?
A. Organizations are not likely to perceive risk as a threat to
project success
B. It has its origins in the uncertainty present in all projects
C. The attitudes of individuals and organizations must not be a
factor affecting risk management
D. It is a passive activity in project management
3. Anne is the project manager of a project. She has evaluated certain
responses from prospective sellers and wants to select a contract
model that will transfer risk to the seller. Which of the following
should she select in order to achieve this?
A. Time and Material contract
B. Fixed price contract
C. Cost-Plus-Fixed-Fee contract
D. Cost-Plus-Incentive-Fee contract
4. Your project sponsor has asked you to present your project's highlevel risk register to him in the next project update meeting. To
create your high-level risk register, which of the following processes
must be performed?
A. Plan Risk Management
B. Perform Qualitative Risk Analysis
C. Identify Risks
D. Control Risks
5. Which of these is an input to the Control Risks process?
A. Risk audits
B. Change requests

6.

7.

8.

9.

10.

C. Work performance information


D. Work Performance Reports
Which of the following is true about risks?
A. The risk register documents all the identified risks in detail
B. Risk impact should be considered, but probability of
occurrence is not important
C. Risks always have negative impact and not positive
D. Risk Response Plan is another name for Risk Management
Plan.
During which stage of risk planning are risks prioritized based on
their relative probability and impact?
A. Perform Qualitative risk analysis
B. Identify Risks
C. Perform Quantitative risk analysis
D. Plan Risk Responses
If a project has a 60% chance of a US$100,000 profit and a 40%
chance of a US$100,000 loss, the expected monetary value of the
project is:
A. $20,000 profit
B. $40,000 loss
C. $100,000 profit
D. $60,000 loss
Which of these statements about risk in a project is correct?
A. Risks are always negative in nature and are threats that need
to be managed well
B. A risk is always induced external to the project.
C. Risk responses reflect an organization's perceived balance
between risk taking and risk avoidance
D. Risks need not be planned for in all projects
The Manage Communications process belongs to which of the
following process groups?
A. Planning
B. Monitoring & Controlling
C. Closing
D. Executing

Answers
1. B - Risk mitigation is a valid response to negative risks. [PMBOK 5th
edition, Pages 344, 345, 356] [Project Risk Management]
2. B - Risk management does indeed have its origins in the uncertainty
present in all projects. [PMBOK 5th edition, Page 310] [Project Risk
Management]
3. B - A fixed-price contract enables the buyer to transfer risk to the seller.
[PMBOK 5th Edition, Page 344] [Project Risk Management]
4. C - A high-level risk register contains the identified risks only. The risk
register is created during the Identify Risks process. [PMBOK 5th edition,
Page 327] [Project Risk Management]
5. D - Work Performance Reports are inputs to the Control Risks process.
[PMBOK 5th edition, Page 349] [Project Risk Management]
6. A - The risk register contains details of the identified risks. [PMBOK 5th
edition, Page 327] [Project Risk Management]
7. A - Perform Qualitative Risk Analysis assesses the impact and likelihood
of identified risks. During this process, the risks are prioritized based on
their relative probability and impact. [PMBOK 5th edition, Page 329]
[Project Risk Management]
8. A - EMV = Probability * Impact. 0.6 * $100,000 = $60,000. 0.4 *
($100,000) = ($40,000). $60,000 $40,000 = $20,000 profit. [PMBOK 5th
edition, Page 339] [Project Risk Management]
9. C - Risk responses reflect an organization's perceived balance between
risk taking and risk avoidance. The other choices are incorrect. Risks
need not be induced only external to the project. For example, adopting a
fast track schedule may be a conscious choice and result in some risks.
However, the reward to be gained may balance those risks. Risks need
not always be negative in nature. They may be positive as well. All
projects need to plan for risks. [PMBOK 5th edition, Pages 310, 311]
[Project Risk Management]
10. D - The Manage Communications process belongs to the Executing
process group. [PMBOK 5th edition, Page 61] [Project Communications
Management]

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