1. The chances of a risk event occurring as a project proceeds through its life cycle tends to:
A. slowly rise
B. drop sharply and then level out
C. rise sharply and then level out
D. slowly drop
2. The attempt to recognise and manage potential problems and unforeseen events that may occur during the project life cycle is termed:
A. risk forecasting
B. risk management
C. contingency planning
D. scenario analysis
3. In the beginning, the focus of risk management should be on risks that:
A. impact the whole project
B. impact the critical path
C. are known
D. have the greatest cost impact
4. What does ALARP mean when taken in the context of risk?
A. As Low As Reasonably Possible
B. As Lightly As Reasonably Possible
C. As Low As Realistically Possible
D. At Least As Reasonably Possible
5. One of the keys to success in risk identification is:
A. critical thinking
B. optimism
C. pessimism
D. a 'can do' attitude
6. Which of the following tools can be used in the identification of risk?
A. RBS
B. Risk profile
C. Delphi Method
D. All the given answers are correct.
7. Which of the following is not one of the potential responses to a specific risk event?
A. Mitigating
B. Avoiding
C. Transferring
D. Sharing
8. The risk associated with one of the key members being struck by lightning would most likely be handled by which of the following?
A. Mitigating
B. Avoiding
C. Accepting
D. Transferring
9. What is the name of the plan that is created for extreme/high risks in the event that the risk becomes an issue?
A. Change
B. Contingency
C. Variation
D. Management
10. The probability that a risk event will occur is higher during the initial stages of a project
True False
11. Due to the impact over a long period of time, risk events that occur in the early stages of a project will have a greater cost impact than those that occur in later stages.
True False
12. During risk identification the smaller risks should be identified first because they will naturally lead to identifying the larger risks.
True False
13. One common mistake that is made early in the risk identification process is to focus on consequences and not on the events that could produce consequences.
True False
14. The risk identification process should be limited to just the core project team.
True False
15. Since the goal is to find problems before they happen, the project manager should encourage critical thinking when it comes to risk identification.
True False
16. In a Risk Severity Matrix a green zone risk is considered inconsequential and ignored unless its status changes.
True False
17. Even though AS/NZS/ISO 31000:2009 has a mature process the project still has to define and agree the levels of risk probabilities and impacts.
True False
18. The FMEA method calculates a risk value by assigning ease of detection ratings to the key risk elements.
True False
19. Fixed price contracts are an example of transferring risk from an owner to a contractor.
True False
20. Opportunity risk is often neglected in projects because of a lack of understanding of what it is and the benefits it can produce for a project (and the business).
True False
21. Exploit, Enhance, Share and Accept are valid mitigation strategies for opportunity risk.
True False
22. Describe the process for identifying project risks.
23. Identify and briefly describe the four typical ways to respond to identified threat risks.
24. Identify and briefly describe the parts of a Risk Management Plan.
25. Describe the key risk management activities carried out in the Initiating stage of the project life cycle.
26. Describe the key risk management activities carried out in the Planning stage of the project life cycle.
27. Describe the key risk management activities carried out in the Executing stage of the project life cycle.
28. Describe the key risk management activities carried out in the Closing stage of the project life cycle.