Risk Management Sample Questions

1) Which is not a risk management process?
a. Quality Risk Analysis
b. Qualitative Risk Analysis
c. Quantitative Risk Analysis
d. Plan Risk Response

2) Which of the below strategies are used for positive risk?
a. Accept, Avoid, Share
b. Accept, Exploit, Share
c. Enhance, Exploit, Share
d. Accept, Enhance, Exploit, Share

3) Risk Management Planning is done at which stage of the project?
a. Execution
b. Monitor and control
c. Initiation
d. None of the above

4) Which is not an input to Plan Risk Management?
a. Organizational Process Asset
b. Project Scope statement
c. Schedule management plan
d. Plan Risk Response

5) There is limited budget for a project and some part of that has to be outsourced. SOW is documented clearly and it is well known what is the outsourced work will be. Bidder conference is arranged and all queries were clarified clearly.
Which is the best option to avoid cost overrun.
a. Use a fixed price outsourcing
b. Use a cost plus fixed fee
c. Use a T&M model
d. Use cost plus percentage of cost

6) You are a project manager for a very small project having tight budget and time period. Risk for the project is also less. You have decided to by pass the Qualitative risk analysis and directly moved to risk response planning. One of the team members was not convinced with the skip and reported to higher management that project is at risk, as project manager has not performed quantitative risk analysis. What do you think about this case
a. For Small Project Qualitative risk analysis may be sufficient and to save cost and time project manager can decide to skip quantitative risk analysis.
b. Project manager is not a PMP certified project manager.
c. Quantitative risk analysis should be performed at all circumstances.
d. Risk analysis is not mandatory for all projects.

7) Which is not a tool and technique for Quantitative risk analysis
a. Sensitivity Analysis
b. EMV Analysis
c. Monte Carlo Simulation
d. Reserve Analysis

8) You have a very good team member who can make lots of difference in terms of quality deliverable. But he is currently occupied with another project. You made some change in the schedule to accommodate him in the project after one month and related work package is delayed as well without impacting final project end date. This is an example of
a. Compromise
b. Risk Exploitation
c. Bad Project Management skill
d. Poor negotiation skill as could not secure the resource earlier.

9) In your risk list there are more than 100 non-critical risks and you don’t have time and money to do detailed risk response for those. What is the best action at such situation?
a. As these are less risky just ignore them and focus on critical ones.
b. Create a watch-list and review those periodically
c. Review these risk after project completion and document them for historical use
d. No risk is unimportant and hence you track them on a daily basis and treat these equally like other critical risks.

10) During project execution a new risk was identified and a quick decision and action is required to avoid project delay. What will be the next action
a. Arrange a stake holder meeting
b. Perform a Qualitative and Quantitative risk analysis
c. Workout a workaround for the new risk
d. Check why this risk was not identified








Use your cursor and select below (from Ans start to Ans End) to highlight the result

Ans Start
1) a.
2) d (c is also correct but d contains all strategies)
3) d
4) d
5) a
6) d
7) d
8) b
9) b
10) b
Ans End