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Free Practice Quiz Question List

1 Project Risk Management Foundations Online Quiz Questions

Use this free practice quiz with 20 questions to review 1 Project Risk Management Foundations, test your knowledge, and prepare for your next test or exam.

20 questions
01
Choose one
1 point

A key supplier has limited production capacity, so delivery may be delayed and the product launch may occur later. Why is this a project risk?

  1. A

    It is a risk only if the supplier has already missed a delivery.

  2. B

    It is a risk because a possible delivery delay could affect the launch schedule.

  3. C

    It is a risk because supplier capacity is always a project problem.

  4. D

    It is not a risk unless the delivery delay affects project cost as well as schedule.

02
True or false
1 point

A supplier has already missed a delivery. That delay is an issue to manage, while the possibility of further delays may remain a risk.

  1. A

    True

  2. B

    False

03
Fill in the blank
1 point

A useful risk statement connects a cause, an uncertain event or condition, and its possible .

04
Written response
1 point

A supplier may finish early, allowing the team to test sooner and potentially launch earlier. What risk category describes this possible beneficial effect?

05
Choose all
1 point

A team is assessing uncertainty about a supplier's ability to meet a technical requirement. Which actions best reflect involving relevant people? Select all that apply.

  1. A

    Ask the project team and supplier to share what they know about the uncertainty.

  2. B

    Limit input to the project manager so that differing views do not affect the assessment.

  3. C

    Invite the customer and sponsor to contribute their perspectives on possible effects.

  4. D

    Avoid consulting anyone outside the project team until a risk has occurred.

06
Written response
1 point

In the supplier example, what uncertain event lies between limited production capacity and a later launch?

07
True or false
1 point

A sound project risk approach assumes that every threat can be removed and every opportunity can be captured if the team plans carefully enough.

  1. A

    True

  2. B

    False

08
Fill in the blank
1 point

Risk management should be because risks can emerge, change, or cease to matter as a project evolves.

09
Choose one
1 point

The same supplier event could be important to one project but less important to another. What best explains this difference?

  1. A

    The event has the same significance for every project because the event itself is unchanged.

  2. B

    The event matters only if it affects cost, not if it affects other objectives.

  3. C

    Its significance can vary according to the objectives and priorities of the project or stakeholder.

  4. D

    Its significance depends only on whether the event occurs inside the project team.

10
Choose all
1 point

Which are examples of risk sources in the wider organizational or external context? Select all that apply.

  1. A

    A change in customer expectations.

  2. B

    A shift in the market or regulation.

  3. C

    An uncertain estimate prepared by the project team.

  4. D

    A supplier's capacity constraint.

11
Choose one
1 point

Before assessing which uncertainties deserve attention, what is the best first step for a project team?

  1. A

    Start by ranking every uncertainty, then define the project's objectives after the ranking is complete.

  2. B

    Clarify the project's objectives and assumptions, its constraints and dependencies, relevant conditions, and the decision context.

  3. C

    Focus only on external conditions because internal project factors are already under the team's control.

  4. D

    Wait until a risk occurs before determining who has authority to make decisions.

12
Choose one
1 point

A project estimate must inform a decision, but some assumptions and information gaps remain. What should the team do?

  1. A

    Use the best available information and communicate the assumptions and gaps that limit the estimate.

  2. B

    Present the estimate as certain so decision-makers can act without qualification.

  3. C

    Delay all decisions until complete information about the future is available.

  4. D

    Exclude the estimate from project decisions because it contains uncertainty.

13
Choose one
1 point

A small, straightforward project has limited uncertainty, while a large, complex project has substantial uncertainty and potentially serious consequences. How should their risk-management efforts differ?

  1. A

    Use the same detailed process for every project, regardless of its circumstances.

  2. B

    Focus only on risks with immediate effects, regardless of their potential consequences.

  3. C

    Choose the least effort possible so risk work does not affect delivery.

  4. D

    Set the level of effort in proportion to the project's scale, complexity, uncertainty, and potential consequences.

14
Open ended
1 point

A project depends on a new technology, and the team is uncertain whether it will meet performance requirements. Describe how the team should manage this uncertainty from assessment through delivery.

15
Written response
1 point

What term describes a lack of complete knowledge about future conditions or outcomes?

16
True or false
1 point

Risk management should be integrated into ordinary project decisions rather than treated only as a separate checklist. Is this statement true or false?

  1. A

    True

  2. B

    False

17
Written response
1 point

What is the term for a project risk with a possible adverse effect?

18
Choose one
1 point

Consider this risk statement: “Because a specialty component has a single qualified manufacturer, production may pause if the equipment fails, delaying system integration.” Which clause describes the uncertain event?

  1. A

    A specialty component has a single qualified manufacturer.

  2. B

    Production may pause if the equipment fails.

  3. C

    System integration may be delayed.

  4. D

    The project needs to integrate the system.

19
Choose one
1 point

A project team is assessing uncertainty about a delivery schedule. Team members, the customer, and the supplier may each know about different constraints. What is the most appropriate approach?

  1. A

    Restrict the assessment to the project manager to avoid conflicting views.

  2. B

    Consult only the sponsor because the sponsor approves project decisions.

  3. C

    Involve relevant team members and stakeholders who may have useful information or perspectives.

  4. D

    Wait until a risk occurs before asking customers or suppliers for input.

20
Choose one
1 point

Why is uncertainty about a new technology not, by itself, a defined project risk?

  1. A

    Any uncertainty about a new technology is automatically a defined risk.

  2. B

    It becomes a defined risk when a possible consequence affecting project objectives is identified.

  3. C

    It is a defined risk only after the technology has failed.

  4. D

    It is a defined risk only if the technology is supplied from outside the organization.