A project team has documented its risk process, responsibilities, and review schedule. It has also recorded individual risks with their owners and current status. The first document is the risk register, and the second is the risk management plan.
2 Risk Management Planning and Governance Online Quiz Questions
Use this free practice quiz with 20 questions to review 2 Risk Management Planning and Governance, test your knowledge, and prepare for your next test or exam.
Which statement best describes a project risk in relation to its cause, uncertain event, and effect?
- A
The supplier is unreliable.
- B
Because supplier testing is incomplete, a component may arrive late and delay launch.
- C
The project team should monitor suppliers.
- D
Launch dates are important to the business.
A small project has limited complexity and a short delivery period. Should its risk management plan necessarily use the same level of detail as a large, complex project? Answer true or false.
- A
True
- B
False
A named person monitors a particular risk, recommends action, and keeps its status current. What is this person's role called?
Complete the distinction: The risk management plan describes the for managing uncertainty.
A project team is deciding how to connect uncertainty to business outcomes. Select all sound practices.
- A
Use project objectives to judge which uncertainties matter.
- B
Consider only threats because opportunities are outside risk management.
- C
Consider whether an opportunity could improve value without compromising project readiness.
- D
Record concerns without connecting them to project or business outcomes.
Two projects face the same possible cost increase. It may be acceptable for one project but unacceptable for the other because their objectives and organizational risk appetite differ. Is this consistent with the material?
- A
True
- B
False
A team wants to compare risks consistently and decide which need immediate attention. Which approach best supports this?
- A
Score risks first, then create criteria that fit the results.
- B
Use a single probability-impact scale regardless of project objectives or risk appetite.
- C
Agree on probability and impact criteria before scoring risks, with thresholds that reflect the project context.
- D
Prioritize risks only by their possible cost effect.
What is the concise term for the agreed measures a team uses to assess and prioritize risks?
Project conditions can change during delivery. Select all practices that support an iterative risk process.
- A
Review risks at planned intervals.
- B
Revisit risks when important decisions or changes arise.
- C
Stop monitoring a risk once a response has been assigned.
- D
Monitor whether responses are working and whether risks have changed.
In the risk description structure “cause → → effect,” what belongs in the middle?
A project depends on a supplier's untested component, and a delay could affect launch, revenue, and customer commitments. Explain how the team should manage this risk and how governance should respond if its exposure exceeds the sponsor's tolerance.
A project may gain early access to new technology that could lower operating costs, but testing it could affect launch readiness. What is the best risk-management response?
- A
Reject the possibility because risk management considers threats only.
- B
Assess whether early access could reduce operating costs and whether testing can occur without compromising launch readiness.
- C
Accept early access immediately because any possible cost reduction is beneficial.
- D
Record the opportunity only after it has already produced savings.
A project team is about to score newly identified risks. What should it do first to make sure team members assess and prioritize risks consistently?
- A
After risks have been scored, to avoid influencing the results
- B
Before scoring, so risks are assessed consistently
- C
Only when a risk requires escalation
- D
After the project has selected its responses
A project assigns one person to monitor a supplier-delay risk and recommend action, and another person to qualify a backup supplier. Which role assignment best fits these responsibilities?
- A
Assign the response owner to monitor the risk, and have the risk owner carry out every response
- B
Make the project manager the owner of every individual risk and response
- C
Assign a risk owner to monitor the risk, and a response owner to carry out the agreed action
- D
Assign both roles to the governance board, regardless of the risk
What three elements, in order, make up the recommended format for describing a risk in relation to project objectives?
A risk requires a decision beyond the project manager’s authority and may affect the project’s business case. Which role is responsible for owning the business case and making or securing such a decision?
- A
Sponsor or senior accountable executive
- B
Risk owner
- C
Response or action owner
- D
Project team member
A project could reduce operating costs by testing an emerging technology, but testing might compromise launch readiness. What is the most appropriate risk-management approach?
- A
Ignore the possibility because risk management addresses only threats
- B
Consider the possible cost reduction and assess whether testing can protect launch readiness
- C
Treat the cost reduction as certain and remove launch-readiness checks
- D
Record the idea only after the project has completed
A small project team is preparing its risk management plan. Which approach best reflects the purpose of the plan?
- A
Use a standard list of current risks, regardless of project context
- B
Document only the project’s highest-scoring risks
- C
Tailor a working agreement for managing uncertainty to the project’s size, complexity, delivery approach, and context
- D
Replace the project plan with the risk register
A risk exceeds the project’s authority or risk appetite. In addition to identifying who receives the escalation, what should the risk management plan specify about its timing?
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