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Free Practice Quiz Question List

3 Risk Analysis and Prioritization Online Quiz Questions

Use this free practice quiz with 20 questions to review 3 Risk Analysis and Prioritization, test your knowledge, and prepare for your next test or exam.

20 questions
01
Choose one
1 point

Two project teams both label a risk “high,” but they use different thresholds. What is the best way to make their ratings comparable?

  1. A

    Use the same labels across teams without defining them so ratings remain quick.

  2. B

    Define project-specific rating scales and thresholds so the labels have a shared meaning.

  3. C

    Replace qualitative ratings with numerical scores because qualitative ratings are not useful.

02
True or false
1 point

A probability–impact score is a precise measurement of a risk’s effect on project objectives.

  1. A

    True

  2. B

    False

03
Fill in the blank
1 point

A useful risk statement includes its cause or condition and its possible .

04
Written response
1 point

What term summarizes a risk’s combined likelihood and consequence?

05
Choose all
1 point

A project team is assessing the possible impacts of a risk. Which objectives should it consider? Select all that apply.

  1. A

    Cost

  2. B

    Schedule

  3. C

    Scope

  4. D

    Quality

  5. E

    Safety

  6. F

    Performance

06
Choose one
1 point

A risk has a relatively low rating, but its trigger may occur next week and its response would take a month to implement. What should the team do?

  1. A

    Leave it on the watch list until its likelihood rating increases.

  2. B

    Wait until the trigger occurs before deciding whether to respond.

  3. C

    Begin the response planning promptly because the trigger is near and implementation takes time.

07
Choose all
1 point

Which considerations should a team use when prioritizing risks? Select all that apply.

  1. A

    Likelihood

  2. B

    Impact on project objectives

  3. C

    Whether the risk has already been assigned an owner

  4. D

    Urgency

  5. E

    Uncertainty in the assessment

  6. F

    Dependencies with other risks

08
Fill in the blank
1 point

A risk register is a working record for decisions and , not a one-time list.

09
Written response
1 point

A project estimates a 30% chance of a $100{,}000 loss. Using expected monetary value=probability×estimated monetary consequence\text{expected monetary value} = \text{probability} \times \text{estimated monetary consequence}, what is the expected monetary value in dollars?

10
Choose one
1 point

Two risks have the same probability–impact score, but one could cause a much more severe consequence for a critical project objective. What is the best next step?

  1. A

    Treat the risks identically because their numerical scores are equal.

  2. B

    Review their underlying consequences and objectives, then use judgment to determine whether they need different responses.

  3. C

    Increase both scores by the same amount to make the difference visible.

11
True or false
1 point

True or false: If a risk has an expected monetary value of $30{,}000, that amount is a prediction of the exact loss the project will incur.

  1. A

    True

  2. B

    False

12
Open ended
1 point

A project manager is considering numerical analysis for a major decision but has limited data and wants to avoid misleading precision. Explain how the manager should decide whether to use quantitative risk analysis, and give one example of a decision it can support.

13
Choose one
1 point

A project change could create a chance to finish earlier than planned. How should the team treat this possibility during risk assessment?

  1. A

    Classify it as a threat because all risks are potential losses.

  2. B

    Assess it as an opportunity and consider its possible effect on project objectives.

  3. C

    Exclude it from risk assessment because it could benefit the project.

14
Choose one
1 point

A team is setting likelihood and impact scales for a project. Which approach best supports consistent, meaningful risk ratings?

  1. A

    Use the example cutoffs as universal standards so ratings are comparable across all projects.

  2. B

    Define likelihood and impact thresholds for the project, using observable effects and its risk tolerances.

  3. C

    Avoid thresholds and rate each risk by whichever definition the assessor prefers.

  4. D

    Define thresholds only for cost, because other project objectives cannot be assessed consistently.

15
True or false
1 point

True or false: A risk with a lower rating may still require prompt attention if its trigger is imminent or its response takes a long time to implement.

  1. A

    True

  2. B

    False

16
Written response
1 point

What term describes how soon a risk may occur or when action is needed?

17
Choose one
1 point

Which information belongs in a useful risk-register entry to support decisions and monitoring?

  1. A

    Only the risk's overall priority, without its rationale or assumptions.

  2. B

    The risk owner, planned response, next action, review date, and current status.

  3. C

    A numerical score alone, treated as a precise measurement of risk.

  4. D

    A list of risks with no review trigger or assigned owner.

18
Written response
1 point

A risk has a 25%25\% probability of causing an estimated $80,000\$80{,}000 loss. Using expected monetary value, calculated as probability multiplied by estimated monetary consequence, what is the expected monetary value in dollars?

19
Choose one
1 point

When is quantitative risk analysis appropriate?

  1. A

    Use it for every risk, even when numerical estimates are unnecessary or data are weak.

  2. B

    Use it only to replace qualitative assessment and project-specific judgment.

  3. C

    Use it when numerical estimates are needed and available data and effort justify the analysis.

  4. D

    Use it only after the project has experienced the risk event.

20
Choose one
1 point

A project team wants its risk register to support decisions and ongoing monitoring. Which entry provides the most useful information?

  1. A

    Risk title and overall score only, because supporting details can be kept in team members' notes.

  2. B

    Likelihood and impact ratings only, with response details added after the risk occurs.

  3. C

    Risk statement, assessment rationale, priority and urgency, assumptions and related risks, owner, response, next action, review date, and status.

  4. D

    Owner and review date only, because recording uncertainty could make the ratings appear unreliable.