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4 Qualitative Risk Assessment and Prioritization Online Quiz Questions

Use this free practice quiz with 20 questions to review 4 Qualitative Risk Assessment and Prioritization, test your knowledge, and prepare for your next test or exam.

20 questions
01
True or false
1 point

In the illustrative probability–impact matrix, a risk rated Medium likelihood and High impact falls into the High exposure category.

  1. A

    True

  2. B

    False

02
Fill in the blank
1 point

A clear risk description ideally follows the structure.

03
Choose one
1 point

A project team must begin preparing now to secure an alternative supplier, even though the supplier’s delivery problem is not expected soon. Which risk attribute explains why the response must begin early?

  1. A

    Proximity, because it measures how soon preparations must begin

  2. B

    Urgency, because it measures how soon preparations must begin

  3. C

    Impact, because it measures how serious the event's consequences would be

  4. D

    Likelihood, because it measures how soon the event is expected to occur

04
Written response
1 point

Using the illustrative probability–impact matrix, what exposure category results when a risk has Medium likelihood and High impact? Enter the category name.

05
Choose all
1 point

A team is deciding which risks to address first. Select all considerations that can justify bringing a risk forward beyond simply comparing its matrix category.

  1. A

    A low-likelihood risk could have catastrophic or business-threatening consequences.

  2. B

    Response options for a risk will soon disappear, even if the event is not imminent.

  3. C

    The risk has the highest likelihood rating, so it must always be addressed before every other risk.

  4. D

    The risk may affect critical-path work or trigger other risks through dependencies.

06
Fill in the blank
1 point

A risk event may be distant but still if preparations must begin well in advance.

07
True or false
1 point

A qualitative risk rating expresses a judgment based on available information; it does not establish certainty about the outcome.

  1. A

    True

  2. B

    False

08
Written response
1 point

Which risk attribute describes how soon a response must begin for it to remain effective? Enter the attribute name.

09
Choose one
1 point

A team wants its likelihood ratings to be interpretable and consistent. Which approach best supports that goal?

  1. A

    State the time horizon and assess likelihood assuming the current situation or planned controls.

  2. B

    Use a likelihood category without a time horizon so all projects can compare ratings directly.

  3. C

    Assess likelihood only after assuming every possible control has been implemented successfully.

  4. D

    Use the event’s impact rating as a substitute for assessing its likelihood.

10
Choose all
1 point

When assessing a risk’s impact, which areas may be relevant to the project’s objectives and stakeholders? Select all that apply.

  1. A

    Schedule and cost

  2. B

    Scope, quality, and performance

  3. C

    Safety and compliance

  4. D

    Customers and expected business benefits

  5. E

    Only the project’s overall likelihood rating

11
Open ended
1 point

A risk is rated High exposure, but the team is unsure whether it should be addressed before several other risks. Explain how the team should use the matrix and what additional considerations should shape the priority and follow-up.

12
True or false
1 point

A risk has low likelihood but could cause a catastrophic or business-threatening effect. It may still warrant escalation rather than being dismissed because of its low likelihood.

  1. A

    True

  2. B

    False

13
Choose one
1 point

A project team cannot justify the cost of precise numerical estimates for every identified risk. What is the main purpose of qualitative risk assessment in this situation?

  1. A

    To calculate a precise monetary expected value for every risk

  2. B

    To compare risks using agreed descriptive scales and decide which need attention

  3. C

    To prove that a risk with a higher rating will occur before other risks

  4. D

    To replace project objectives with a single risk score

14
Choose one
1 point

A team is setting impact-rating bands before assessing its risks. Which approach best supports consistent and relevant ratings?

  1. A

    Use universal thresholds so ratings are identical across all projects

  2. B

    Choose thresholds after seeing which risks need to appear most serious

  3. C

    Define rating bands before scoring and tailor their thresholds to the project

  4. D

    Avoid defining thresholds because expert judgment should be unstructured

15
Choose one
1 point

A supplier failure could delay testing, increase costs, and reduce product quality. How should the team assess the risk's impact?

  1. A

    Record the relevant consequences across affected objectives rather than hiding them in a vague overall rating

  2. B

    Rate impact only by how likely the event is to occur

  3. C

    Combine every consequence into one rating without recording what it affects

  4. D

    Consider only cost, because other objectives do not affect impact

16
Choose one
1 point

Using the illustrative probability–impact matrix, how is a risk with medium likelihood and high impact classified?

  1. A

    Low exposure

  2. B

    Moderate exposure

  3. C

    The matrix cannot classify exposure without a monetary estimate

  4. D

    High exposure

17
Written response
1 point

In a cause–uncertain event–effect risk statement, what is the middle component called?

18
Written response
1 point

Which risk attribute estimates how soon the risk event itself may occur?

19
Choose one
1 point

Two risks share a common cause, and one could trigger the other, which may affect critical-path work. What should the team do when prioritizing them?

  1. A

    Ignore dependencies so each risk can be ranked in isolation

  2. B

    Consider dependencies, common causes, and whether one event could trigger others

  3. C

    Lower the priority of risks connected to critical-path work

  4. D

    Replace the risk assessment with a list of unrelated events

20
Choose one
1 point

A risk is unlikely but could cause a catastrophic, business-threatening outcome. How should the team treat it during prioritization?

  1. A

    Set it aside unless its likelihood becomes high

  2. B

    Use the likelihood rating alone to determine its priority

  3. C

    Escalate it for consideration because its potential consequences are severe

  4. D

    Classify it as low priority because its likelihood is low