Free Practice Quiz Question List

5 Project Risk Management Online Quiz Questions

Use this free practice quiz with 20 questions to review 5 Project Risk Management, test your knowledge, and prepare for your next test or exam.

20 questions

Choose one

1 point

A team is documenting a possible supplier delay. Which description structure will best support assessing the risk and choosing a targeted response?

A
A list of the project’s objectives, owners, and approval dates
B
A cause, an uncertain event, and a possible effect
C
A response action, its cost, and the date it was completed
D
A category, priority, and current status

True or false

1 point

True or false: A team should define its probability and impact rating scales and priority thresholds before using them to rank risks.

A
True
B
False

Choose one

1 point

A risk register lists a possible equipment failure. The equipment has now failed. What should the team do with this event?

A
Treat it as an issue to manage.
B
Keep it classified as a future risk until project closure.
C
Remove it from the register without follow-up.
D
Classify it as an opportunity because it is now certain.

Choose one

1 point

A project delay has a 25% chance of causing $36,000 in costs. Using $\text{EMV} = \text{probability} \times \text{monetary impact}$ , what is its expected monetary value?

A
$9,000
B
$27,000
C
$36,000
D
$144,000

Choose all

1 point

A project team wants to address a threat without changing the plan to eliminate it. Which two actions are examples of mitigating or transferring/sharing the threat?

A
Qualify a backup supplier to reduce the likelihood or impact of disruption.
B
Change the project plan so the threat can no longer affect it.
C
Use an agreement or insurance to shift or distribute some exposure.
D
Take no proactive action and monitor the risk.

Fill in the blank

1 point

To make responsibility for follow-up explicit, a risk register should identify an for each risk.

Written response

1 point

A previously uncertain event has occurred and now requires management. What is the risk-management term for it?

Choose all

1 point

A project team has identified a beneficial opportunity. Which two strategies actively seek to secure or increase that benefit?

A
Accept the opportunity without special action.
B
Exploit the opportunity to ensure it occurs.
C
Avoid the opportunity by changing the plan so it cannot happen.
D
Enhance the opportunity’s likelihood or benefit.

Fill in the blank

1 point

During monitoring, the team should look for that remain after a response has been implemented.

Written response

1 point

A risk has a 15% probability of causing $60,000 in additional costs. Using $\text{EMV} = \text{probability} \times \text{monetary impact}$ , what is its EMV in dollars?

True or false

1 point

True or false: Risk management is iterative because monitoring can reveal new risks or show that existing plans need to change.

A
True
B
False

Choose one

1 point

A team redesigns a planned activity so that a specific threat can no longer affect project objectives. Which threat response strategy is it using?

A
Mitigate the threat by reducing its likelihood.
B
Accept the threat and monitor it.
C
Avoid the threat by changing the plan so it cannot affect the project.
D
Transfer some exposure through an agreement.

Choose one

1 point

A supplier misses a production milestone, and the delay is already postponing system testing. How should the team classify the missed milestone and its consequences?

A
A new risk
B
An issue
C
A residual risk
D
An opportunity

True or false

1 point

True or false: A project risk can be an uncertain future event that may benefit the project, not only one that may cause harm.

A
True
B
False

Choose one

1 point

A team describes a risk as follows: “Because the supplier has limited production capacity, a critical component may arrive late, delaying system testing.” Which phrase names the uncertain event?

A
The supplier has limited production capacity
B
System testing is delayed
C
The component may arrive late
D
The project has a critical component

Choose one

1 point

A project team qualifies a backup supplier so it can reduce the disruption caused by a possible failure of its primary supplier. Which threat response strategy is this?

A
Accept the threat
B
Mitigate the threat
C
Avoid the threat
D
Transfer the threat

Choose one

1 point

A project team will rate risks using probability and impact scales. What should it do first to make ratings and prioritization consistent across the team?

A
Let each team member choose personal rating definitions
B
Rank risks by impact alone
C
Agree on rating definitions and priority thresholds before assessing risks
D
Use quantitative analysis for every identified risk

Written response

1 point

A project delay has a $30\%$ chance of causing $\$40{,}000$ in costs. Using $\text{EMV} = \text{probability} \times \text{monetary impact}$ , what is the expected monetary value in dollars? Enter the amount as a number, without a currency symbol or commas.

Written response

1 point

A team will order from a qualified backup supplier if the primary supplier’s production milestone slips past a defined threshold. What risk-register field records the condition that prompts this action?

Open ended

1 point

A project team is concerned that a critical component may arrive late and has qualified a backup supplier. Draft a concise response plan stating what the team will do, who owns the action, when it will be done, what resources it requires, and the condition that will trigger it.