Project Management Quiz

1. What is the difference between risk impact and risk severity?

		Risk impact calculates the probability the risk will occur versus risk severity is the likelihood of the risk occurring
		Risk impact evaluates the cost of a risk versus risk severity prioritizes the risk identified
		Both of the above
		None of the above

6.67 points

QUESTION 11

1. What is a risk?

		An event which has not occurred
		Can have negative or positive impact
		Has a cause and a consequence
		All of the above

6.62 points

QUESTION 12

1. What is the most important step in the change control process?

		Change request documented
		Updated project plan with changes
		Change request approval by all affected parties
		Distribute the approved changes for action

6.67 points

QUESTION 13

1. What are examples of risk response?

		Mitigate risk, change risk, accept risk, insure risk
		Mitigate risk, avoid risk, transfer risk, accept risk
		Mitigate risk, transfer risk, avoid risk, insure risk
		Mitigate risk, skip risk, avoid risk, accept risk

6.67 points

QUESTION 14

1. What are budget reserves used for?

		To cover identified risks
		To cover management reserves
		To cover schedule buffers
		To cover unidentified risks that occur

6.67 points

QUESTION 15

1. What does an opportunity have to do with risk management?

		It allows the project to exploit an event to definitely happen
		It allows the project to accept an opportunity but not to driving action to pursue it
		Both of the above
		Neither of the above