What does project management best practice recommend regarding the need for quantitative analysis on project risks?

a. always perform quantitative analysis for every risk, no matter how low the impact or probability might be

b. it's completely optional, even for high risks

c. perform quantitative analysis for high risks and key medium risks, but quantitative analysis forlow risks is at the project team's discretion

d. perform quantitative analysis on the one highest risk only

What conclusions can be reached in terms of best practices for risk probability and impact rating scales? Is it better to use a 1-5 scale, a 1-10 scale, or a low-medium-high scale?

a. low-medium-high, or 1-2-3, is always preferred as it is simplest

b. 1-10 scale is too fine a measurement and adds unnecessary complication

c. a 1-20 scale would always add value as it is more detailed

d. any of the above scales can effectively be applied at the discretion of the PM and project team, and typically their judgement will determine the most appropriate scale to use

What is the important first step for a PM to do when a client or customer serving as project sponsor directs the project team to ignore project risks and not spend any effort in project risk analysis?

a. indicate agreement, since the project sponsor is the project team's "boss"

b. get the sponsor's direction in writing, preferably in a letter or document but at least in an email

c. demand that the individual step down as sponsor and he or she delegate authority for the project funding to someone else

d. ignore the direction and proceed as if you didn't get the message

There is a risk that a key lead architect may leave the project before her work on the project is completed. As PM you decide to cross-train one of the developers to handle lead architect responsibilities in case that job role is needed. This would be an example of which risk response strategy?

a. accept

b. subdivide

c. avoid

d. mitigate

Which of the following project risk management activities most likely requires the team to come up with detailed task estimates - that is, the time and cost to get a certain task done?

a. quantitative risk analysis

b. qualitative risk analysis

c. risk identification

d. development of risk responses