1. Fill in the blank: A(n) _____ is a known and real problem that can affect a team’s ability to complete a task.

  • threat
  • drawback
  • issue
  • risk

2. Failing to engage in risk management for your project can have which two of the following consequences?

  • You will not be able to meet project timelines and goals
  • You will not be able to establish necessary vendor relationships
  • You will not be able to make necessary adjustments to the project plan
  • You will not be able to use the appropriate tools

3. When working through the risk management life cycle, what’s the main goal when evaluating a risk?

  • Controlling risks
  • Identifying risks
  • Treating risks
  • Prioritizing risks

4. Identify the steps involved in creating and utilizing a fishbone (or cause-and-effect) diagram.

  • Define the problem, identify risks, mitigate causes, and analyze the causes
  • Define the problem, identify categories, mitigate causes, and monitor feedback
  • Define the problem, identify risks, brainstorm causes, and monitor feedback
  • Define the problem, identify categories, brainstorm causes, and analyze the causes

5. Choose the best definition for inherent risk as it relates to project management.

  • The measure of a risk, calculated by its difficulty and frequency
  • The measure of a risk, calculated by its timing and dependencies
  • The measure of a risk, calculated by its probability and impact
  • The measure of a risk, calculated by its causes and circumstances

6. Which of the following are examples of external risk? Select all that apply.

  • A breakdown in communication among team members
  • A deliverable takes longer than anticipated to complete
  • A change in regulatory requirements
  • A project vendor goes out of business

7. Imagine that your company is considering using a vendor. The vendor makes quality products, but you have learned they have a reputation for shipping delays. Ultimately, you decide to use a different vendor. Which risk mitigation strategy did you use?

  • Accept the risk
  • Control the risk
  • Avoid the risk
  • Reduce the risk

8. Which of the following is the best way to communicate a high-level risk to stakeholders?

  • Meet with stakeholders in person to present serious risks and your plans to mitigate them.
  • Plan to present the risks and your mitigation plans at the next monthly meeting.
  • Describe the risks in a weekly planning email and briefly explain your plan to mitigate them.
  • Describe the risks and your mitigation plan to stakeholders the next time you see them in person.

9. As a project manager, you’re identifying task dependencies. Task B cannot finish until Task A is complete—the tasks operate at the same time. Which type of dependency does this situation represent?

  • Finish to Finish (FF)
  • Start to Finish (SF)
  • Finish to Start (FS)
  • Start to Start (SS)

10. Which steps should be taken when updating a risk management plan? Select all that apply.

  • Add newly-identified risks.
  • Remove risks that are no longer relevant.
  • Move the plan to a confidential folder.
  • Include any changes in the mitigation plans.

11. A project manager has a responsibility to identify and plan for potential problems and known issues. What is this process of identifying and planning called?

  • Risk identification
  • Risk mitigation
  • Risk management
  • Risk analysis

12. Risk management can help you avoid negative consequences like missing project timelines and goals. Which of the following is a benefit of effective risk management?

  • You will be able to use this project’s risk management plan again in different projects.
  • You will be able to establish necessary vendor relationships.
  • You will be able to make a flexible project plan that allows for necessary adjustments.
  • You will have access to the appropriate tools for the project.

13. As a project manager you are practicing risk management. You have already defined potential risks, determined their likelihood, and prioritized them. Now, you’re making a plan to address and manage each risk. This represents which risk management step?

  • Monitor and control risks
  • Identify risks
  • Treat risks
  • Analyze risks

14. Which of the following tools can project managers use to brainstorm the potential causes of risks?

  • Risk register
  • Project charter
  • Fishbone diagram
  • Stakeholder map

15. A project manager identifies a series of tasks in an upcoming project that can only be started when the previous task has been completed. What term defines the relationship between these tasks?

  • Dependency
  • Opposed
  • Stacked
  • Connected

16. A project manager has just learned that a supplier has a history of missing deadlines. The supplier is defensive when asked about this. The project manager decides to find a new vendor. What kind of risk mitigation strategy is this?

  • Accepting risk
  • Transferring risk
  • Avoiding risk
  • Controlling risk

17. A project manager communicates a newly discovered risk to a stakeholder. They include the risk in a weekly planning email with potential ways to address the risk if needed. What level of risk are they likely writing about?

  • High-level risk
  • Medium-level risk
  • Single point of failure
  • Low-level risk

18. A project manager has identified a number of tasks in an upcoming project with dependencies. Most of the dependencies are finish to finish. What situation is this dependency describing?

  • Task 2 cannot start until Task 1 has started
  • Task 2 cannot finish until Task 1 has finished
  • Task 2 cannot finish until Task 1 has started
  • Task 2 cannot start until Task 1 has finished

19. A project manager writes a risk management plan. Currently they are working on an introduction to the conditions of the project and an outline of the potential risks. What is the name of this section in the risk management plan?

  • Executive summary
  • Header
  • Appendix
  • Risk register

20. A project manager needs to identify and plan for known problems that can affect project completion. What are these known problems called in project management?

  • Potentials
  • Impactors
  • Risks
  • Issues

21. As a project manager practicing risk management, you find and define potential project risks. Which risk management step does this represent?

  • Identify risks
  • Monitor and control risks
  • Avoid risks
  • Treat risks

22. A project manager has just identified a risk that has the potential to be catastrophic and halt work across a project. What is this type of risk known as?

  • External risk
  • Single point of failure
  • Complete halting point
  • Time risk

23. A project manager has just learned that a supplier is currently running low on required materials for a project. The supplier is very confident that the materials will be restocked before they are needed for the project. The project manager decides to continue with the vendor rather than finding a new one. What kind of risk mitigation strategy is this?

  • Accepting risk
  • Controlling risk
  • Avoiding risk
  • Transferring risk

24. Which of the following is a recommended method to communicate a medium-level risk to stakeholders?

  • Call an urgent in-person meeting with stakeholders to present the risk and your plan to mitigate it.
  • Present the risk and your mitigation plan during the team meeting next month.
  • In the weekly planning email, briefly describe the risk and your plan to mitigate it.
  • Send stakeholders a direct email that outlines the risk and includes a detailed explanation of your mitigation plan.

25. A project manager has identified a number of tasks in an upcoming project with dependencies. Most of the dependencies are start to finish. What situation is this dependency describing?

  • Task 2 cannot start until Task 1 has finished risks
  • Task 2 cannot start until Task 1 has started
  • Task 2 cannot finish until Task 1 has started
  • Task 2 cannot finish until Task 1 has finished

26. The risk management process can provide project managers a better understanding of what information? Select all that apply.

  • When exactly the risk will occur
  • Who the project manager needs to consult about a risk
  • How could the project manager mitigate the potential risk
  • What could go wrong with the project

27. As a project manager practicing risk management, you’ve already identified the risk. Now, you’re determining the likelihood and potential impact the risk will have on your project. Which risk management step does this represent?

  • Avoid risks
  • Analyze risks
  • Monitor and control risks
  • Treat risks

28. A project manager attempts to determine the root cause of a problem that has already occurred. Which tool below can help them?

  • Fishbone diagram
  • Stakeholder map
  • Risk register
  • Project charter

29. What is scope creep in project management?

  • The unexpected risks that can come together and form into a single issue that affect the scope of a project near completion
  • The changes, growth, and uncontrolled factors that affect the project’s scope at any point after the project begins
  • The additional time a project takes to complete due to unforeseen setbacks
  • The amount of time that a project will take to complete as setbacks begin to arise

30. Which of the following risk types most commonly impact projects? Select all that apply.

  • Inherent risks
  • Budget risks
  • Time risks
  • Scope risks

31. A project manager is concerned about the workload an internal team is taking on for an upcoming project. The project manager decides to shift this workload to an external supplier. What kind of risk mitigation strategy is this?

  • Transferring risk
  • Accepting risk
  • Avoiding risk
  • Controlling risk

32. Should a risk management plan be updated regularly?

  • Yes; the plan is a living document and should include new findings
  • Maybe; if the stakeholders specifically request the updates
  • No; the plan should be determined as early as possible

33. A project manager needs to identify and plan for potential events that can impact the project. What are these potential events called in project management?

  • Risks
  • Delays
  • Problems
  • Issues

34. A project manager completes a fishbone diagram. They completed three steps: define the problem, identify categories, and brainstorm causes. What is the next step they should take to complete the fishbone diagram?

  • Mitigate the causes
  • Analyze the causes
  • Identify risks
  • Monitor feedback

35. What does a risk management plan typically contain? Select all that apply.

  • Probability estimates for each risk
  • A mitigation plan for each risk
  • An executive summary
  • A competitor analysis for each risk

36. Why should project managers communicate risks clearly to stakeholders? Select all that apply.

  • To increase trust in the relationship
  • To get them to provide additional teammates, if necessary
  • To convince them to provide an increase in budget, if necessary
  • To deflect blame on project issues, if necessary

37. Fill in the blank: The process of identifying and evaluating potential risks and issues that could impact a project is known as _____.

  • risk management
  • risk analysis
  • risk mitigation
  • risk identification

38. Which of the following are steps involved in creating and utilizing a fishbone (or cause-and-effect) diagram? Select all that apply.

  • Mitigate causes
  • Define the problem
  • Identify categories
  • Analyze the causes

39. What two factors combine to determine inherent risk?

  • Damage and mitigation
  • Damage and impact
  • Probability and mitigation
  • Probability and impact

40. As a project manager, you’re identifying task dependencies. Task B cannot finish until Task A has started. Which type of dependency does this situation represent?

  • Finish to Start (FS)
  • Start to Start (SS)
  • Finish to Finish (FF)
  • Start to Finish (SF)

41. Which of the following best describes the risk register in the risk management plan?

  • An introduction to the conditions of the project and an outline of the potential risks
  • A description of each risk, its risk rating, and a mitigation plan
  • The measure of a risk calculated by its probability and impact.
  • A list of general information such as the plan’s status, creation date, and uploaded date

42. Fill in the blank: A potential event that can impact your project if it occurs is called a(n) _____.

  • delay
  • issue
  • risk
  • problem

43. A major part of risk management is identifying potential problems. Which of the following is another critical aspect of risk management?

  • Running practice situations where risks have become issues
  • Encouraging risk early in a project
  • Creating a plan for potential risks
  • Reviewing past projects and reusing those risk management plans

44. You are identifying risks for an upcoming project. You have already planned for time risks and budget risks. Which of the following is another common type of risk?

  • Scope risk
  • Creeping risk
  • Limiting risk
  • Impact risk

45. Fill in the blank: Once an organization has explored the inherent risks of a project, its willingness to accept the possible outcomes of those risks is known as _____.

  • risk analysis
  • risk appetite
  • risk register
  • risk assumption

46. Which of the following are examples of external risk? Select all that apply.

  • A breakdown in communication among team members
  • A change in regulatory requirements
  • A project vendor goes out of business
  • A deliverable takes longer than anticipated to complete

47. Which of the following best describes the risk register in the risk management plan?

  • The measure of a risk calculated by its probability and impact.
  • An introduction to the conditions of the project and an outline of the potential risks
  • A description of each risk, its risk rating, and a mitigation plan
  • A list of general information such as the plan’s status, creation date, and uploaded date

48. A project manager and a project sponsor are discussing their different risk appetites. What is risk appetite?

  • A desire to incur extra risks
  • A willingness to accept the possible outcomes of a risk
  • The shifting of some risks to a different team
  • The assumption of additional risks for added challenge

49. What are the most common types of risk that can impact projects?

  • Time risks, budget risks, and external risks
  • Budget risks, scope risks, and internal risks
  • Budget risks, internal risks, and external risks
  • Time risks, budget risks, and scope risks

50. A project manager communicates a newly discovered risk to a stakeholder. The project manager sends a direct email to stakeholders and includes “urgent” in the subject line. What level of risk are they likely writing about?

  • Low-level risk
  • Single point of failure risk
  • High-level risk
  • Medium-level risk

51. A project manager writes a risk management plan. Currently, they are working on a description of each risk, its risk rating, and a mitigation plan. What is the name of this section in the risk management plan?

  • Risk register
  • Appendix
  • Header
  • Executive summary

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