Project Risk Management UPDATED
ACTUAL Questions and CORRECT
Answers
Project Risk - CORRECT ANSWER- ✔✔Project Risk is an uncertain event or condition that,
if it occurs, has a positive or negative effect on a project's objectives.
What's the role of Risk Management? - CORRECT ANSWER- ✔✔1. It addresses the
uncertainty in project estimates and assumptions
2. It's not a substitute for other PM processes
3. It's applicable throughout a project life cycle
4. It provides realistic expectations for the completion date and cost of the project
5. It enhances the value of other project management processes
How will you practice good Risk Management? - CORRECT ANSWER- ✔✔1. Consistent
with existing organization practices and policies
2. Appropriate to the project
3. Implemented according to business challenges and multi-cultural environment
4. Conducted in compliance with the internal and external requirements of the project.
5. Conducted ethically according to the PM code of ethics
6. Conducted on all projects in proportion to the characteristics of the project under
management
6 Critical Success Factors for Project Risk Management - CORRECT ANSWER- ✔✔1.
Recognize the value of Risk Mgmt
2. Individual Commitment Responsibility
3. It's necessary to have open and honest communication
4. Organizational commitment
5. Risk efforts scaled to project
6. Integration with Project Management
, Project Risk Management - CORRECT ANSWER- ✔✔Includes the processes concerned
with conducting risk management planning, identification, analysis, responses, and
monitoring and control of a project.
Purpose of Project Risk Management - CORRECT ANSWER- ✔✔To increase the
probability and impact of positive envents and decrease the probablity and impact of events
adverse to project objectives.
Project Life Cycle - CORRECT ANSWER- ✔✔A collection of generally sequential project
phases whose name and number are determined by the control need of organization(s)
involved in the project.
A life cycle can be documented with a _____ . - CORRECT ANSWER- ✔✔methodology
Project Management - CORRECT ANSWER- ✔✔The application of knowledge, skills, tools
and techniques to project activities to meet the project requirements.
RM Study - CORRECT ANSWER- ✔✔Introduces us to the concepts of Risk Management
Risk Management - CORRECT ANSWER- ✔✔A principaled approach and process for
identifying and assessing risks, and then planning and implementing risk responses.
PMI Practice Standard - CORRECT ANSWER- ✔✔PMI practice standard describes
processes, activities, inputs, and outputs for a specific knowledge area. It provides
information about the significance of the process, tools and techniques applied, execution and
personnel involved. It does not prescribe how the process is to be implemented, leaving that
subject for other forums such as handbooks, manuals, and courses.
Practice standards are targeted at audiences such as: - CORRECT ANSWER- ✔✔audiences
who participate in the management of projects. This includes project managers, project
personnel, contract personnel, supervisors, and other project stakeholders.
The purpose of the Practice Standard for Risk Management is to: - CORRECT ANSWER-
✔✔provide a standard for project management practitioners and other stakeholders that
defines the aspects of Project Management that are recognized as good practice on most
ACTUAL Questions and CORRECT
Answers
Project Risk - CORRECT ANSWER- ✔✔Project Risk is an uncertain event or condition that,
if it occurs, has a positive or negative effect on a project's objectives.
What's the role of Risk Management? - CORRECT ANSWER- ✔✔1. It addresses the
uncertainty in project estimates and assumptions
2. It's not a substitute for other PM processes
3. It's applicable throughout a project life cycle
4. It provides realistic expectations for the completion date and cost of the project
5. It enhances the value of other project management processes
How will you practice good Risk Management? - CORRECT ANSWER- ✔✔1. Consistent
with existing organization practices and policies
2. Appropriate to the project
3. Implemented according to business challenges and multi-cultural environment
4. Conducted in compliance with the internal and external requirements of the project.
5. Conducted ethically according to the PM code of ethics
6. Conducted on all projects in proportion to the characteristics of the project under
management
6 Critical Success Factors for Project Risk Management - CORRECT ANSWER- ✔✔1.
Recognize the value of Risk Mgmt
2. Individual Commitment Responsibility
3. It's necessary to have open and honest communication
4. Organizational commitment
5. Risk efforts scaled to project
6. Integration with Project Management
, Project Risk Management - CORRECT ANSWER- ✔✔Includes the processes concerned
with conducting risk management planning, identification, analysis, responses, and
monitoring and control of a project.
Purpose of Project Risk Management - CORRECT ANSWER- ✔✔To increase the
probability and impact of positive envents and decrease the probablity and impact of events
adverse to project objectives.
Project Life Cycle - CORRECT ANSWER- ✔✔A collection of generally sequential project
phases whose name and number are determined by the control need of organization(s)
involved in the project.
A life cycle can be documented with a _____ . - CORRECT ANSWER- ✔✔methodology
Project Management - CORRECT ANSWER- ✔✔The application of knowledge, skills, tools
and techniques to project activities to meet the project requirements.
RM Study - CORRECT ANSWER- ✔✔Introduces us to the concepts of Risk Management
Risk Management - CORRECT ANSWER- ✔✔A principaled approach and process for
identifying and assessing risks, and then planning and implementing risk responses.
PMI Practice Standard - CORRECT ANSWER- ✔✔PMI practice standard describes
processes, activities, inputs, and outputs for a specific knowledge area. It provides
information about the significance of the process, tools and techniques applied, execution and
personnel involved. It does not prescribe how the process is to be implemented, leaving that
subject for other forums such as handbooks, manuals, and courses.
Practice standards are targeted at audiences such as: - CORRECT ANSWER- ✔✔audiences
who participate in the management of projects. This includes project managers, project
personnel, contract personnel, supervisors, and other project stakeholders.
The purpose of the Practice Standard for Risk Management is to: - CORRECT ANSWER-
✔✔provide a standard for project management practitioners and other stakeholders that
defines the aspects of Project Management that are recognized as good practice on most
