Risk Management Quiz - Correct Answers and Explanations - IT Project Managers

1/3/23, 11:10 AM Risk Management Quiz: Correct Answers and Explanations - IT Project Managers
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Risk Management Quiz:

Correct Answers and
Explanations
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A document you use to capture all known risks is called:
A. Risk Log
B. Risk Register
C. Risk List
D. Risk Diary
Correct Answer: B
Project Management Institute calls the document Risk

Register. For sure, you can name documents as you see
https://pmbasics101.com/risk-management-quiz-correct-answers-explanations/ 1/8
necessary. However, it’s beneficial for a project manager to

be consistent with generally accepted terms. Learn more
about Risk Register.
On a Friday evening, John (your best engineer in the team)

comes to you and says he quits. You have two weeks to
find a substitution. What would reduce the chances of
such an event? Why?
A. Regular one-on-ones with John
B. Comprehensive professional development plan
C. The highest salary in the team
D. More responsibility
Correct Answer: A
As a project manager, you need to deal with risks

proactively. Therefore, you should not wait until John
decides to leave to take action. The best approach to
control engagement of your key stakeholders is to
communicate with them regularly. That’s why regular one-
on-ones is the best proactive action.
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A process that involves prioritizing risks for further action

or analysis by assessing the impact and the probability of
occurrence is called
A. Qualitative Risk Analysis
B. Risk Brainstorming
C. Quantitative Risk Analysis
D. Risk Retrospective
Correct Answer: A
During the Qualitative Risk Analysis, you assess the Impact

and Probability of a risk using simple grades like Low,
Medium, High. Learn more about Qualitative Risk Analysis.
When do you perform Risk Identification?
A. At the beginning of a project.
B. During project planning.
C. During the whole lifetime of a project.
D. During project execution.
Correct Answer: C
New risks appear all the time. Moreover, known risks

change their Impact and Probability with changes on a
project. Therefore, you must be on the lookout for the risks
all the time. Learn more about Risk Identification.
As a part of your project, you need to organize a

conference. You learn that in the place that you rented
there’s a 70% chance of a tropical storm on the selected
dates. How should you handle such risk?
A. Change the location of the conference.
B. Buy insurance to cover possible damage.
C. Book another place nearby to mitigate the risk of the first

location being unavailable due to the storm.
D. Inform all participants of the possible storm.
Correct Answer: A
Risk Response Plans should be adequate, timely, and deal

with risk proactively. All other options are passive and
begin mitigating a threat only when it happens. Learn more
about Risk Response Plans.
Who should be involved in Risk Management activities?
A. Only Project Team.
B. Only Project Manager.
C. As many stakeholders as practical.
D. All stakeholders except clients.
Correct Answer: C
You, as a project manager, need to collect as much input

and feedback is time and resources for Risk Management
allows. Each stakeholder may have a unique point of view
on the challenges and project risks. By including all
possible stakeholders you identify more risks.

You acquired an expensive piece of equipment for your
project. It is known to be sensitive and fragile in work.
Several tasks that require this equipment are on a critical
path. What’s the BEST action you can do to improve the
project’s chances for success?
A. Buy insurance to cover the costs of repairs.
B. Hire a technical support team to quickly fix the

equipment if needed.
C. Find a good expert to operate the equipment.
D. There’s nothing you can do.
Correct Answer: B
Answers A and B are good solutions. Buying insurance will

help to avoid budget overrun. Finding a good expert will
help reduce the probability of breakdown. However, we
have tasks on a critical path. It means they tolerate little
risks to the Project Schedule. So, having a team on standby
to keep the equipment working is the best option here.
You are on the call with clients. They say the vendor team
they hired to create designs is behind schedule. What
should you do?
A. State that your project is also behind the schedule

because of it.
B. Log the risk into the Risk Register to assess impact.
C. Do nothing. It’s not your problem.
D. Contact the vendor to help them out.
Correct Answer: B
Without proper analysis, you can’t state that a risk has an

impact on the project. Likewise, you should not assume
that the risk has no impact at all. Therefore, always log all
possible risks first. Decide later. Learn more about Risk
Management Process.
After you performed Qualitative Risk Analysis you need to

create:
A. A prioritized list of risks.
B. List of risks for additional analysis and investigation.
C. List of urgent risks
D. Watch list
E. All the above
Correct Answer: E
A prioritized list of risks, list of risk for additional analysis

and investigation, list of urgent risks, the watch list, AND list
of risks grouped by categories are the output of the
Qualitative Risk Analysis process.
After reviewing Risk Register you see two critical risks

that you anticipate during the next week. What should you
do with this knowledge?
A. Do nothing. Your Risk Register is shared with the team

and stakeholders.
B. Reach out to the stakeholders and the responsible

person with a reminder.
Correct Answer: B
Once again, you should be proactive. It includes

communications as well. Don’t assume that all
stakeholders and team members track all the aspects of
the project as you do. Check out the Project Risk
Management Plan example.
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Plan Template
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Plan with this template. You can quickly adjust it to your
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get access to all my other Risk Management resources.)
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1/3/23, 11:10 AM Risk Management Quiz: Correct Answers and Explanations - IT Project Managers

IT Project Managers GET THE BOOK GET THE COURSE

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