| 1. | Project risk is the uncertainty that an event or condition that affects ________ will be realized. 
| A. | Project performance as measured by the functional managers |
| B. | Project impact on the organization |
| C. | Opportunities the project could realize |
| D. | At least one of the project objectives such as cost, scope, time, or quality |
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| 2. | True or False? Risks may have one or more causes and one or more impacts. |
| 3. | Risk Management Planning should be completed ________ in the project planning phase.
| A. | Sometime |
| B. | Late |
| C. | Early |
| D. | Never |
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| 4. | What is a Risk Breakdown Structure (RBS)?
| A. | Flowchart of risks |
| B. | Risk impacts on the organization |
| C. | List or diagram of risks by category |
| D. | Risk management activities that are on the schedule |
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| 5. | Which of the following would be used to describe the significance of the negative impact of threats or the positive impact of opportunities?
| A. | Cost, time, scope, and quality |
| B. | Sources of the risk events |
| C. | Types of risk responses |
| D. | Very Low, Low, Moderate, High |
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| 6. | According to Table 15-2, the impact of a risk to the project schedule will be classified as ________ if the delay to the project (as a result of the risk event) will be one week to a 20-week project schedule.
| A. | Low |
| B. | High |
| C. | Very Low |
| D. | Moderate |
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| 7. | ________ usually follows the Risk Identification process, but sometimes ________ directly follows the Risk Identification process when an experienced risk manager is involved.
| A. | Risk Management Planning, Quantitative Risk Analysis |
| B. | Qualitative Risk Analysis, Quantitative Risk Analysis |
| C. | Quantitative Risk Analysis, Qualitative Risk Analysis |
| D. | Risk Monitoring and Control, Risk Response Planning |
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| 8. | The inputs to Risk Identification are similar to the inputs to the Risk Management Planning process with the addition of the ________.
| A. | Scope Statement |
| B. | Risk Management Plan |
| C. | Risk Identification method |
| D. | WBS |
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| 9. | Which of the following is NOT an information gathering technique for risk management?
| A. | Interviews |
| B. | Probability and Impact Matrix |
| C. | Delphi technique |
| D. | Root cause analysis |
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| 10. | The Risk Register consists of:
| A. | Qualitative Risk Analysis, Quantitative Risk Analysis, and Risk Management Plan |
| B. | Qualitative Risk Analysis, Risk Response Plan, list of identified risks |
| C. | List of identified risks, potential responses, root causes, and updated risk categories |
| D. | Risk Responses, Risk Categories, Risk Management Plan |
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| 11. | ________ and ________ are assessed for each identified risk in the Qualitative Risk Analysis process.
| A. | Probability, impact |
| B. | Impact, priority |
| C. | Probability, costs |
| D. | None of the above |
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| 12. | The ________ section of the Risk Register can be used to ensure that some risk events are not overlooked during the project life cycle.
| A. | Priority |
| B. | Watch List |
| C. | Qualitative Risk Analysis |
| D. | None of the above |
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| 13. | The Risk Register is updated periodically throughout the project life cycle. The Risk Register is initiated during ________ and further updated based on the information developed in the ________.
| A. | Risk Management Planning, Qualitative Risk Analysis |
| B. | Risk Identification, Quantitative Risk Analysis |
| C. | Risk Identification, Qualitative Risk Analysis |
| D. | Risk Management Planning, Risk Identification |
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| 14. | The inputs to the Quantitative Risk Analysis process are the Project Management Plan, Risk Register, Risk Management Plan, ________, and ________.
| A. | Organizational Process Assets, Project Scope Statement |
| B. | Impact and Probability Matrix, Project Scope Management Plan |
| C. | Risk Probability, Impact Assessment |
| D. | Project Scope Management Plan, Organizational Process Assets |
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| 15. | Name the two tools and techniques of the Quantitative Analysis that are most subjective, i.e., based on opinions.
| A. | Interviewing, Decision Tree Analysis. |
| B. | Probability distributions |
| C. | Expert judgment, Interviewing |
| D. | Expert judgment, Sensitivity Analysis |
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| 16. | What parts of the Risk Register are added during Quantitative Risk Analysis?
| A. | Trends in Quantitative Risk Analysis results |
| B. | Probabilities of achieving project objectives |
| C. | Estimates of cost and schedule outcomes |
| D. | B and C |
| E. | A and B |
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| 17. | Name the strategies for negative risks.
| A. | Avoid, Mitigate, Transfer, Contingency, Accept |
| B. | Avoid, Transfer, Mitigate |
| C. | Avoid, Transfer, Accept, Mitigate |
| D. | None of the above |
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| 18. | True or False? Mitigation as a response strategy will always add time and/or money to the project. |
