Quick Quiz - Risk

Quick Quizzes are a great way to assess how much you learned during the PMP Boot Camp. They aren't called "Quick" because they are short or take a small amount of time, but rather because you should be able to answer each question quickly. You probably won't see many questions like this on the PMP exam, but it is a good way to solidify the base knowledge upon which you must draw to answer PMP situational, behavioral questions. This Quick Quiz will help you obtain the 1st of the 3 keys to passing the PMP Exam: An in-depth understanding of the PMBOK. 

Quick Quizzes are timed based on an average of 72 seconds per question.

If you cannot answer all of these questions correctly, go back and study the student guides, read the PMBOK, and prepare questions to ask your instructor during the next class session.

To obtain an in-depth understanding of the PMBOK (copy)

Which of the following is true about risk?

What is the best definition of risk?

What is the high-level starting point to determine the appropriate degree, type and visibility of risk management on a project?

Which would not be found in the Risk Management Plan?

Which of the following is not a tool in Plan Risk Management?

What is the best description of a Risk Breakdown Structure

During which process should Probability and Impact definitions be determined?

Which inputs would you need to Identify Risks?

Which of the following is not a tool in Identify Risks?

What is the output of Identify Risks?

What is the output of Plan Risk Management?

Determining the probability and impact of each risk is done during which process?

Which process allows the PM to reduce the level of uncertainty and focus on high-priority risks?

In which process group would you find Perform Qualitative Analysis and Perform Quantitative Risk Analysis?

Which tool helps the PM determine if qualitative risk analysis is based on good information?

Which project document helps determine who can help identify risks?

What tool helps the PM understand if things believed to be true are reliable enough to base project decisions on without uncertainty?

During which process is the cost and time value of top risks determined?

Which process uses Data Gathering and Representation Techniques?

What is the output of Perform Quantitative Risk Analysis?

Which of the following is not an input to Perform Quantitative Risk Analysis?

What is the $$ value assigned to top risks?

How do you identify Threats versus Opportunities?

What diagram is used for a Sensitivity Analysis?

How is Expected Monetary Value of each risk determined?

Which process addresses risks by their priority, inserting resources and activities into the budget, schedule and PM Plan as needed?

What are the outputs of Plan Risk Responses?

Which process should begin after Perform Quantitative Risk Analysis?

Which risk strategy changes the PM Plan to eliminate threat posed by the risk?

Which risk strategy shifts the negative impact of the risk along with ownership of the response to a third party?

Which risk strategy reduces the probability and/or impact to an acceptable threshold?

Which risk strategy ensures the risk definitely happens?

Which risk strategy allocates ownership to a third party who is best able to capture the benefit?

Which risk strategy identifies and maximizes key drivers of positive impact risks?

Which risk strategy can be used for both opportunities and threats?

What are responses designed for use only if certain trigger events occur?

What is any risk that can be insured, like property damage, health, life, equipment breakage ?

What is any risk that cannot be insured, like loss of stock price, cost overruns, lost contract ?

What is any risk that still remains after a risk strategy has been implemented, like the deductible on an insurance policy ?

What is any risk that is induced by implementing a risk strategy, like the possibility that a sub-contractor (transfer strategy) will not perform to the desired quality standard ?

Which is not an input to Control Risks?

Which process uses the tool of Risk Reassessment?

During which process are risk reserves analyzed?

Which process improves efficiency of the risk approach throughout the project to continuously optimize risk responses ?

Which tool of Control Risks helps a PM understand if risk response plans are adequate for the current risk exposure of the project?

Which of the following is not an output of Control Risks?