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IT Risk Management - Post - Assessment Questions & Answers

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64 views5 pages

IT Risk Management - Post - Assessment Questions & Answers

Uploaded by

Nishant Kulshrestha
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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IT Risk Management : Post-Assessment Questions & Answers

1. Question:

What is the primary output of the Identify Risks process?


A. Risk Register
B. Risk Report
C. SWOT Analysis
D. Contingency Plan
Answer: A – Risk Register

2. Question:

When should risk management be performed?

A. Only during project initiation


B. Throughout the project lifecycle
C. At the end of the project
D. After deliverables are defined

Answer: B - Throughout the project lifecycle

3. Question:

Which Quantitative Risk management technique is used to assess the cumulative effect of risks on
project objectives?

A. Monte Carlo Simulation


B. Probability and Impact Matrix
C. SWOT Analysis
D. Risk Audit

Answer: A - Monte Carlo Simulation

4. Question:

What should be done if a risk response is no longer effective?

A. Reassess and update the risk response plan


B. Ignore the risk
C. Remove the risk from the risk register
D. Assign the risk to a new owner

Answer: A - Reassess and update the risk response plan

5. Question:
What is residual risk?

A. A risk that occurs after implementing a risk response


B. A risk eliminated during risk mitigation
C. A risk transferred to a third party
D. A risk that is never documented

Answer: A - A risk that occurs after implementing a risk response

6. Question:

Which risk response strategy involves sharing the benefits of a positive risk with another party?

A. Exploit
B. Enhance
C. Share
D. Accept

Answer: C - Share

7. Question:

The use of decision tree analysis is typically associated with:

A. Risk mitigation planning


B. Qualitative risk analysis
C. Quantitative risk analysis
D. Risk acceptance

Answer: C - Quantitative risk analysis

8. Question:

Which document defines how risk management will be structured and performed?

A. Risk Management Plan


B. Project Charter
C. Stakeholder Register
D. Issue Log

Answer: A - Risk Management Plan

9. Question:
What type of risk arises from external factors beyond the project’s control?

A. Organizational Risks
B. External Risks
C. Operational Risks
D. Financial Risks

Answer: B - External Risks

10. Question:

What is the goal of risk response planning?

A. To identify and evaluate all risks


B. To create action plans for risks
C. To calculate risk probability and impact
D. To create risk reserve funding

Answer: B - To create action plans for risks

11. Question:

In a project with several high-risk factors, the risk response strategy of transferring is chosen. Which
of the following is an example of this strategy?

A. Hiring additional team members to address a risk


B. Outsourcing a portion of the project work to an experienced third party
C. Accepting the risk with no further action
D. Developing a risk response plan with mitigation steps

Answer: B - Outsourcing a portion of the project work to an experienced third party

12. Question:

What is the primary purpose of risk management in projects?

A. To eliminate all risks


B. To maximize the likelihood of positive events and minimize the impact of negative events
C. To increase project scope
D. To decrease project budget

Answer: B - To maximize the likelihood of positive events and minimize the impact of negative
events

13. Question:
Which of the following is a common tool used for risk identification?

A. Project Scope Statement


B. Expert Judgment
C. Budget Reserve Analysis
D. Activity Duration Estimating

Answer: B - Expert Judgment

14. Question:

In a risk management plan, risk appetite is best defined as:

A. The amount of risk that an organization is willing to accept


B. The amount of budget allocated to manage risks
C. The minimum risk required to initiate a project
D. The tendency of a project manager to take risks

Answer: A - The amount of risk that an organization is willing to accept

15. Question:

A project manager decides to obtain insurance for a high-risk aspect of the project. This is an
example of which risk response strategy?

A. Mitigate
B. Accept
C. Transfer
D. Avoid

Answer: C - Transfer

16. Question:

Which document serves as a repository for all identified risks?

A. Risk Register
B. Issue Log
C. Risk Management Plan
D. Lessons Learned Register

Answer: A - Risk Register

17. Question:

During which process is the probability and impact of individual risks evaluated?
A. Identify Risks
B. Monitor Risks
C. Perform Qualitative Risk Analysis
D. Plan Risk Responses

Answer: C - Perform Qualitative Risk Analysis

18. What type of reserve is included in the project budget to address unidentified risks?

A. Contingency Reserve
B. Buffer Reserve
C. Management Reserve
D. Safety Reserve

Answer: C - Management Reserve

19. What is the key purpose of a risk audit?

A. To monitor risk owners


B. To ensure the effectiveness of risk responses
C. To develop new risk responses
D. To eliminate risks

Answer: B - To ensure the effectiveness of risk responses

20. Which of the following describes a residual risk?


A. A risk that occurs after implementing a response
B. A risk with no impact on the project
C. A risk transferred to a third party
D. A new risk identified during the project

Answer: A - A risk that occurs after implementing a response

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