Project Risk Management- Sample Questions

Question - 1

You are a project manager of a project and have done the risk register planning process. What you do NEXT?

A. Include them in the Risk Register and revisit it in the Execution phase.

B. Include them in the Contingency plan.

C. Ignore them.

D. Perform analysis.


A is the correct answer. The best option is to include them in the Risk Register and revisit it in the Execution phase.


Question - 2

Overtime associated with the execution effort of a project is estimated at 120 hours with probability 0.5, 250 hours with probability 0.6, and 300 hours with probability 0.3. What is the monetary value of the amount of overtime?

A. 300 hours

B. 670 hours

C. 250 hours

D. 100 hours


A is the correct answer. The Monetary Value of the amount of overtime is (120 x 0.5) + (250 x 0.6) + (300 x 0.3) = 300 hours.


Question - 3

During the project execution phase, a risk is found which was not included in the Risk Register. What should you do?

A. Ask senior management to deal with this.

B. Keep with yourself.

C. Find workaround.

D. Re-evaluate Risk Management process.


C is the correct answer. The best option is to find a workaround and solve the issue.


Question - 4

A project has the following risks: 50 percent probability of 120 days delay in the planning process, 60 percent probability of 250 days delay in the execution process, and 30 percent probability of 300 days delay in the closing phase. What is the monetary value of the amount of overtime?

A. 300 days

B. 670 days

C. 250 days

D. 100 days


A is the correct answer. The Monetary Value of the amount of overtime is (120 x 0.5) + (250 x 0.6) + (300 x 0.3) = 300 days.


Question - 5

Which of the following helps to determine the probability of completing the project?

A. Monte Carlo Analysis

B. Impact Analysis

C. Qualitative Risk Analysis

D. Quantitative Risk Analysis


A is the correct answer. Monte Carlo Analysis: A schedule risk assessment technique that performs a project simulation many times in order to calculate a distribution of likely results.


Question - 6

You are a project manager of a project and have done risk response plan. What should you do NEXT?

A. Update Project Management Plan

B. Update Risk Identification Check list

C. Root causes of risks

D. Corrective action


A is the correct answer. Update Project Management Plan is an output of risk response plan.


Question - 7

Which of the following is graphically represented?

A. Fishbone Diagram

B. Probability Chart

C. Decision Tree

D. Pareto Chart


C is the correct answer. Decision Tree is used to graphically represent probability distributions.


Question - 8

You are a project manager of a project. Customer has requested a change which will increase the project risk. What is your NEXT step?

A. Analyze the impact of the change.

B. Report to Senior Management.

C. Report to Sponsor.

D. Change the Risk Management Plan.


A is the correct answer. Your first task is to analyze the impact of the change.