Which risk response type is appropriate to respond to an opportunity?
Accept
Fallback
Exploit
Transfer
Answer is Exploit
Question 112
Which statement defines a risk?
A certain event occurring in the future that will have a negative impact on the project's objectives
An event that has already occurred that the Project Manager must deal with immediately
An uncertain event, or set of events that, should it or they occur, will have an effect on the achievement of objectives
An uncertain event, or set of events that, should it or they occur, will be automatically escalated to the Project Board for a response
Answer is An uncertain event, or set of events that, should it or they occur, will have an effect on the achievement of objectives
Question 113
Identify the missing word in the following sentence:
The risk response type [ ? ] can be used to respond to a threat and an opportunity.
Avoid
Reduce
Share
Transfer
Answer is Share
Question 114
Which is NOT considered when defining risk tolerance?
A Project Board's attitude towards risk taking
The allocated risk budget
An organization's risk appetite
The amount of risk a Project Board considers acceptable
Answer is The allocated risk budget
Question 115
Which is a responsibility of a risk owner?
Identify risks to the project that might occur in their department
Own and authorize the use of the risk budget to fund risk responses
Manage, monitor and control all aspects of an assigned risk
Determine project risk appetite
Answer is Manage, monitor and control all aspects of an assigned risk
Question 116
Identify the missing words in the following sentence:
The role of [ ? ] is responsible for carrying out a risk response action to respond to a particular risk.
Project Assurance
Project Support
the risk actionee
the risk owner
Answer is the risk actionee
Question 117
Which is a purpose of the Risk theme?
Establish a method for the implementation of continuous improvement during the project
Identify, assess and control problems that have occurred
Provide the Project Board with a time-driven control to capture all project risks
Establish a cost-effective procedure to identify, assess and control risks
Answer is Establish a cost-effective procedure to identify, assess and control risks
Question 118
Which document should record the agreed amount of risk budget for a project?
Project Brief
Project Plan
Risk Management Strategy
Risk Register
Answer is Risk Management Strategy
A risk management approach describes how risk will be managed on the project. This includes the specific processes, procedures, techniques, standards and responsibilities to be applied.
Risk budget is reserved in Risk Management Strategy
Question 119
Which statement describes the 'Implement' step within the recommended risk management procedure?
Take planned action to respond to a risk
Implement the responsibilities for risks defined in the Risk Management Strategy
Assess the proximity of a risk
Identify the level of risks that can be tolerated by the project
Answer is Take planned action to respond to a risk
Question 120
Which is a purpose of the Risk theme?
Establish a procedure to ensure every change is agreed by the relevant authority before it takes place
Establish a cost-effective procedure to identify, assess and control uncertainty
Establish mechanisms to control any unacceptable deviations from plan
Establish mechanisms to manage risks at the corporate or programme level of an organization
Answer is Establish a cost-effective procedure to identify, assess and control uncertainty