6.6. Knowledge Check

An example table with the headings: ID, Risk, Probability, Impact, Priority. Explanations for each heading.

• ID: Each risk must be assigned a unique identifier. Each organization will have their own standard.
• Risk: Use the standard risk statement format: Cause / Event / Effect
• Probability: Reference the Risk Management Plan for guidance. Enter as either a percentage or decimal format.  For example, 80% or 0.8
• Impact: Reference the Risk Management Plan Impact Table for guidance.  Enter as a number or descriptor.  For example, 1 or Low
• Priority: Reference the Risk Management Plan Heat Map for guidance.  Enter as a number or descriptor.  For example, 1 or Low

Question

Risk management is the process in project management that deals with

1. Identifying, comparing and managing risk
2. Identifying, quantifying and managing risk
3. Identifying, comparing and elimination risk

Answer

b. Identifying, quantifying and managing risk

Question

The stakeholders develop a list to ensure they have covered all the aspects of the Risk Plan. The list includes

1. Identification of the risk, who is responsible for monitoring, why the risk happened
2. Identification of the risk, who is responsible for evaluation, develop an evaluation plan
3. Identification of the risk, who is responsible for monitoring, develop a contingency plan

Answer

c. Identification of the risk, who is responsible for monitoring, develop a contingency plan

Question

Human Resources becomes involved in risk planning to assist the team members with

1. Brainstorming the risks, critical thinking, focus on content
2. Avoid the risks, mitigating the risks, focus on content
3. Brainstorming the risks, critical thinking, mitigate the risks

Answer

a. Brainstorming the risks, critical thinking, focus on content

Question

Where can risks happen in projects?

1. Initiation phase
2. Planning phase
3. Both a & b

Answer

c. Both a & b