While monitoring and controlling risks on a project, one of the tools a project manager could use compares the amount of the contingency reserves remaining to the amount of risk remaining to determine if the remaining reserve is adequate. This is called:

A. Reserve analysis
B. Performance report
C. Risk audit
D. Variance and trend analysis

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You are working on a project to build a small bridge near the town entrance and decide to gather risks using the Delphi technique. You know that once you have identified all the risks at this stage, you will have your initial:

A. Monte Carlo Simulation
B. Risk register
C. Performance report
D. Risk management plan

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While planning a project that involves building a unique product for a client, you decide to build a prototype in order to reduce the risk of not meeting expectations. This is an example of what type of risk response strategy?

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

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After deciding to outsource a part of the project, your sponsor tells you that he wants a contract with the least amount of risk. What type of contract will you be seeking?

A. Fixed price
B. Time and materials
C. Cost plus fixed fee
D. Cost plus percentage of cost

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The purpose of a risk management plan is:

A. Indicate the probability and impact of each risk
B. Monitor risks on the project
C. Describe how risk will be managed on the project
D. Identify risks on the project

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Joe is conducting a SWOT analysis. Which process is he most likely working in?

A. Identify Risks
B. Perform Qualitative Risk Analysis
C. Perform Quantitative Risk Analysis
D. Plan Risk Responses

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An anonymous way to reach a consensus of experts when identifying risks is:

A. Interviewing
B. Delphi technique
C. Root cause analysis
D. Brainstorming

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You and your sponsor agree to actively accept the quality risk of using a non-certified engineer on the project. What will you be doing?

A. Nothing. You will only react if the risk event occurs.
B. Find a way to decrease the probability or impact of the risk.
C. Create a contingency plan in the event the risk event occurs.
D. Insure the risk so your company can be compensated if the risk event occurs.

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One way to enhance a positive risk is:

A. Hiring another contractor to accelerate a project
B. Replacing a new employee with a more experienced one to ensure better quality
C. Buying insurance against weather impacting a construction schedule
D. Starting a task a few days later on the critical path

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While managing a project for a new playground, one of your team members uncovers an opportunity to exploit a risk. Most likely, he found a way to:

A. Increase the probability or impact of a risk
B. Ensure that a positive risk is realized
C. Decrease the probability of impact of a risk
D. Eliminate the threat entirely

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