Quiz #1 - Risk Management Quiz

Which of the following is NOT part of effective risk strategy?

• Risk avoidance

• Risk development

• Risk monitoring

• Risk management

What is the main goal of risk mitigation?

• To eliminate all risks

• To increase project timeline

• To reduce the impact or likelihood of a risk

• To document team members

What should project management do in case of high staff turnover?

• Ignore the risk

• Hire more managers

• Develop a mitigation strategy

• Change the project goals

Which of the following can be part of a mitigation plan?

• Avoid documentation

• Eliminate backup

• Reduce team communication

• Disperse knowledge across the team

What is the purpose of risk monitoring?

• To prevent software updates

• To ensure risk responses are implemented

• To change project requirements

• To write test cases

What does RMMM stand for?

• Risk Maintenance and Monitoring Methods

• Risk Management and Monitoring Model

• Risk Mitigation and Monitoring Management

• Risk Manual and Mitigation Model

What happens when mitigation fails?

• Project is canceled

• The risk is ignored

• The management strategy is activated

• Developers are reassigned

What is one example of a contingency measure?

• Ignoring risks

• Backup staff

• Shorter deadlines

• Removing documentation

Which of the following increases due to RMMM planning?

• Cost and schedule

• Team morale

• Risk probability

• Number of managers

The 80-20 rule or Pareto Principle in risk suggests:

• 80% of issues are caused by 20% of the team

• 20% of risks cause 80% of the problems

• 80% of risks are not important

• Risks happen only during 20% of the time