RISK MANAGEMENT 101: An Introduction to Project Risk Management

The video provides an introduction to risk management in project management, explaining the concept of risk as uncertainty affecting outcomes. It outlines the risk management process, including identifying, analyzing, planning, and acting on risks. The video discusses strategies for managing risks, such as eliminating, reducing, transferring, or accepting them. It also highlights key tools like the risk management plan and risk register, emphasizing their importance in responsible project management.

What is the primary distinction between opportunities and threats in risk management?

• Opportunities are certain, threats are uncertain.

• Opportunities are short-term, threats are long-term.

• Opportunities have a positive outcome, threats have a negative outcome.

• Opportunities are internal, threats are external.

Which of the following is NOT a step in the basic risk management process?

• Identifying risks

• Taking action on risks

• Analyzing risks

• Eliminating risks

In risk analysis, what does a likelihood score of zero indicate?

• The risk is certain to happen.

• The risk cannot happen.

• The risk is highly probable.

• The risk is an opportunity.

Why is it recommended to keep the risk analysis simple?

• Because complex analysis is always inaccurate.

• To save time and resources.

• Due to limited statistical understanding and data.

• To avoid identifying too many risks.

Which strategy involves transferring the impact of a risk to another party?

• Acceptance

• Transfer

• Reduction

• Elimination

What is the purpose of a contingency plan in risk management?

• To eliminate the risk entirely.

• To reduce the likelihood of the risk.

• To manage the risk if it occurs.

• To transfer the risk to another party.

What is the primary function of a risk register?

• To predict future risks with certainty.

• To replace the risk management plan.

• To document and track risks and their management.

• To eliminate risks from the project.

How does a risk register contribute to project governance?

• By eliminating all project risks.

• By documenting risks and actions transparently.

• By predicting project success.

• By replacing the project manager.

What is the difference between the two uses of the term 'risk management plan'?

• One is for eliminating risks, the other is for transferring risks.

• One is for internal risks, the other is for external risks.

• One is for short-term risks, the other is for long-term risks.

• One is for managing a specific risk, the other is for overall project risk management.

Which organizations offer specific risk management training and qualifications?

• PMI, APM, and Axelos

• Google, Apple, and Microsoft

• NASA, ESA, and JAXA

• WHO, UN, and IMF