What does identifying risk encompass?

Identifying and prioritising potential risks throughout the project lifecycle

Identifying and eliminating all risks

Prioritising risks after the project is completed

What type of questions should be asked to identify risks?

What, why and how might risk incidents occur

What are the customer preferences

What is the first step in the process to identify and prioritize risk?

Define a criteria and write questions (based on categories)

Decide the impact and likelihood of happening for each risk identified

Plot risks on a risk matrix to identify priorities

Evaluate severe/very likely risks, & medium-high risks

What is the purpose of assigning a grading on a risk matrix?

To evaluate severe/very likely risks, & medium-high risks

To define a criteria and write questions

What should be done after evaluating severe/very likely risks, & medium-high risks?

Decide on strategy an implement it as soon as possible

Define a criteria and write questions (based on categories)

Decide the impact and likelihood of happening for each risk identified

Plot risks on a risk matrix to identify priorities

Which of the following is a benefit of risk management?

Provides better control over the future

Increases surprises and negative consequences

Guarantees the the project's performance objectives

What is one of the components of a Risk Register?

Timeframes and responsibilities

What is one method of risk monitoring and reporting?

Gathering data through surveys, risk reports, and audits

Presenting a concept to a client

Implementing new design software

Why are regular team meetings important in risk monitoring and reporting?

To review the status of documented risks and effectiveness of implemented strategies

What does properly monitoring risks involve?

Ensuring the team implements the strategies to mitigate risk

What does monitoring risk allow you to do regarding your hypothesis about treatments made at the start of a project?

Reassess and make changes where necessary

What can the project team ensure by regularly monitoring responses to questions?

That the project is under budget

That the project is completed on time

That the project team is satisfied

What is the purpose of using different data collection methods in evaluating risk?

To reduce the cost of data collection.

To increase the number of data points.

To simplify the data analysis process.

What is the purpose of reassessment in risk monitoring?

A) To identify new risks, evaluate current risks, and close any outdated risks

B) To comply with legal requirements

C) To gather information from various sources

What should you ask to help identify where risk may be?

What, why, and how risk incidents might occur

Who is responsible for the risk

Where the risk will be documented

What are corrective actions?

What needs to happen after a risk has occurred

What might be a suitable mitigation strategy

Adding a buffer to a project timeline

The 4 types of risk response strategies are...?

Avoid, transfer, mitigate, accept

Ignore, shift, coordinate, transfer

accept, transfer, avoid, coordinate

run away, hide, ignore, play dumb

Project Risk Management - Session 3

Authored by Caroline Scott

Architecture

Vocational training

Used 5+ times

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30 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which process involves keeping track of risks and providing updates?

Risk Registers

Identifying risk and creating a Matrix

Monitoring Risks

Risk Monitoring and reporting

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What tool involves categorising risks into a hierarchy of likelihood and severity?

Risk Registers

Incident response plan

Risk Monitoring and reporting

Identifying risk and creating a Matrix

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is the first step in the Risk Management process?

Risk identification

Risk analysis

Establish the context

Risk treatment

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main purpose of the Risk Management process?

To eliminate all risks

To continually evaluate, manage and communicate risk to minimise negative outcomes

To identify financial opportunities

To create a risk-free environment

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which step in the Risk Management process involves determining the significance of identified risks?

Risk evaluation

Risk treatment

Communication and Consultation

Establish the context

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a strategy to minimise negative impacts on projects?

Ignoring risks

Developing risk management strategies

Avoiding risk management

Delaying risk assessment

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is included in implementing and monitoring risk-reporting mechanisms?

Ignoring changing circumstances

Ongoing review of activities for risks and opportunities

Avoiding risk treatments

Ignoring contingency plans

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Project Risk Management - Session 3

Which process involves keeping track of risks and providing updates?

What tool involves categorising risks into a hierarchy of likelihood and severity?

Which of the following is the first step in the Risk Management process?

What is the main purpose of the Risk Management process?

Which step in the Risk Management process involves determining the significance of identified risks?

Which of the following is a strategy to minimise negative impacts on projects?

What is included in implementing and monitoring risk-reporting mechanisms?

What does identifying risk encompass?

Which of the following is a common technique for identifying risks?

What type of questions should be asked to identify risks?

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Popular Resources on Wayground