Self Assessment 11 Risk PDF

Self-Assessment Questions for Module 11
Project Risk Management

Question 1: A project manager has just presented her risk management strategy to her
project sponsor. The project sponsor is very happy with the strategy but has asked the
project manager to set up a management reserve as well. What type of project risks are
handled by the management reserves?
A.) Known risks
B.) Unknown risks
C.) Mitigated risks
D.) Transferred risks
Question 2: Which of the following statements regarding expected monetary value (EMV)
is false?
A.) EMV = probability x impact.
B.) It is used in the Perform Quantitative Risk Analysis process
C.) It can be used in decision tree analysis.
D.) It calculates the impact of risks that have already occurred.
Question 3: A project manager is managing a process improvement project. There are a

number of project risks involved. The project manager wants to document as many risks
as possible in order to have a robust risk management plan. He is reviewing some events
and the possible variables that affect these events. Which of the following tool or
technique should the project manager use that can help him analyze the effects of
different variables on these events?
A.) Influence diagram
B.) Cause-and-effect diagram
C.) Flowchart
D.) Histogram
Question 4: Which of the following updates to the risk register are not performed during
the Perform Qualitative Risk Analysis process?
A.) Assessments of probability and impact for each risk.
B.) Categorization of risks
C.) List of risks for additional analysis
D.) List of potential responses
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Question 5: Which of the following statements regarding the Perform Qualitative Risk
Analysis and the Perform Quantitative Risk Analysis processes is correct?
A.) The Perform Quantitative Risk Analysis is the process of prioritizing individual project risks for
further analysis, while the Perform Qualitative Risk Analysis is the process of analyzing the
combined effect of identified individual project risks on overall project objectives.
B.) The Perform Qualitative Risk Analysis is the process of prioritizing individual project risks for
further analysis, while the Perform Quantitative Risk Analysis is the process of analyzing
the combined effect of identified individual project risks on overall project objectives.
C.) The Perform Qualitative Risk Analysis process is a mandatory process to be performed on
every project, while the Perform Quantitative Risk Analysis process is an optional process.
D.) The Perform Quantitative Risk Analysis process is a mandatory process to be performed on
every project, while the Perform Qualitative Risk Analysis process is an optional process.
Question 6: Which of the following regarding project risks is false?

A.) Project risks can have a positive or negative effect.
B.) Project risks are always uncertain.
C.) Every project risk must be mitigated.
D.) A project risk may have multiple causes.
Question 7: A project manager is currently planning for his project risks. He has
documented the risk categories and has obtained approved definitions of the risk
probability and impacts. In addition, he has developed a probability and impact matrix that
will help in prioritizing project risks. Which of the following processes should he perform
next?
A.) Perform Qualitative Risk Analysis
B.) Identify Risks
C.) Perform Quantitative Risk Analysis
D.) Plan Risk Management
Question 8: Which of the following tools and techniques compares the amount of
remaining contingency reserves to the amount of remaining project risk, in order to
determine the sufficiency of the remaining contingency reserves?
A.) Risk reassessment
B.) Reserve analysis
C.) Technical performance analysis
D.) Variance and trend analysis

Question 9: A project manager is currently planning her project risk responses. There is a
huge risk of cost variation due to some of the present economic conditions in the country.
This situation cannot be avoided or escalated because the project manager, nor
organization has any control over it. In addition, she doesn’t have any control over
influencing the probability or the impact of this risk. This is also not a type of risk that can
be insured. What should Carol do in this situation?
A.) Accept the risk
B.) Mitigate the risk
C.) Transfer the risk
D.) Avoid the risk
Question 10: A project manager has just finished documenting a list of project risks. He
now wants to analyze his company’s strengths and capabilities to deal with these risks.
Which of the following techniques can help the project manager determine these strengths
and capabilities and analyze the organizational environment?
A.) Expert judgment
B.) SWOT analysis
C.) Brainstorming
D.) Checklist analysis
Question 11: A project manager is currently analyzing her project risks. She wishes to
quickly assign relative probabilities to these risks in order to prioritize them. Which of the
following processes assigns relative probabilities to the identified project risks?
A.) Plan Risk Responses
B.) Perform Quantitative Risk Analysis
C.) Perform Qualitative Risk Analysis
D.) Identify Risks
Question 12: A project manager has identified his project risks. He now wants to
determine which risks have the most significant impact. This will consist of correlating
variations in project outcomes with variations in elements of a quantitative risk analysis
model. Which of the following tools can help the project manager display this analysis?
A.) Fishbone diagram
B.) Flowchart
C.) Tornado diagram
D.) Pareto diagram
Question 13: A project manager is currently performing the Monitor Risks process for her
project. She determines that some of the project risks listed in the risk register are no
longer valid. What should be done to these risks?
A.) These risks need to be reassessed.
B.) These risks need to be transferred to the risk watch list.
C.) These risks need to be closed.
D.) These risks need to be documented as lessons learned.

Question 14: A project manager is currently managing a construction project. The project
is in its execution phase, and the project customer has just announced that if the project
manager can complete the project two months earlier, his company will receive a 50%
bonus on top of the agreed contract fee. If this goal is achievable, what would be the best
strategy for the project manager?
A.) Exploit the opportunity
B.) Share the opportunity
C.) Escalate the opportunity
D.) Accept the opportunity
Question 15: In your project, you have identified important risks, determined which risks
have the highest probability of occurring and planned appropriate responses to the risks.
What should you do next?
A.) Complete the Quantitative Risk Analysis process, to further analyze the highest probability
risks and obtain a quantitative rating for each risk.
B.) Implement Risk Responses, to ensure your response plans are fully executed and to minimize
threats and maximize opportunities
C.) Complete a risk re-assessment on your highest probability risks, to analyze if the probability of
occurrence has changed.
D.) Monitor your risks and your risk response plans, track identified risks and analyze any new
risks.

Answer Sheet for Self-Assessment 11
Question Number My Answer Correct Incorrec
t
Question 01 ◻ ◻
Question 02 ◻ ◻
Question 03 ◻ ◻
Question 04 ◻ ◻
Question 05 ◻ ◻
Question 06 ◻ ◻
Question 07 ◻ ◻
Question 08 ◻ ◻
Question 09 ◻ ◻
Question 10 ◻ ◻
Question 11 ◻ ◻
Question 12 ◻ ◻
Question 13 ◻ ◻
Question 14 ◻ ◻
Question 15 ◻ ◻
Total Number
% Correct _____%
To calculate the % correct, divide the “total correct” by 0.15. Example: If you have 13 correct then calculate 13 / 0.15 = 86.6%

Answers for Self-Assessment 11
Question Number Correct Answer
Question 01 B
Question 02 D
Question 03 A
Question 04 D
Question 05 B
Question 06 C
Question 07 B
Question 08 B
Question 09 A
Question 10 B
Question 11 C
Question 12 C
Question 13 C
Question 14 A
Question 15 B

Answers & Explanations for Self-Assessment 11
Question 1: A project manager has just presented her risk management strategy to her
project sponsor. The project sponsor is very happy with the strategy but has asked the
project manager to set up a management reserve as well. What type of project risks are
handled by the management reserves?
A.) Known risks
B.) Unknown risks
C.) Mitigated risks
D.) Transferred risks
Correct answer is B
Explanation: Unknown project risks are managed by the management reserve. Management
reserves are intended to address the unknown-unknowns that can affect a project.
A.) Incorrect. Known risks are handled by the contingency reserves.
B.) Correct. Unknown project risks are handled by the management
reserves.
C.) Incorrect. Mitigated risks are known risks that are identified during the Plan Risk Responses
process. As a result of the mitigation response plan, these risks have now been
mitigated.
D.) Incorrect. Transferred risks are known risks that are identified during the Plan Risk
Response process. As a result of the risk transfer response strategy, these risks have
been transferred to a third party.
Reference: A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) – Sixth
Edition, Project Management Institute Inc., 2017, Pages 202, 398-399 and 443
Question 2: Which of the following statements regarding expected monetary value (EMV)
is false?
A.) EMV = probability x impact.
B.) It is used in the Perform Quantitative Risk Analysis process
C.) It can be used in decision tree analysis.
D.) It calculates the impact of risks that have already occurred.
Correct answer is D
Explanation: EMV only takes into account future risks. It doesn't calculate the impact of risks that
have already occurred. Risks that have already occurred are considered issues.
A.) True. Expected monetary value (EMV) is calculated by multiplying probability and impact.
B.) True. A decision tree analysis is a data analysis tool in the Perform Quantitative Risk
Analysis process. A decision tree is evaluated by calculating the expected monetary
value of each branch.
C.) True. A decision tree uses EMV to evaluate the impact of each decision or branch.
D.) False and therefore the correct answer. EMV only takes into account future risks. It doesn't
calculate the impact of risks that have already occurred. Risks that have already occurred
are considered issues.

Edition, Project Management Institute Inc., 2017, Page 435
Question 3: A project manager is managing a process improvement project. There are a

number of project risks involved. The project manager wants to document as many risks
as possible in order to have a robust risk management plan. He is reviewing some events
and the possible variables that affect these events. Which of the following tool or
technique should the project manager use that can help him analyze the effects of
different variables on these events?
A.) Influence diagram
B.) Cause-and-effect diagram
C.) Flowchart
D.) Histogram
Correct answer is A
Explanation: Influence diagrams are graphical representations of situations showing causal
influences, time ordering of events, and other relationships among variables and outcomes.
This is the best tool/technique among the given answer choices to analyze the effects of
different variables on the events being reviewed.
A.) Correct. An influence diagram is an example of a data analysis tool/technique that provides
a graphical representation of situations showing causal influences, time ordering of
events, and other relationships among variables and outcomes.
B.) Incorrect. A cause-and-effect diagram is a decomposition technique that helps trace an
undesirable effect back to its root cause. Cause-and-effect diagrams are also known as
fishbone diagrams, why-why diagrams or Ishikawa diagrams.
C.) Incorrect. Flowcharts, also known as process maps, show the depiction in a diagram format
of the inputs, process actions, and outputs of one or more processes within a system.
Flowcharts do not show the effects of different variables
D.) Incorrect. Histograms show a graphical representation of numerical data.
Question 4: Which of the following updates to the risk register are not performed during
the Perform Qualitative Risk Analysis process?
A.) Assessments of probability and impact for each risk.
B.) Categorization of risks
C.) List of risks for additional analysis
D.) List of potential responses
Correct answer is D
Explanation: Potential risk responses are updated in the Risk Register during the Identify Risks
process. Their responses are confirmed during the Plan Risk Responses process. These
updates are not performed during the Perform Qualitative Risk Analysis process. Updates
to the risk register as part of the Perform Qualitative Risk Analysis process may include
assessments of probability and impacts for each individual project risk, priority level or risk
score, the nominated risk owner, risk urgency information or risk categorization, and a
watch list for low-priority risks or risks requiring further analysis.

A.) True. The risk register is updated with the assessments of probability and impacts for each
individual project risk.
B.) True. The risk register is updated with risk urgency information or risk categorization.
C.) True. The risk register is updated to include a watch list for low-priority risks or risks
requiring additional analysis.
D.) False, therefore the correct answer. You do not include a list of potential responses in the
risk register during the Perform Qualitative Risk Analysis process. The potential list of
responses is originally identified during the Identify Risk process and recorded in the risk
register. These responses are confirmed during the Plan Risk Responses process.
Edition, Project Management Institute Inc., 2017, Pages 417, 427, and 448
Question 5: Which of the following statements regarding the Perform Qualitative Risk
Analysis and the Perform Quantitative Risk Analysis processes is correct?
A.) The Perform Quantitative Risk Analysis is the process of prioritizing individual project risks for
further analysis, while the Perform Qualitative Risk Analysis is the process of analyzing the
combined effect of identified individual project risks on overall project objectives.
B.) The Perform Qualitative Risk Analysis is the process of prioritizing individual project risks for
further analysis, while the Perform Quantitative Risk Analysis is the process of analyzing
the combined effect of identified individual project risks on overall project objectives.
C.) The Perform Qualitative Risk Analysis process is a mandatory process to be performed on
every project, while the Perform Quantitative Risk Analysis process is an optional process.
D.) The Perform Quantitative Risk Analysis process is a mandatory process to be performed on
every project, while the Perform Qualitative Risk Analysis process is an optional process.
Correct answer is B
Explanation: No process in the PMBOK® Guide is mandatory. Every project team can determine
which processes need to be applied to a specific project. While the Perform Qualitative
Risk Analysis is highly recommended for successful risk management, the Perform
Quantitative Risk Analysis is not always needed for every project. In the Perform
Qualitative Risk Analysis, you look at analyzing individual project risks while in the Perform
Quantitative Risk Analysis, you look at numerically analyzing the combined effect of
identified individual project risks on overall project objectives.
A.) Incorrect. The choice has swapped the terms. The Perform Qualitative Risk Analysis is the
process of prioritizing individual project risks for further analysis, while the Perform
Quantitative Risk Analysis is the process of analyzing the combined effect of identified
individual project risks on overall project objectives.
B.) Correct. The Perform Qualitative Risk Analysis is the process of prioritizing individual project
risks for further analysis, while the Perform Quantitative Risk Analysis is the process of
analyzing the combined effect of identified individual project risks on overall project
objectives.
C.) Incorrect. No process in the PMBOK Guide is mandatory. It is based on The Standard for
Project Management where the processes are considered good practice on most
projects, most of the time. Every project team can determine which processes need to be
applied to a specific project.

D.) Incorrect. No process in the PMBOK Guide is mandatory. It is based on The Standard for
Project Management where the processes are considered good practice on most
projects, most of the time. Every project team can determine which processes need to be
applied to a specific project.
Edition, Project Management Institute Inc., 2017, Pages 28, 419-421, 428-429 and 2
Question 6: Which of the following regarding project risks is false?

A.) Project risks can have a positive or negative effect.
B.) Project risks are always uncertain.
C.) Every project risk must be mitigated.
D.) A project risk may have multiple causes.
Correct answer is C
Explanation: Every negative project risk(threat) can be either escalated, mitigated, avoided,
transferred or accepted and every positive project risk (opportunity) can either be
escalated, exploited, enhanced or accepted. Selection of the appropriate risk response
strategy varies from situation to situation. It is not a good project management practice to
attempt to mitigate each and every project risk.
A.) True. Project risks are uncertain events or conditions that may have a positive or negative
effect on one or more project objectives.
B.) True. Project risks are uncertain future events, which may or may not happen.
C.) False, therefore the correct answer. There are various strategies for dealing with project
risks, and mitigation is just one of them. The five strategies for dealing with negative risks
or threats are: escalate, avoid, transfer, mitigate or accept, and the five strategies for
dealing with positive risk or opportunities are: escalate, exploit, share, enhance or accept.
D.) True. Project risk can have multiple causes. For example, there is a risk that project
completion might be delayed due to excessive rain, lack of resources or missing
equipment.
Edition, Project Management Institute Inc., 2017, Pages 444-446, 720
Question 7: A project manager is currently planning for his project risks. He has
documented the risk categories and has obtained approved definitions of the risk
probability and impacts. In addition, he has developed a probability and impact matrix that
will help in prioritizing project risks. Which of the following processes should he perform
next?
A.) Perform Qualitative Risk Analysis
B.) Identify Risks
C.) Perform Quantitative Risk Analysis
D.) Plan Risk Management
Correct answer is B
Explanation: Risk categories, definitions for risk probability and impacts, and the probability and
impact matrix are part of the risk management plan. This means that the project manager

has completed the Risk Management Plan process and should start the Identify Risks
process next.
A.) Incorrect. The Perform Qualitative Risk Analysis process comes after the Identify Risks
process. John needs to conduct the Identify Risk process first.
B.) Correct. John is currently in the Plan Risk Management process, which produces the risk
management plan. This plan contains risk categories, definitions for the risk probability
and impacts and the probability and impact matrix.
C.) Incorrect. The Perform Quantitative Risk Analysis process comes after the Qualitative Risk
Analysis process. John needs to conduct the Identify Risk and Quantitative Risk Analysis
processes first.
D.) Incorrect. You are currently in the Plan Risk Management. The project manager just
completed the risk management plan. He needs to move to the next risk management
process, the Identify Risks process.
Edition, Project Management Institute Inc., 2017, Page(s) 405-408
Question 8: Which of the following tools and techniques compares the amount of
remaining contingency reserves to the amount of remaining project risk, in order to
determine the sufficiency of the remaining contingency reserves?
A.) Risk reassessment
B.) Reserve analysis
C.) Technical performance analysis
D.) Variance and trend analysis
Correct answer is B
Explanation: The contingency reserves are the funds available to the project team to deal with the
project risks. Reserve analysis is the technique that compares the amount of the
contingency reserves available to the amount of project risk remaining, to determine if the
remaining reserve is adequate.
A.) Incorrect. Risk reassessment, includes reviewing all risks on the risk register, deciding to
add new risks, close risks, or re-examine current risks to your project. It does not include
checking contingency reserves.
B.) Correct. Reserve analysis is the technique that compares the amount of the contingency
reserves available to the amount of project risk remaining, to determine if the remaining
reserve is adequate.
C.) Incorrect. Technical performance analysis compares your planned technical achievements
during project execution against what you originally planned. It does not include checking
contingency reserves.
D.) Incorrect. Variance analysis compares planned results to the actual results, while trend
analysis may be used for monitoring overall project performance. Outcomes of these
analyses may forecast potential deviations of the project at completion from cost and
schedule targets. It does not include checking contingency reserves.

Question 9: A project manager is currently planning her project risk responses. There is a
huge risk of cost variation due to some of the present economic conditions in the country.
This situation cannot be avoided or escalated because the project manager, nor
organization has any control over it. In addition, she doesn’t have any control over
influencing the probability or the impact of this risk. This is also not a type of risk that can
be insured. What should Carol do in this situation?
A.) Accept the risk
B.) Mitigate the risk
C.) Transfer the risk
D.) Avoid the risk
Correct answer is A
Explanation: In this situation, the project manager cannot escalate, avoid, mitigate, or transfer the
risk. She doesn't have a choice, so she must accept the risk.
A.) Correct. You accept a risk when it is not possible to address the risk in any other way. You
have no choice but to accept the risk.
B.) Incorrect. Since the project manager doesn't have any control over influencing the
probability or impact of the risk, she can't mitigate the risk. In risk mitigation, an action is
taken to reduce the probability of occurrence of a risk.
C.) Incorrect. Since this is not a type of risk that can be insured, we can't transfer this risk to an
insurance company.
D.) Incorrect. This risk can't be avoided as the project manager has no control over present
economic conditions, which are causing the risk.
Edition, Project Management Institute Inc., 2017, Pages 442-443
Question 10: A project manager has just finished documenting a list of project risks. He
now wants to analyze his company’s strengths and capabilities to deal with these risks.
Which of the following techniques can help the project manager determine these strengths
and capabilities and analyze the organizational environment?
A.) Expert judgment
B.) SWOT analysis
C.) Brainstorming
D.) Checklist analysis
Correct answer is B
Explanation: The project manager wants to analyze the organization's strengths and weaknesses
in relation to the identified risks. A SWOT (Strengths, Weaknesses, Opportunities, and
Threats) analysis is the tool that can help the project manager with this activity.
A.) Incorrect. Expert judgment is the judgment provided based upon expertise in an application
area, knowledge area, discipline, industry, etc., as appropriate for the activity being
performed. While you can use expertise to conduct your SWOT analysis, it is the
technique, which helps you analyze the strength, weakness, opportunities or threats in
the organization.
B.) Correct. SWOT analysis is the analysis of strengths, weaknesses, opportunities, and threats
of an organization, project, or option.

C.) Incorrect. Brainstorming can be used to obtain a comprehensive list of individual project
risks. Brainstorming does not determine the company's strengths and capabilities to deal
with these risks.
D.) Incorrect. Checklist analysis is a technique for systematically reviewing materials using a list
for accuracy and completeness. Checklist analysis does not determine the company’s
strengths and capabilities to deal with these risks
Question 11: A project manager is currently analyzing her project risks. She wishes to
quickly assign relative probabilities to these risks in order to prioritize them. Which of the
following processes assigns relative probabilities to the identified project risks?
A.) Plan Risk Responses
B.) Perform Quantitative Risk Analysis
C.) Perform Qualitative Risk Analysis
D.) Identify Risks
Correct answer is C
Explanation: The project manager wants to assign relative probabilities. Perform Qualitative Risk
Analysis is the process of prioritizing individual project risks for further analysis or action by
assessing their probability of occurrence and impact.
A.) Incorrect. Plan Risk Responses is the process of developing options, selecting strategies,
and agreeing on actions to address overall project risk exposure, as well as to treat
individual project risks. The Plan Risk Responses process comes after you have
analyzed your risks.
B.) Incorrect. Perform Quantitative Risk Analysis is the process of numerically analyzing the
combined effect of identified individual project risks and other sources of uncertainty on
overall project objectives. This process comes after the Perform Qualitative Analysis
process.
C.) Correct. Perform Qualitative Analysis is a process concerned with discovering the probability
of a risk event occurring and the impact the risk will have if it does occur.
D.) Incorrect. Identify Risks is the process of identifying individual risks as well as sources of
overall risk and documenting their characteristics. The project manager has already
completed the Identify Risks process as she is currently analyzing the risks.
Question 12: A project manager has identified his project risks. He now wants to
determine which risks have the most significant impact. This will consist of correlating
variations in project outcomes with variations in elements of a quantitative risk analysis
model. Which of the following tools can help the project manager display this analysis?
A.) Fishbone diagram
B.) Flowchart
C.) Tornado diagram
D.) Pareto diagram
Correct answer is C

Explanation: The project manager wants to conduct a sensitivity analysis. A sensitivity analysis is
an analysis technique to determine which individual project risks or other sources of
uncertainty have the most potential impact on project outcomes, by correlating variations in
project outcomes with variations in elements of a quantitative risk analysis model. A
tornado diagram is a typical display of sensitivity analysis.
A.) Incorrect. A fishbone diagram also known as a cause-and-effect diagram is a decomposition
technique that helps trace an undesirable effect back to its root cause.
B.) Incorrect. A flowchart shows how a process or system flows from beginning to end, how the
elements interrelate, alternative paths the process can take and how the process
translates inputs into outputs.
C.) Correct. A special type of bar chart used to display the results of sensitivity analysis. The
project manager wants to conduct a sensitivity analysis and then display his analysis
using a Tornado diagram.
D.) Incorrect. A Pareto diagram is a type of bar chart that arranges the results from most
frequent to least frequent to help identify which root causes result in the most problems.
Edition, Project Management Institute Inc., 2017, Pages 284,293-294 and 434
Question 13: A project manager is currently performing the Monitor Risks process for her
project. She determines that some of the project risks listed in the risk register are no
longer valid. What should be done to these risks?
A.) These risks need to be reassessed.
B.) These risks need to be transferred to the risk watch list.
C.) These risks need to be closed.
D.) These risks need to be documented as lessons learned.
Correct answer is C
Explanation: The risk register must be kept updated and accurate as of the review date. During a
risk-reassessment, you can determine if a risk is no longer valid. Any risks that are no
longer valid need to be closed in the risk register.
A.) Incorrect. During a risk-reassessment, you would determine whether or not a risk is still
valid. She has already determined that the risk is no longer valid. She needs to close
these risks.
B.) Incorrect. The watch list is the list of low-priority risks items in the risk register requiring
further analysis. These risks are no longer valid and need to be closed out.
C.) Correct. If you have determined that a risk is no longer valid, it needs to be closed out in the
risk register. The risk register must be kept updated and accurate as of the review date.
D.) Incorrect. These risks need to be closed out as they are no longer valid.
Edition, Project Management Institute Inc., 2017, Pages 423, 457-458

Question 14: A project manager is currently managing a construction project. The project
is in its execution phase, and the project customer has just announced that if the project
manager can complete the project two months earlier, his company will receive a 50%
bonus on top of the agreed contract fee. If this goal is achievable, what would be the best
strategy for the project manager?
A.) Exploit the opportunity
B.) Share the opportunity
C.) Escalate the opportunity
D.) Accept the opportunity
Correct answer is A
Explanation: The exploit strategy should be selected to ensure the opportunity is realized. This
strategy seeks to capture the benefit associated with a particular opportunity by ensuring
that it definitely happens.
A.) Correct. The exploit strategy should be selected to ensure the opportunity is realized. This
strategy seeks to capture the benefit associated with a particular opportunity by ensuring
that it definitely happens.
B.) Incorrect. Sharing involves transferring ownership of an opportunity to a third party and
sharing some of the benefits if the opportunity occurs. If you want to receive the full
benefit of the opportunity, this is not the best strategy to choose.
C.) Incorrect. This response strategy is appropriate when the project team determines that an
opportunity is outside the scope of the project. This opportunity is within the scope of the
project.
D.) Incorrect. Accepting an opportunity acknowledges its existence, but no proactive action is
taken. There is no guarantee that the opportunity is realized and that the benefits will be
received. This is not the best strategy to pick.
Question 15: In your project, you have identified important risks, determined which risks
have the highest probability of occurring and planned appropriate responses to the risks.
What should you do next?
A.) Complete the Quantitative Risk Analysis process, to further analyze the highest probability
risks and obtain a quantitative rating for each risk.
B.) Implement Risk Responses, to ensure your response plans are fully executed and to minimize
threats and maximize opportunities
C.) Complete a risk re-assessment on your highest probability risks, to analyze if the probability of
occurrence has changed.
D.) Monitor your risks and your risk response plans, track identified risks and analyze any new
risks.
Correct answer is B
Explanation: Since you have identified your risk, analyzed your risks and planned appropriate
responses, the next step would be to move on to the Implement Risk Responses process
to execute your response plans. You would not move to Monitor Risks Process until you
have implemented you risk response strategies.

A.) Incorrect. Since you have already planned your responses, you have completed your risk
analysis processes; you would move to the next process of Implement Risk Responses.
B.) Correct. You have identified your risk, analyzed your risks and planned appropriate
responses, next you would Implement Risk Responses to execute your response plans.
C.) Incorrect. The next step would be to implement your risk response strategies, after this, you
would move to Monitor Risks. The Monitor Risks process can include a reassessment of
risks that are still open.
D.) Incorrect. You would monitor your risk and response plans, track identified risks and analyze
new risks in the Monitor Risks Process. You first need to ensure your risk response plans
are executed by completing the Implement Risk Responses process.
Edition, Project Management Institute Inc., 2017, Page 396, 449-450 and 453-454
Disclaimer and Copyright Statement

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PMI-ACP, and PMI-PBA are registered marks of the Project Management Institute, Inc. PMI has not
endorsed and did not participate in the development of this publication. PMI does not sponsor this
publication and makes no warranty, guarantee or representation, expressed or implied as to the accuracy or
content.
Every attempt has been made by OSP International LLC to ensure that the information presented in this
publication is accurate and can serve as preparation for the PMP certification exam. However, OSP
International LLC accepts no legal responsibility for the content herein. This document should be used only
as a reference and not as a replacement for officially published material. Using the information from this
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Self-Assessment Questions for Module 11

Project Risk Management

Question 3: A project manager is managing a process improvement project. There are a

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Question 6: Which of the following regarding project risks is false?

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Question 3: A project manager is managing a process improvement project. There are a

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Question 6: Which of the following regarding project risks is false?

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