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| Question | Answer |
| When do risk identification and risk response happen? | Any time during a project |
| What are "Risk Categories" | aka: sources of risk categories can be broad and common to similar projects/industry |
| Who should be involved in risk identification? | EVERYONE!!! |
| What is the most important output of various risk management processes? | Updated Risk Register |
| Is the content of Risk Register different from time to time? | YES. Example: when project starts, there can be: identified risks and potential responses but no response plans yet. |
| When are responses documented? | During both Identify Risks and Plan Risk Responses |
| What can the Qualitative risk analysis be used for? | Compare the risk of the project to others Determine whether to continue or terminate Determine whether to proceed to Quantitative analysis |
| Qualitative vs Quantitative? | Subjective vs Objective Rating vs Measurement (impact + probability) |
| What does Monte Carlo analysis achieve? | Evaluate the overall risk of the project Determines the probability of completion on any specific date |
| Decision tree? | Models all possible options to deal with an issue. Costs can appear anywhere on the tree |
| When suggested changes happen? | Plan Risk Response - if project work has not been started Control Risk - otherwise |
| Can risk identification be done without knowing enough about the project? | NO |
| Can padding be a replacement for risk management processes? | NO |
| Can identified risks be general? | NO |
| Can a costly fact be a risk? | NO. Risk is about uncertainty |
| Is using one method to identify risks enough? | NO |
| What is the best thing to do to determine a response strategy? | Consider all options and find the best combination before making the decision |
| Should contracts be signed before risks are discussed? | NO |
| Risk event's probability: 90% and the cost is $10,000. What does $9,000 represent? | Expected monetary value (EMV) |
| A project: 60% of $100,000 profit and 40% of $100,000 loss. What does $20,000 represent? | Expected monetary value (EMV) |
| If you know the risk tolerances, what do you use the info for? | Rank the project risks (Assign levels of risk on each work package or activity.) |
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