Project Management Quiz Questions With Answers

Project Management is a crucial part of every business. It is about staying ahead of goals and making sure that every step to success is planned. There are a lot of project management tools and resources out there, but not all are built for small businesses. This blog will take you through a mix of project management quiz questions that will help you take a step back and see if the tools you have in place suit your business. This can help you make informed decisions on what tools you should keep and what tools you should change.

Let’s take a look at project management quiz questions with an appropriate answers.

If there’s a 40% chance of making $1 million and a 60% chance of losing $600,000, then the expected monetary outcome is.

Select one:
a. -$400,000
b. -$40,000
c. $360,000
d. -$360,000

The process that identifies, evaluates, selects, and implements one or more strategies to set risk at an acceptable level is:

Select one:
a. Risk planning
b. Risk assessment
c. Risk handling
d. Risk monitoring and control

An objective source for risk identification is:

Select one:
a. Lessons learned files
b. Program documentation evaluations
c. Current performance data
d. All of the above

The probability-impact matrix is a technique used as part of:

Select one:
a. Risk identification
b. Risk assessment
c. Risk monitoring and control
d. Risk handling

In which life cycle phase does the project manager have the greatest financial risk? (i.e. amount at state)

Select one:
a. Initiation / Approval
b. Planning
c. Execution
d. Closure

A technique that uses a series of probability distributions and then transforms them into various risks is called:

Select one:
a. Probability estimating
b. Monte Carlo simulation
c. Estimating simulation
d. Black box analysis

Which risk handling mode is a project manager using if he/she throws out one of three designs for a new product?

Select one:
a. Acceptance / Assumption
b. Avoidance
c. Control/mitigation
d. Transfer

If a project manager believes in a proactive rather than reactive risk management approach, he/she is using:

Select one:
a. Acceptance / Assumption
b. Avoidance
c. Control/mitigation
d. Transfer

The two primary components of a risk are:

Select one:
a. The event and the probability
b. The probability and the impact
c. The impact and the event
d. The impact and the amount at stake

Risk constitutes a lack of knowledge _.

Select one:
a. Of future events
b. About the environment
c. About the estimates
d. About the customer’s requirements