Project management is a dynamic field. The fundamental project management principles remain the same, but the tools and practices used to aid in project management are ever-evolving. This blog will answer some of the project management questions of 2023 – a year that might seem like science fiction, but not so far away. In this blog, we’ll discuss topics like the latest project management practices and tools, and how AI is impacting project management.
Now, let’s get started with some project management quiz questions and answers.
Q1. Which of the following activities illustrates a risk response strategy designed to mitigate a threat?
a. develop change control procedures
b. train a team member to cover for a potentially unavailable key resource
c. change the project plan or scope
d. adopt a fixed price type contract
Q2. All of the following activities are appropriate upon completion of risk response planning EXCEPT:
a. The risk register should be baselined after planning is completed, and should not be updated once the project is in flight.
b. The project plan should be updated to reflect any changes to the project schedule, budget or resource assignments.
c. A single person should be assigned as the owner of each risk.
d. The risk register should be updated to reflect the risk response strategies.
Q3. All of the following methods have proven to be useful techniques to help project teams identify the risks that might impact the project EXCEPT:
a. reviewing project documents
b. interviewing stakeholders
c. documenting lessons learned
d. brainstorming among team members and subject matter experts
Q4. Project managers can identify risks by learning and understanding the cause and effect relationships that bear on risk events. All of the following approaches rely upon an understanding of cause and effect relationships to identify risks EXCEPT:
a. develop a flow chart that shows how people, materials or data flow from one person or location to another
b. conduct a root cause analysis
c. understand trigger conditions, or circumstances under which a risk strategy or risk action will be invoked
d. perform a Monte Carlo analysis
Q5. Which of the following quantitative risk analysis techniques is used to determine which risks have the most powerful impact on the project, with results displayed in the form of a tornado diagram?
a. Expected Monetary Value (EMV)
b. Simulation Techniques such as Monte Carlo Analysis
c. Sensitivity Analysis
d. Failure Mode and Effects Analysis (FMEA)
Q6. Which of the following accurately describes risk in project management?
a. A risk may impact the project in a positive or negative way.
b. Some projects have no risks.
c. Project managers should always be risk averse
d. Risk assessment should remain objective and uninfluenced by stakeholder priorities.
Q7. All of the following describe the appropriate application of Perform Quantitative Risk Analysis in project management EXCEPT:
a. Brainstorming techniques are used by the team and other stakeholders to identify as many project risks as possible.
b. Large, complex and expensive projects stand to benefit from the additional rigor of quantitative risk analysis techniques.
c. Decision Tree Analysis and Simulation techniques such as Monte Carlo Analysis are examples of useful quantitative risk analysis techniques.
d. Quantitative techniques are used when it is critical to predict the probability of completing a project on time or within budget with confidence.
Q8. Which of the following describes the activities appropriately performed by the project team during Perform Qualitative Risk Analysis?
a. Team members define how to conduct risk management activities for the project.
b. Team members identify potential risk events.
c. Team members assess the probability of occurrence and severity of impact for identified risks.
d. Team members develop contingency plans for all risks to avoid adverse impacts to project objectives.
Q9. A __ presents a hierarchical organization of risks based on categories such as operational, strategic, finance, external, and project management.
a. Decision Tree
b. Risk Breakdown Structure (RBS)
c. Risk Register
d. Risk Management Plan
Q10. Risk response strategy decisions should reflect a thorough understanding of the priorities that key stakeholders have for cost, schedule, scope, and quality.
a. True
b. False
Q11. A project risk is anything that may impact the project team’s ability to achieve the general project success measures and the specific project stakeholders’ priorities.
a. True
b. False
Q12. When complete, the risk register presents the results of both qualitative and quantitative risk analysis as well as risk response planning.
a. True
b. False
Q13. The purpose of risk management is to eliminate all project risk.
a. True
b. False
Q14. Perform Quantitative Risk Analysis is the process of numerically analyzing the effect of identified risks on overall project objectives.
a. True
b. False
Q15. Perform Quantitative Risk Analysis is the process of prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact.
a. True
b. False
Q16. A risk management plan should define who has responsibility for causing each risk and hold the responsible party directly accountable for developing an appropriate solution.
a. True
b. False
Q17. In some cases, project teams will elect to reduce a threat to a level that a sponsor and other stakeholders deem acceptable, rather than eliminate it completely.
a. True
b. False
Q18. The risk register is a component of the project management plan that describes how risk management activities will be structured and performed on a project.
a. True
b. False
Q19. The process of defining how to conduct risk management activities for a project is known as Project Risk Absorption Methodology (PRAM).
a. True
b. False
Answers
- b
- a
- c
- d
- c
- a
- a
- c
- b
- a
- a
- a
- b
- a
- b
- b
- a
- b
- b