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Management of Risk Foundation Questions and Answers

Question 13

What does a 'risk management strategy' describe?

Series of steps needed to implement risk management

Specific risk management practices that will be performed within an activity

Risk management policies that will be implemented throughout an organization

Processes required to improve risk management within an organization

Question 14

Which risk response option 'takes the chance' that the risk will occur, with its full impact if it did?

Accept the risk

Transfer the risk

Share the risk

Prepare contingent plans

Question 15

Which action does NOT contribute to achieving the goal of the 'identify - risks' step?

Describe risks faced by the organization that may prevent an activity from succeeding

Define an activity's key performance indicators

Obtain information about the external and internal factors that may affect the planned activity

Understand a stakeholder's view of an activity's risk profile

Question 16

How is the risk progress report used in the 'implement' step?

Identify the status against the activity's stated measures for risk management

Identify the scales used to measure the probability and impact of a risk

Describe actions to enhance how risk management is performed

Gain agreement for the amount of risk that can be taken