How’s your project risk management knowledge?
Some of you are a certified Project Management Professional (PMP) or as a Risk Management Professional (PMI-RMP) so this test may be a good review for you. If you are preparing for the PMP or PMI-RMP exam, this exercise will certainly be helpful. For others, give it your best shot; see what you know and don’t know.
If you prefer, you can download and print the Matching Game. Feel free to share it with other project managers.
After you’ve completed the test, check your answers here.
Instructions: Match the risk management Key Word to its Definition.
Key Words for Project Risk Management
|6. Management reserve|
|7. Quantitative risk analysis|
|8. Secondary risk|
|10. Contingency plan|
|12. Contingency reserve|
|13. Risk owner|
|16. Fallback plan|
|17. Risk management plan|
|19. Risk register|
|20. Qualitative risk analysis|
Definitions for Project Risk Management
|A.||Set of actions and tasks to be executed if a risk occurs.|
|B.||A method of numerically analyzing risks.|
|C.||Assign a risk to someone else, typically through a contract or insurance.|
|D.||Increase the probability or impact of an opportunity.|
|E.||The potential effect on the schedule, cost, quality, or performance.|
|F.||Reduce the probability or impact of a threat.|
|G.||Events that may have a positive effect on one or more project objectives.|
|H.||A set of actions to be executed if the contingency plan fails.|
|I.||A method of subjectively analyzing risks.|
|J.||Increase the probability or impact making an opportunity highly probable.|
|K.||An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project specifications.|
|L.||An amount of the project budget for responding to identified risks.|
|M.||The individual responsible for monitoring a risk and executing response plans if the risk occurs.|
|N.||Likelihood that a risk will occur.|
|O.||A repository used to capture risks, risk ratings, risk owners, and risk response plans.|
|P.||Risks created by the response to another risk.|
|Q.||A plan that describes the risk management methodology – how risks will be identified, evaluated, responded to, and controlled; part of the project plan.|
|R.||An amount of the project budget for responding to unidentified risks.|
|S.||A risk that would have a negative effect on one or more project objectives.|
|T.||An event or situation that indicates that a risk is about to occur.|
Question: What is one risk management term that you find many project managers misunderstand?