Risk Management Essentials for Project Managers Final Exam

Now that you have finished reviewing all course material, it’s time to take the final exam. You must score 70% or higher to pass this exam. You will have an unlimited number of attempts to pass and there is no time limit for each attempt. Once you pass, you will receive a certificate of completion. Good luck!

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Question 1 of 16

1. Question
Which of the following is not a step in the risk management process?
- Creating the Stakeholder Risk Register once the risk is identified
- Identifying and analyzing exposures to loss
- Monitoring and improving the risk management program
- Selecting the best risk management techniques
Question 2 of 16

2. Question
Which of the following is not a type of loss that is concerning to risk management?
- Property losses
- Liability losses
- Losses of purely sentimental value
- Net income losses
Question 3 of 16

3. Question
All of the following are ways good risk management reduces the effects of the uncertainty surrounding potential future accidental losses EXCEPT:
- Making those losses less likely
- Making those losses less severe
- Making those losses more predictable
- Making those losses impossible
Question 4 of 16

4. Question
Which is not a responsibility of the risk management professional?
- Planning, organizing, and directing risk management resources
- Directing and guiding senior management in setting the organization’s risk management policy
- Making organizational decisions in order to avoid potential risk
- Working with other managers to define and motivate the responsibilities and actions of persons throughout the organization in carrying out the risk management program
Question 5 of 16

5. Question
All of the following require special attention when implementing a risk management program EXCEPT:
- Vacation
- Accounting
- Personnel
- IT/Data Processing
Question 6 of 16

6. Question
What is the purpose of taking corrective action?
- To criticize those who have not held their performance to company standards
- To warn employees as to what may happen if they do not perform accordingly
- To display contentment with current performance
- To improve future performance
Question 7 of 16

7. Question
Which is not one of the often reasons why there are decreases in revenues?
- Decreased collection of account receivable
- Higher average price of sales
- Contingent business interruption
- Losses of anticipated profits on finished goods
Question 8 of 16

8. Question
Which is not one of the categories of loss severity?
- Severe
- Intermediate
- Slight
- Significant
Question 9 of 16

9. Question
Which of the following is not one of the six standard methods of identifying and analyzing loss exposures that can be used by a risk professional?
- Gantt Chart
- Flowcharts
- Financial Statements
- Surveys and questionnaires
Question 10 of 16

10. Question
Which of the following is not one of the five factors that need to be identified and considered separately which, together, affect the severity of a net income loss?
- Expenses during shutdown
- Length of shutdown
- Income generated from shutdown
- The extent of shutdown
Question 11 of 16

11. Question
Which of the following examples of exposure avoidance is defined as, “measures the reduction to the severity of those loss that do occur”?
- Loss Prevention
- Loss Reduction
- Segregation of Exposure Units
- Diversification
Question 12 of 16

12. Question
Which of the following retention options is characterized by paying losses, as they occur as normal business expenses?
- Retention through an affiliated (“captive”) insurer
- Retention through borrowed funds
- Retention through a funded reserve
- Retention through current expensing of losses
Question 13 of 16

13. Question
Which of the following is not a trend for project risk management provided by the PMBOK Guide?
- Testimonial risk
- Non-event risks
- Project resilience
- Integrated risk management
Question 14 of 16

14. Question
Project resilience requires the project to have all of the following EXCEPT:
- An empowered team
- Clear and frequent input from project stakeholders
- Stringent project processes
- Appropriate resources
Question 15 of 16

15. Question
All of the following are considerations for tailoring risk management EXCEPT:
- By the project’s personnel
- By the project’s complexity
- By the project’s importance to the organization
- By the approach that is used for the project
Question 16 of 16

16. Question
A predictive project life cycle contains all of the following characteristics EXCEPT:
- Business analysis is conducted at the beginning of the project
- Business analysis is conducted during the execution phase of the project
- Deliverables are defined at the beginning of the project before any work is started
- Changes in project scope are carefully controlled throughout the entire duration of the project

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