Graded Quiz: Risk Identification and Management :Capstone Project: Applying Business Analysis Skills (IBM Business Analyst Professional Certificate) Answers 2025

Question 1

What is the primary purpose of a Risk Management Plan?

❌ To identify and eliminate all project risks.
❌ To list potential risks without mitigation strategies.
✅ To identify, assess, and mitigate risks to keep the project on track.
❌ To focus only on technical risks in the project.

Explanation:
A Risk Management Plan provides a structured approach to identifying, analyzing, and responding to risks so the project can stay on schedule and within scope.

Question 2

Which of the following is a key component of the Risk Register?

❌ Stakeholder engagement strategies
✅ Identified risks with descriptions and categories
❌ Budget allocation for risk management
❌ A list of completed project milestones

Explanation:
A Risk Register documents identified risks, including their description, category, probability, impact, and owner.

Question 3

How is a Risk Assessment Matrix used in risk management?

❌ To identify project stakeholders.
❌ To list deliverables in the project scope.
❌ To define project roles and responsibilities.
✅ To evaluate and prioritize risks based on likelihood and impact.

Explanation:
The Risk Assessment Matrix helps rank risks by combining their probability and impact, enabling prioritization.

Question 4

Which of these is an example of a mitigation strategy for the risk of resistance to workflow changes?

✅ Conducting targeted training sessions.
❌ Ignoring staff feedback.
❌ Increasing the project budget.
❌ Delaying the implementation indefinitely.

Explanation:
Training reduces resistance by building understanding, skills, and confidence among affected users.

Question 5

What should the Risk Management Plan include to ensure clarity and actionability?

❌ Only high-priority risks without mitigation strategies.
✅ A Risk Register, a Risk Assessment Matrix, and mitigation strategies.
❌ General project goals and objectives.
❌ Completed deliverables and stakeholder feedback.

Explanation:
An effective plan combines risk identification, assessment, and response strategies to guide action.

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