1. Identifying and planning for potential problems is called:

❌ Risk mitigation
✅ Risk management
❌ Risk identification
❌ Risk analysis

Explanation:
Risk management includes identifying, analyzing, planning, and responding to risks.

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2. When should project managers engage in risk management?

✅ Regularly throughout the project
❌ At the beginning
❌ Shortly after beginning
❌ Towards the end

Explanation:
Risk management is an ongoing activity—not a one-time event.

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3. Making a plan to address risks represents which step?

❌ Analyze risks
❌ Identify risks
❌ Monitor and control risks
✅ Treat risks

Explanation:
“Treat risks” means creating mitigation and response plans.

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4. Tool for determining the root cause of a problem that has already occurred

❌ Stakeholder map
❌ Risk register
✅ Fishbone diagram
❌ Project charter

Explanation:
A fishbone (Ishikawa) diagram helps identify root causes.

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5. Tool used to assess and prioritize risks

✅ Probability and impact matrix
❌ Fishbone diagram
❌ Power grid
❌ Cause-and-effect diagram

Explanation:
Risk matrices are specifically used to evaluate severity and priority.

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6. Tasks that must be completed in sequence represent a:

❌ Stacked
❌ Connected
❌ Opposed
✅ Dependency

Explanation:
Dependencies define relationships where one task relies on another.

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7. PM trusts vendor to restock materials → Mitigation strategy is:

✅ Accepting risk
❌ Controlling risk
❌ Avoiding risk
❌ Transferring risk

Explanation:
The PM is choosing to accept the risk because the probability seems low.

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8. Risk included in weekly email with potential options indicates a:

❌ Single point of failure
✅ Low-level risk
❌ Medium
❌ High

Explanation:
Low risks usually require simple documentation and communication, not escalation.

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9. Task B waits for Task A to finish → Dependency type is:

❌ Start to Start
❌ Start to Finish
✅ Finish to Start
❌ Finish to Finish

Explanation:
FS = the most common dependency: finish A before starting B.

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10. Steps when updating a risk management plan (Select all)

❌ Move the plan to a confidential folder
✅ Remove risks that are no longer relevant
✅ Add newly identified risks
✅ Include changes in mitigation plans

Explanation:
Risk plans must evolve with the updated risk landscape.

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🧾 Summary Table

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