What is the purpose of a risk matrix in PRINCE2?

To combine probability and impact to determine the overall risk level

To record the budget allocated for risk responses

To assign a risk owner to each risk

To list all risks in order of their identification date

A project manager is assessing a risk that has a low probability but a catastrophic impact. The project board has a moderate risk appetite. The risk matrix shows that this risk falls in the 'high' priority zone. What should the project manager do?

Plan a response to reduce the impact.

Reassess the risk to confirm the priority.

Transfer the risk to a third party.

Accept the risk because the probability is low.

Why are lessons learned used as a risk identification technique in PRINCE2?

To assign blame for past failures

To identify risks that have occurred in similar previous projects

To replace the need for a risk register

To guarantee that no new risks will appear

Home/Organizations/PeopleCert/Exam PRINCE2-FOUNDATION-VERSION-7/4.5.6 Describe the PRINCE2 technique for the ‘risk’ practice (9.3.1)/Practice Page 5

PRINCE2 Foundation (Version 7)

Domain 4Objective 31

4.5.6 Describe the PRINCE2 Technique for the ‘risk’ Practice (9.3.1) PRINCE2-FOUNDATION-VERSION-7 Practice Questions (Page 5)

Part of the Understand the PRINCE2 practices and how they are applied throughout the project domain, which accounts for 60% of the PRINCE2-FOUNDATION-VERSION-7 exam. PeopleCert does not publish an official question count, but from its 60-minute exam (~25–40 total, ~15–24 in this domain), expect 1–1 from this objective — we provide 32 practice questions to prepare you well beyond it. (estimate)

32questions here

7free pages

8concepts

60%of the exam

Curriculum map

Understand key concepts relating to projects and PRINCE2
Understand how the PRINCE2 principles underpin the PRINCE2 method
Understand the importance of people in successful projects
Understand the PRINCE2 practices and how they are applied throughout the project
Understand the PRINCE2 processes and how they are carried out throughout the project

8 Concepts in This Objective

Risk technique definition
Risk management procedure steps
Risk identification techniques
Risk assessment and probability impact
Risk response planning
Risk implementation and communication
Risk register and risk budget
Risk management in PRINCE2 roles

All 7 pages of PRINCE2-FOUNDATION-VERSION-7 4.5.6 Describe the PRINCE2 technique for the ‘risk’ practice (9.3.1) practice

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Questions 21–25

21application · medium
A project has a risk that a new regulation may increase project costs. The project manager wants to share this risk with another organization that is better equipped to handle it. Which risk response strategy should be used?
Select an answer first
22foundation · easy
During which step of the risk management procedure are risk responses executed?
Select an answer first
23foundation · easy
What is the purpose of a risk matrix in PRINCE2?
Select an answer first
24expert · hard
A project manager is assessing a risk that has a low probability but a catastrophic impact. The project board has a moderate risk appetite. The risk matrix shows that this risk falls in the 'high' priority zone. What should the project manager do?
Select an answer first
25foundation · easy
Why are lessons learned used as a risk identification technique in PRINCE2?
Select an answer first

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Other objectives in Understand the PRINCE2 practices and how they are applied throughout the project

4.1 Explain the Purpose of PRINCE2 Management Products, Including4 pages of practice
4.1.1 Explain the Purpose of the ‘business Case’ Practice (5.1)5 pages of practice
4.1.2 Describe the Key Relationships Between the ‘business Case’ Practice and the Principles (5.7, Tab 5.2)6 pages of practice
4.1.3 Explain the Purpose of the Key Management Products Required to Support the ‘business Case’ Practice (5.5)3 pages of practice
4.1.4 Define Key Concepts Related to the ‘business Case’ Practice: (5.1)4 pages of practice
4.1.5 Describe the Guidance for Effective Management of the Business Case, Including: (5.2)4 pages of practice
4.1.6 Describe the PRINCE2 Technique for the ‘business Case’ Practice (5.3.1)6 pages of practice
4.2.1 Explain the Purpose of the ‘organizing’ Practice (6.1)5 pages of practice
4.2.2 Describe the Key Relationships Between the ‘organizing’ Practice and the Principles (6.7, Tab 6.5)7 pages of practice
4.2.3 Explain the Purpose of the Key Management Products Required to Support the ‘organization’ Practice: (6.5)4 pages of practice
4.2.4 Define Key Concepts Related to the ‘organizing’ Practice5 pages of practice
4.2.5 Describe the Guidance for Effective Organizing Of4 pages of practice
4.2.6 Describe the PRINCE2 Technique for the ‘organizing’ Practice (6.3.1)6 pages of practice
4.3.1 Explain the Purpose of the ‘plans’ Practice (7.1)4 pages of practice
4.3.2 Describe the Key Relationships Between the ‘plans’ Practice and the Principles (7.7, Tab 7.2)6 pages of practice
4.3.3 Explain the Purpose of the Key Management Products Required to Support the ‘plans’ Practice: (7.5)4 pages of practice
4.3.4 Define Key Concepts Related to the ‘plans’ Practice6 pages of practice
4.3.5 Describe the Guidance for Effective Management of Plans5 pages of practice
4.3.6 Describe the PRINCE2 Technique for the ‘plans’ Practice (7.3.1)7 pages of practice
4.4.1 Explain the Purpose of the ‘quality’ Practice (8.1)6 pages of practice
4.4.2 Describe the Key Relationships Between the ‘quality’ Practice and the Principles (8.7, Tab 8.3)6 pages of practice
4.4.3 Explain the Purpose of the Key Management Products Required to Support the ‘quality’ Practice: (8.5)5 pages of practice
4.4.4 Define Key Concepts Related to the ‘quality’ Practice5 pages of practice
4.4.5 Describe the Guidance for Effective Management of Quality4 pages of practice
4.4.6 Describe the PRINCE2 Technique for the ‘quality’ Practice (8.3.1)7 pages of practice
4.5.1 Explain the Purpose of the ‘risk’ Practice (9.1)6 pages of practice
4.5.2 Describe the Key Relationships Between the ‘risk’ Practice and the Principles (9.7, Tab 9.4)5 pages of practice
4.5.3 Explain the Purpose of the Key Management Products Required to Support the ‘risk’ Practice: (9.5)4 pages of practice
4.5.4 Define Key Concepts Related to the ‘risk’ Practice5 pages of practice
4.5.5 Describe the Guidance for Effective Management of Risk7 pages of practice
4.6.1 Explain the Purpose of the ‘issues’ Practice (10.1)4 pages of practice
4.6.2 Describe the Key Relationships Between the ‘issues’ Practice and the Principles (10.7, Tab 10.3)6 pages of practice
4.6.3 Explain the Purpose of the Key Management Products Required to Support the ‘issues’ Practice: (10.5)5 pages of practice
4.6.4 Define Key Concepts Related to the ‘issues’ Practice4 pages of practice
4.6.5 Describe the Guidance for Effective Management of Issues3 pages of practice
4.6.6 Describe the PRINCE2 Technique for the ‘issues’ Practice (10.3.1)6 pages of practice
4.7.1 Explain the Purpose of the ‘progress’ Practice (11.1)3 pages of practice
4.7.2 Describe the Key Relationships Between the ‘progress’ Practice and the Principles (11.7, Tab 11.4)6 pages of practice
4.7.3 Explain the Purpose of the Key Management Products Required to Support the ‘progress’ Practice: (11.5)4 pages of practice
4.7.4 Define Key Concepts Related to the ‘progress’ Practice4 pages of practice
4.7.5 Describe the Guidance for Effective Management of Progress5 pages of practice
4.7.6 Describe the PRINCE2 Technique for the ‘progress’ Practice (11.3.1)5 pages of practice

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