4.5.3 Explain the Purpose of the Key Management Products Required to Support the ‘risk’ Practice: (9.5) PRINCE2-FOUNDATION-VERSION-7 Practice Questions (Page 1)

Questions 1–5

1. 1application · medium

   A risk that was previously assessed as low impact has now escalated. The project manager needs to record the new impact assessment and the owner assigned to manage the response. Which management product should be updated?

   • AThe project log, adding a new risk category
   • BThe risk management approach, revising the impact scale
   • CThe risk register, updating the impact and owner fields
   • DThe quality register, recording the escalation as a defect
   Reveal Solution Discussion Select an answer first
2. 2expert · hard

   A project manager is reviewing the risk register and finds that a risk has been closed, but the project board later discovers that the risk has actually occurred and caused a significant delay. The project manager needs to address this situation. What should the project manager do?

   • ARecord the delay in the lessons log and move on
   • BUpdate the risk management approach to prevent similar premature closures
   • CIgnore the closure because the risk was formally closed
   • DReopen the risk in the risk register, record the actual impact, and manage the resulting issue
   Reveal Solution Discussion Select an answer first
4. 3expert · hard

   A project manager is creating the risk management approach for a project with a tight budget. The organization's standard procedure requires a full risk workshop at the start of each stage, but the project manager believes this is too costly for the small project. The project board has approved the project but has not yet approved the risk management approach. What should the project manager do?

   • ATailor the risk management approach to define a lighter review process, and submit it to the project board for approval
   • BFollow the standard procedure without tailoring, to avoid deviating from the organization's requirements
   • CSkip the risk management approach and rely on the organization's standard procedure
   • DRecord the cost concern in the risk register and proceed with the standard procedure
   Reveal Solution Discussion Select an answer first
5. 4foundation · easy

   What is the purpose of the risk register in the project log?

   • ATo provide a summary of the project's overall risk exposure for the board
   • BTo track the project's issues and changes separately from risks
   • CTo define the risk management procedures for the project
   • DTo record information about identified risks and their management
   Reveal Solution Discussion Select an answer first
6. 5expert · hard

   A project manager is defining the risk management approach for a project that will be delivered by a mix of internal and external teams. The external teams use a different risk terminology and reporting format. The project manager needs to ensure that all teams can work together effectively. What should the project manager do?

   • ARecord the terminology differences in the lessons log for future reference
   • BDefine a common risk management approach with agreed terminology and reporting formats for all teams
   • CUse the external teams' terminology and format to avoid confusion
   • DAllow each team to use its own approach and consolidate the results in the risk register
   Reveal Solution Discussion Select an answer first