4.5.1 Explain the Purpose of the ‘risk’ Practice (9.1) PRINCE2-FOUNDATION-VERSION-7 Practice Questions (Page 1)

Questions 1–5

1. 1expert · hard

   A project manager is setting up a risk management process for a project with a very tight schedule. The team has limited time for risk workshops. What is the most effective way to ensure risks are identified and assessed?

   • AUse a facilitated workshop with key stakeholders to identify and assess risks in a single session.
   • BOnly identify risks that are already known from similar projects.
   • CDefer risk identification until after the project plan is approved.
   • DSkip formal risk identification and rely on the project manager's experience.
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2. 2foundation · easy

   What does the risk management approach in PRINCE2 define?

   • AThe risk responses for each identified risk.
   • BThe exact risks that will occur in the project.
   • CThe procedures for managing risks throughout the project.
   • DThe risk budget for the entire project.
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4. 3application · medium

   A project is using the progress practice to monitor stage performance. The project manager notices that a risk has materialized and is now an issue. How should the risk practice integrate with the progress practice?

   • AKeep the risk in the risk register and continue to monitor it as a risk.
   • BEscalate the issue to the project board without updating the risk register.
   • CUpdate the risk register to reflect the materialized risk and manage it as an issue in the issue register.
   • DIgnore the risk because it is now an issue and no longer relevant to risk management.
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5. 4foundation · easy

   Which of the following is an example of a risk response for a threat?

   • AShare the risk to spread the opportunity.
   • BExploit the risk to gain an advantage.
   • CMitigate the risk by reducing its probability or impact.
   • DEnhance the risk to increase its potential benefit.
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6. 5expert · hard

   A project has an opportunity to partner with a well-known brand, which could significantly increase the project's visibility. However, the partnership requires the project to share sensitive data. The project manager must decide how to respond. What is the most balanced response?

   • AEnhance the opportunity by increasing the scope of the partnership.
   • BAccept the opportunity without any additional safeguards.
   • CExploit the opportunity by entering the partnership, but include strict data-sharing agreements.
   • DReject the opportunity to avoid any data-sharing risks.
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