1.

Question 1
Define a risk as it relates to project management.

0 / 1 point

A risk is an event that might occur and could impact a project in the future.

A risk is a measurement that estimates the impact of known problems.

A risk is a measurement that estimates the potential impact of events that could occur in the future.

A risk is a known problem that has already impacted a project.

Incorrect
A risk is not a measurement. Risks are potential issues that may or may not occur. Project managers should
prepare for them, just in case. 

2.
Question 2
What is the difference between a risk and an issue in project management?

0 / 1 point

An issue is a known problem; a risk is an event that might happen in the future

A risk is a known problem; an issue is an event that might happen in the future

Risks and issues are both known problems, but they affect projects to different degrees.

Risks and issues are both events that might happen in the future, but they could affect projects to different
degrees.

Incorrect
Risks and issues are related, but they’re not the same thing. Risks are potential issues that could impact a
project in the future, while issues are known problems that have already impacted a project.

3.
Question 3
Fill in the blank: Risk management is the process of _____.

1 / 1 point
identifying and initiating projects that have a low potential for risk

identifying and evaluating potential risks and issues that could impact a project

identifying and avoiding projects that have a high potential for risk

identifying and mitigating risks and issues that are already impacting a project

Correct
Risk management can help project managers make sure that risks don’t turn into known problems.

4.
Question 4
Which of the following are true of risk management? Select all that apply.

0.75 / 1 point

It is a one-time exercise at the start of a project.

It reveals what could go wrong with a project.

It helps determine how to mitigate potential risks.

Correct
Risk management can be helpful in creating a backup plan if something goes wrong. It can also help you
avoid delays by pinpointing potential issues and determine who you’ll need to consult about each risk.

It helps identify who a project manager should consult about a potential risk.

Correct
Risk management can help improve communication between you and your stakeholders by informing
them about potential risks before they become known issues. It also helps you avoid delays by pinpointing
potential risks and determining how each potential risk could be mitigated.

You didn’t select all the correct answers

1.
Question 1
Which three of the following scenarios represent possible opportunities that could arise from a risk?

0.5 / 1 point

Hiring a new supplier of an item required to complete a product shortly before the project closes

This should not be selected

While it’s possible that hiring a new supplier could benefit the project, it’s more likely to have a negative
impact at such a late stage. An opportunity is a potential positive outcome of a risk.

Completing a milestone ahead of schedule

Adopting a new spreadsheet software to streamline and simplify tasks in the future

Correct
Learning a new software could be a risk if it initially slows down the team. However, if it benefits the team
long term, it is likely an opportunity.

Adding two team members from another team to increase productivity and meet the project deadline

Correct
Adding team members could risk the productivity of the team in the short term as they are onboarded, but
long term the team should be able to complete more work.

2.
Question 2
Which of the following scenarios is an example of a project issue? Select all that apply.

1 / 1 point

Workers at a supplier’s production are currently in a labor strike

Correct
A strike at a supplier is an issue that could mean a delay in receiving necessary project materials.

Team members complete tasks early

Clients do not return the necessary paperwork on time

Correct
Submitting contracts to clients in the wrong format, for example, can lead to issues such as missed
deadlines or legal concerns.
Materials increase in price

Correct
Risks like market fluctuations can lead to project cost issues. 

3.
Question 3
Fill in the blank: The risk management process includes five steps: identify, analyze, evaluate, _____, and
monitor and control.

0 / 1 point

treat

mitigate

classify

accept

Incorrect
A project manager mitigates a risk when they monitor and control it. When a project manager treats a risk,
they make plans for how to respond if the risk becomes an issue.

4.
Question 4
During which phase of the risk management life cycle do you use the information you have gained about
the likelihood and potential impact of risks to prioritize risks?

0 / 1 point

Treat the risk. 

Evaluate the risk. 

Analyze the risk. 

Monitor and control the risk. 

Identify the risk.

Incorrect
During this last phase of the risk management process, you assign team members to monitor, track, and
mitigate risks if the need arises. In the evaluate the risk phase, you use the results of a risk analysis to
determine which risks to prioritize.  
1.
Question 1
Imagine that you’re overseeing a project to construct a new office building for your company, and you
need to determine your task dependencies. Which of the following tasks should come first?

0 / 1 point

Identify the construction site.

Get stakeholder input to determine project goals.

Begin construction on the new building.

Set the project budget.

Incorrect
Dependencies are a relationship between two project tasks in which the completion or the initiation of one
is reliant on the completion or initiation of the other. You must connect with stakeholders to set project
goals before any other project tasks can begin. Following that, you can set the project budget, identify the
construction site, and begin construction on the new building. 

2.
Question 2
Continuing with the construction project scenario from the previous question, which of the following tasks
should come last in the project? 

1 / 1 point

Order the building materials.

Plan for risk.

Hire an architect.

Move equipment to the new office.

Correct
Moving equipment into the new office comes after planning for risk, hiring an architect, and ordering
materials.

3.
Question 3
Continuing with the construction project scenario from the previous question, imagine that you
underestimated the amount of a particular material needed to complete the new building. You purchase
more of the material at full cost, since you no longer qualify for the bulk, discounted rate. What risk does
this scenario demonstrate?

0 / 1 point

Environmental risk

Legal risk

Time risk

Budget risk

Incorrect
Unexpected expenses do not necessarily pose a legal risk. The scenario described is a budget risk, which is
the possibility that the cost of the project will increase due to poor planning or expanding the project
scope.

4.
Question 4
Continuing with the construction project scenario from the previous question, the project team completes
the designs (Task A) and then begins construction (Task B). What type of dependency describes the
relationship between Tasks A and B?

1 / 1 point

Start-to-Start (SS)

Finish-to-Start (FS)

Start-to-Finish (SF)

Finish-to-Finish (FF)

Correct
Task A must be completed before Task B can start (the designs must be completed before construction can
begin), making this an example of a Finish-to-Start dependency.
1.
Question 1
Imagine you have learned that a contractor who has done quality work for your organization in the past
has received some negative reviews recently. You choose to hire another contractor for the current project.
This is an example of mitigating risk by ______.

0 / 1 point

transferring it

reducing or controlling it

avoiding it

accepting it

Incorrect
Reducing or controlling the risk involves trying to minimize the catastrophic effects that it could have on
the project. By hiring a different contractor, you are mitigating the risk by avoiding it altogether.  

2.
Question 2
Which of the following are basic components of a risk management plan? Select all that apply.

0.75 / 1 point

Mitigation plans

Correct
Mitigation plans give teams and stakeholders a clear understanding of potential problems and a plan to
address them. A risk management plan should also include a probability and impact matrix and a risk
register.

A Gantt chart

A probability and impact matrix

Correct
A probability and impact matrix helps determine the likelihood a risk will occur and the damage a
materialized risk could cause to the project. A risk management plan should also include a risk register and
mitigation plans.

A risk register
You didn’t select all the correct answers

3.
Question 3
Which of the following tools can help project managers visualize how to mitigate a risk in order to reduce
or control it?

0 / 1 point

A statement of work

A power grid

A project charter

A decision tree

Incorrect
A project charter defines project goals and is not related to risk mitigation. A decision tree is a flowchart
that helps visualize the wider impact of a decision on the rest of a project. It can help project managers
decide how to mitigate a risk in order to reduce or control it.

4.
Question 4
What step should you take after you complete your risk management plan?

0 / 1 point

Implement the individual mitigation plans for the risks you have identified.

Share the plan with your team and stakeholders.

Estimate the likelihood and impact of the project risks you have prioritized.

Create a power grid to include in the appendix of your plan.

Incorrect
Your risk management plan contains information about your project’s high-level risks and ensures you
have a plan to address them, should they occur. But you do not need to implement mitigation plans until
an actual issue arises. However, you should share your plan with stakeholders and members of your team
once it’s ready.