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1.  A number of identified risks occurred early in a project. As a result, most of the project objectives ended up in jeopardy. The project manager decided to present a case to management that the project be closed down. This is an example of:

   A) Risk Acceptance
   B) Risk Mitigation
   C) Risk Avoidance
   D) Risk Transfer
   

2.   A project manager is considering risk in a project. When does risk come into play in a project?

   A) During the SWOT (strengths, weaknesses, opportunities, and threats) analysis.
   B) During the Identify Risks phase.
   C) As soon as the Plan Risk Management phase begins
   D) As soon as a project is conceived
   

3.   Rick has just been assigned as the project manager of a project to develop a complex product. The project is in the Define Scope phase. Which of these tools / techniques will not be used by Rick in this phase?

   A) Lateral thinking
   B) Process analysis
   C) Pair wise comparisons
   D) Value engineering
   

4.  A project manager included contingency reserves and management reserves in the total budget of a high-risk project. He also made certain earned value measurement calculations. Which of the following is incorrect?

   A) Reserves are included as part of earned value measurement calculations.
   B) Reserves are not part of the project cost baseline.
   C) The project manager needs to get approval before spending management reserve.
   D) Reserves are usually included in the total budget of a project.
   

5.  Risk identification checklists are usually developed based on historical information and knowledge accumulated from previous similar projects. Which of the following statements about risk identification checklists is wrong?

   A) It is impossible to build an exhaustive checklist.
   B) The lowest level of the Risk Breakdown Structure (RBS) cannot be used as a risk checklist
   C) Quick and simple risk checklists are the least effective ones.
   D) Risk checklists should be reviewed during project closure.