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1.   Acceptance is a strategy adopted because it is not possible to eliminate all risks from a project. This strategy indicates that the project management team has decided not to change the project management plan to deal with a risk. What action does passive acceptance require?

   A) Passive acceptance is no longer adopted in projects and is not an accepted strategy.
   B) Passive acceptance requires no action except to document the strategy and come up with a risk management strategy.
   C) Passive acceptance requires no action.
   D) Passive acceptance requires no action except to document the strategy.
   

2.  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
   

3.   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
   

4.   Identification of new risks, reassessment of old risks and closing of outdated risks are done as part of the Monitor and Control Risks phase. How often should project risk reassessment be scheduled?

   A) It depends on how the project progresses relative to its objectives.
   B) It is left to the discretion of the project manager.
   C) Reassessment needs to be done at the 25%, 50%, and 75% stages of project completion.
   D) Reassessment needs to be done at the 20%, 40%, 60% and 80% stages of project completion.
   

5.  Decision tree analysis is used to calculate the average outcome when the future includes scenarios that may or may not happen. What is the input and output in a decision node?

   A) Input: Cost of each decision Output: Probability of occurrence
   B) Input: Cost of each decision Output: Decision made
   C) Input: Scenario probability Output: Expected Monetary Value (EMV)
   D) Input: Cost of each decision Output: Payoff