Which of the following is true regarding risk management? All risks must have a contingency plan.Risks are more likely to impact the schedule than the budget.Risk identification only occurs in the planning phase of the project.Risks should be reviewed at every team meeting.

Risk Management entails all the processes involved in identifying, assessing, analyzing, responding and controlling project risk.Question 1Answera.yesb.agreec.nod.disagree

A major part of risk management is identifying potential problems. Which of the following is another critical aspect of risk management?1 pointCreating a plan for potential risksRunning practice situations where risks have become issues Reviewing past projects and reusing those risk management plans Encouraging risk early in a project

QuestionA large risk to a project is identified, and the risk management plan is executed. Upon completion of the approved actions, what should the project manager do?A.Update the risk management plan.B.Revise the project schedule and the budget.C.Update the lessons learned.D.Identify new risks, and monitor residual risks.

As a project manager you are practicing risk management. You have already defined potential risks, determined their likelihood, and prioritized them. Now, you’re making a plan to address and manage each risk. This represents which risk management step?1 pointAnalyze risksTreat risksMonitor and control risksIdentify risks

When is risk management undertaken? Group of answer choicesThroughout the entire life of any project.Only if the project is large and high risk.Only at the start of the project.Only at the end of the project.