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Improving Risk Culture in Project Management

The document presents a series of questions related to risk management in project management scenarios. It covers strategies for improving risk culture, selecting appropriate risk response strategies, understanding the purpose of risk identification, and assessing risk appetite in decision-making. Additionally, it discusses risk identification techniques in the context of specific project challenges.

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5 views2 pages

Improving Risk Culture in Project Management

The document presents a series of questions related to risk management in project management scenarios. It covers strategies for improving risk culture, selecting appropriate risk response strategies, understanding the purpose of risk identification, and assessing risk appetite in decision-making. Additionally, it discusses risk identification techniques in the context of specific project challenges.

Uploaded by

tccljahirdipok
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

91.

In a company with a weak risk culture, decisions are often made without considering
potential risks and opportunities. As a project manager in this environment, what is the
best approach to improve the risk culture within the team?
a. Regularly update risk registers with the latest information.
b. Conduct regular risk awareness training sessions and workshops for all team members.
c. Prioritize risk responses based on impact and probability.
d. Implement advanced risk management software for real-time tracking.

92. During pilot production of a novel cell therapy, the team discovers the only available
growth medium batch has a documented 15 % chance of harboring a virus that would
force plant shutdown, scrap material, and miss regulatory deadlines. Budget can cover a
pricier virus-free supplier, but schedule tolerance is zero. Which risk response strategy
should the project manager choose?
a. Transfer the risk through an indemnity clause with the medium vendor
b. Mitigate the risk by adding redundant viral assays to each production lot
c. Avoid the risk by switching to the certified medium
d. Accept the risk and continue using the existing batch while increasing environmental
monitoring throughout the facility

93. What is the purpose of risk identification?


a. To define risk management roles and responsibilities
b. To determine which risks may affect the project and document their characteristics
c. To analyze the probability and impact of risks on the project
d. To implement responses to identified risks

94. During a midscale appliance project, quality tests reveal a newly proposed low-cost
alloy may corrode faster under high humidity. The supplier insists the material savings are
substantial and offers to meet the current schedule. Company executives have earlier
recorded a low risk appetite toward field failures. As project manager, which response best
aligns your decision with the organization’s stated appetite and still respects schedule
pressures?
a. Propose piloting the cheaper material across half the production line and adjust processes if
durability issues arise.
b. Advise deferring adoption until reliability data confirms risks fall inside the stated low
appetite range.
c. Seek board approval to accelerate adoption by negotiating a risk-sharing clause with the
supplier, citing potential market share gains despite durability uncertainty.
d. Approve a full-scale switch to the cheaper material and allocate contingency funds to cover
possible warranty claims.

95. Your team is in charge of a project constructing a hospital near a known earthquake
zone. During a team meeting, you contemplate the risks of potential earthquakes during
the road-building phase, causing possible project delays. What form of risk identification
technique is this?
a. Brainstorming
b. Expert Judgment
c. Delphi Technique
d. SWOT Analysis

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