Practice Quiz

CAPM Project Management Exam Prep

Category - Risk Management

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Jerry has been asked to be very diligent about risk management since his new company has experienced rather involved complications before. Which best exemplifies good risk management?
  1. analyzing, planning and monitoring risks
  2. increasing the possibility of good results
  3. decreasing the possibility of bad results
  4. installing Risk-Buddy, a software solution, to handle all of your risk management needs
  5. mitigating major risks
Explanation
Answer: A, B, C, E - Good risk management is not installing quick and easy risk management solutions despite what the software sales pitch says. Good software will typically just organize and track a diligent project manager's proactive thinking about risk.

Good risk management is comprised of the other 3 bullets above: analyzing, planning and monitoring project variables, increasing the possibility of good project outcomes, and decreasing the possibility of bad project outcomes.

Key Take Away: Experienced project managers know that preparing for the worse case scenarios, is good business practice, and is a must for all firms across all industry types.
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