Practice Quiz

Risk Management Professional Exam Prep - Question List

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16. What is a potential downside to a Fixed Price contract with a vendor if you are buying services? Select all that apply.
  1. The vendor might cut corners on the quality of materials.
  2. The vendor will not control material costs.
  3. he vendor does not have any incentives to finish the project on time.
  4. The vendor may price in a margin of safety.
  5. None of the above.
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17. True or false: Insurance is a way of transferring risk.
  1. True
  2. False
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18. What are the four options for dealing with a risk?
  1. Accept, mitigate, transfer and avoid
  2. Accept, insure, transfer and avoid
  3. Accept, mitigate, reduce and avoid
  4. Situation, task, action, result
  5. It’s a trick question - there are only three and they are transfer, mitigate and avoid.
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19. Jerry was in the midst of his assessing risk for his project at a well-known real estate firm when the stock market collapsed, sending shockwaves through his company and his project. The market crashing can be classified as what type of risk:
  1. Foreseeable
  2. Internal
  3. Technical
  4. External
  5. Redoubtable
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20. By applying effective risk management techniques, what percentage of risks can be curtailed?
  1. 50%
  2. 10%
  3. 25%
  4. 90%
  5. 100%
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