DEALING WITH RISK AND UNCERTAINTY TEST
PAPER 2026 QUESTIONS WITH SOLUTIONS
GRADED A+
◉ Scenario analysis for event probability and impact is under what
managing risk? Answer: Risk assessment.
◉ Risk assessment form, risk severity matrix, probability analysis is
under what managing risk? Answer: Risk assessment.
◉ FMEA is also known as? Answer: Failure Mode and the Effects
Analysis.
◉ Failure mode and effects analysis is also known as? Answer: Risk
value = impact × probability × detection.
◉ Decision trees, NPV, and PERT is under what risk assessment?
Answer: Probability analysis.
◉ Under risk response development what are the 4 risks? Answer:
1. Mitigating risk.
2. Avoiding risk.
3. Transferring risk.
, 4. Accepting risk.
◉ Reducing the likelihood of an adverse event and reducing the
impact of an adverse event is what? Answer: Mitigating risk.
◉ Changing the project plan to eliminate the risk or condition is?
Answer: Avoiding Risk.
◉ Paying a premium to pass the risk to another party or requiring
Build On Operate Transfer BOOT provisions is what risk? Answer:
Transferring risk.
◉ Making a conscious decision to except the risk is? Answer:
Accepting risk.
◉ What is a contingency plan? Answer: -A alternative plan that will
be used if it possible for seeing rest of it actually occurs.
-A plan of action is that will reduce or mitigate the negative impact
or consequences of a risk of that happening.
◉ What are the risks of not having a contingency plan? Answer: It
can slow managerial response, and decisions made on the pressure
to be potentially dangerous and costly.
PAPER 2026 QUESTIONS WITH SOLUTIONS
GRADED A+
◉ Scenario analysis for event probability and impact is under what
managing risk? Answer: Risk assessment.
◉ Risk assessment form, risk severity matrix, probability analysis is
under what managing risk? Answer: Risk assessment.
◉ FMEA is also known as? Answer: Failure Mode and the Effects
Analysis.
◉ Failure mode and effects analysis is also known as? Answer: Risk
value = impact × probability × detection.
◉ Decision trees, NPV, and PERT is under what risk assessment?
Answer: Probability analysis.
◉ Under risk response development what are the 4 risks? Answer:
1. Mitigating risk.
2. Avoiding risk.
3. Transferring risk.
, 4. Accepting risk.
◉ Reducing the likelihood of an adverse event and reducing the
impact of an adverse event is what? Answer: Mitigating risk.
◉ Changing the project plan to eliminate the risk or condition is?
Answer: Avoiding Risk.
◉ Paying a premium to pass the risk to another party or requiring
Build On Operate Transfer BOOT provisions is what risk? Answer:
Transferring risk.
◉ Making a conscious decision to except the risk is? Answer:
Accepting risk.
◉ What is a contingency plan? Answer: -A alternative plan that will
be used if it possible for seeing rest of it actually occurs.
-A plan of action is that will reduce or mitigate the negative impact
or consequences of a risk of that happening.
◉ What are the risks of not having a contingency plan? Answer: It
can slow managerial response, and decisions made on the pressure
to be potentially dangerous and costly.
