1. What is the primary objective of managing uncertainty in projects?
A. Avoid all risks to maintain project stability
B. Ensure all changes are approved through a CCB
C. Identify, evaluate, and respond to risks and opportunities
D. Use predictive planning methods to minimize surprises
✅ Correct Answer: C
Explanation: Managing uncertainty involves addressing both threats and opportunities to deliver value.
2. Which of the following best describes a known-unknown?
A. An uncertainty with no impact on project scope
B. A risk that has been identified but has unpredictable impact
C. A risk with a known probability and potential impact
D. An assumption that cannot be validated
✅ Correct Answer: C
Explanation: Known-unknowns are risks we are aware of and can quantify in terms of probability and impact.
3. What is the best approach to handle uncertainty in a complex project environment?
A. Rely on expert judgment
B. Use detailed upfront planning
C. Apply iterative development with regular feedback
D. Avoid scope changes
✅ Correct Answer: C
Explanation: Iterative approaches help manage uncertainty by incorporating feedback and adapting.
4. What type of risk response strategy is most appropriate for opportunities?
A. Mitigate
B. Transfer
C. Exploit
D. Avoid
✅ Correct Answer: C
Explanation: “Exploit” is a strategy used to ensure opportunities are realized.
5. A project has many unknown-unknowns. What risk strategy should the project manager prioritize?
A. Risk transfer
B. Contingency reserves
C. Workarounds
D. Management reserves
✅ Correct Answer: D
Explanation: Management reserves address unknown-unknowns that cannot be identified during planning.
6. During execution, a new regulation affects the project scope. What should the project manager do?
A. Escalate immediately to the sponsor
B. Refer to the change control board
C. Analyze the impact and update the risk register
D. Ignore as it is out of scope
✅ Correct Answer: C
Explanation: New uncertainties must be assessed and recorded in the risk register to guide decisions.
7. What is the purpose of conducting a risk audit during the project?
A. To identify new risks
B. To evaluate effectiveness of risk responses
C. To update the probability and impact matrix
D. To eliminate all residual risks
✅ Correct Answer: B
Explanation: Risk audits evaluate the performance of risk responses and overall risk management.
8. A stakeholder asks for assurance that uncertainty is being managed. What should the project manager share?
A. Risk register and mitigation plans
B. WBS and schedule baseline
C. Procurement strategy
D. Quality control checklist
✅ Correct Answer: A
Explanation: The risk register outlines identified risks, responses, and mitigation actions.
9. What does a high risk score in the risk matrix indicate?
A. The risk can be ignored
B. The risk should be transferred
C. The risk needs to be escalated
D. The risk has a high likelihood and impact
✅ Correct Answer: D
Explanation: A high risk score indicates high probability and impact, requiring active management.
10. What is the purpose of a risk tolerance threshold?
A. To determine who is accountable for risks
B. To ensure compliance with project scope
C. To establish acceptable levels of risk exposure
D. To eliminate all project risks
✅ Correct Answer: C
Explanation: Risk tolerance thresholds help define how much uncertainty is acceptable before action is required.