Foundation Exam Questions Risk and Quality 

PRINCE2 Foundation Exam – example questions and answers

How is the Risk Register used in the Managing a Stage Boundary Process?

1. Checked for any Issue Reports noted for review at stage end
2. Reviewed for the status of risks
3. Updated to record that all risks have been closed
4. Checked to ensure that all open risks have been transferred to the Issue Register

Which is recommended as a possible risk response type for an opportunity?

1. Reduce
2. Transfer
3. Reject
4. Fallback

What is risk appetite?

1. Part of the project budget, used to pay for any additional activities required to manage risks
2. The funds the Project Board is willing to spend on the management of risk
3. Permissible deviation from planned expenditure without the need to escalate to the next higher authority
4. An organization’s attitude towards risk exposure

What is a purpose of the Risk Management Strategy?

1. Defines the techniques to be used when assessing project threats and opportunities
2. Summarizes exposure to strategic, programme, project and operational threats and opportunities
3. Recommends responses for each of the project threats and opportunities
4. Identifies suitable risk owners for each of the project threats and opportunities

Which term is used to identify when a risk might materialize?

1. Impact
2. Proximity
3. Probability
4. Evaluate

What is a risk budget used to fund?

1. Potential changes that may be required as the project progresses
2. Shortfall in estimating the development costs of the project’s products
3. Additional activities to reduce, avoid, fallback, transfer, share or enhance project risks
4. Assessment of project risks and the planning of any responses to deal with these

What is a risk cause?

1. Negative consequence of a threat occurring
2. Explanation of the event(s) which, should they occur, would create a problem
3. Positive consequence of an opportunity exploited
4. A situation which creates uncertainty

What is the first step within the recommended risk management procedure?

1. Identify
2. Assess
3. Plan
4. Implement

Which is an objective of the quality review technique?

1. Involve key interested parties in promoting wider acceptance
2. Develop and improve the specification of a product through continuous assessment
3. Correct any typographical errors found in a product and obtain sign-off during the quality review meeting
4. Update the status information in the configuration Item Record when a product is signed-off

Identify the missing words in the following sentence:

Any requests for change, which require Project Board approval, should be recorded in the [ ? ] and their status monitored by the Project Manager

1. Product Description
2. Issue Register
3. Configuration Item Record
4. Quality Register

If a product fails its quality check, which management product should always be updated?

1. Risk Register
2. Issue Register
3. Quality Register
4. Lessons Log

Identify the missing words in the following sentence:

If the Project Manager needs to know the results of a quality review, reviewing the [ ? ] will provide a summary together with the date of any follow-up meeting.

1. Stage Plan
2. Issue Register
3. Daily Log
4. Quality Register

If a product fails its quality check, which management product should always be updated?

1. Ensure that all products of the project meet business expectations
2. Address the procedures and responsibilities for the creation, maintenance and control of project products
3. Clearly define the method of delivering the project’s products
4. Enable the assessment of continuing project viability

ANSWERS

How is the Risk Register used in the Managing a Stage Boundary Process?

1. Checked for any Issue Reports noted for review at stage end
2. Reviewed for the status of risks
3. Updated to record that all risks have been closed
4. Checked to ensure that all open risks have been transferred to the Issue Register

Which is recommended as a possible risk response type for an opportunity?

1. Reduce
2. Transfer
3. Reject
4. Fallback

What is risk appetite?

1. Part of the project budget, used to pay for any additional activities required to manage risks
2. The funds the Project Board is willing to spend on the management of risk
3. Permissible deviation from planned expenditure without the need to escalate to the next higher authority
4. An organization’s attitude towards risk exposure

What is a purpose of the Risk Management Strategy?

1. Defines the techniques to be used when assessing project threats and opportunities
2. Summarizes exposure to strategic, programme, project and operational threats and opportunities
3. Recommends responses for each of the project threats and opportunities
4. Identifies suitable risk owners for each of the project threats and opportunities

Which term is used to identify when a risk might materialize?

1. Impact
2. Proximity
3. Probability
4. Evaluate

What is a risk budget used to fund?

1. Potential changes that may be required as the project progresses
2. Shortfall in estimating the development costs of the project’s products
3. Additional activities to reduce, avoid, fallback, transfer, share or enhance project risks
4. Assessment of project risks and the planning of any responses to deal with these

What is a risk cause?

1. Negative consequence of a threat occurring
2. Explanation of the event(s) which, should they occur, would create a problem
3. Positive consequence of an opportunity exploited
4. A situation which creates uncertainty

What is the first step within the recommended risk management procedure?

1. Identify
2. Assess
3. Plan
4. Implement

Which is an objective of the quality review technique?

1. Involve key interested parties in promoting wider acceptance
2. Develop and improve the specification of a product through continuous assessment
3. Correct any typographical errors found in a product and obtain sign-off during the quality review meeting
4. Update the status information in the configuration Item Record when a product is signed-off

Identify the missing words in the following sentence:

Any requests for change, which require Project Board approval, should be recorded in the [ ? ] and their status monitored by the Project Manager

1. Product Description
2. Issue Register
3. Configuration Item Record
4. Quality Register

If a product fails its quality check, which management product should always be updated?

1. Risk Register
2. Issue Register
3. Quality Register
4. Lessons Log

Identify the missing words in the following sentence:

If the Project Manager needs to know the results of a quality review, reviewing the [ ? ] will provide a summary together with the date of any follow-up meeting.

1. Stage Plan
2. Issue Register
3. Daily Log
4. Quality Register

If a product fails its quality check, which management product should always be updated?

1. Ensure that all products of the project meet business expectations
2. Address the procedures and responsibilities for the creation, maintenance and control of project products
3. Clearly define the method of delivering the project’s products
4. Enable the assessment of continuing project viability

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