PRINCE2 Foundation Exam – example questions and answers
How is the Risk Register used in the Managing a Stage Boundary Process?
- Checked for any Issue Reports noted for review at stage end
- Reviewed for the status of risks
- Updated to record that all risks have been closed
- 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?
- Reduce
- Transfer
- Reject
- Fallback
What is risk appetite?
- Part of the project budget, used to pay for any additional activities required to manage risks
- The funds the Project Board is willing to spend on the management of risk
- Permissible deviation from planned expenditure without the need to escalate to the next higher authority
- An organization’s attitude towards risk exposure
What is a purpose of the Risk Management Strategy?
- Defines the techniques to be used when assessing project threats and opportunities
- Summarizes exposure to strategic, programme, project and operational threats and opportunities
- Recommends responses for each of the project threats and opportunities
- Identifies suitable risk owners for each of the project threats and opportunities
Which term is used to identify when a risk might materialize?
- Impact
- Proximity
- Probability
- Evaluate
What is a risk budget used to fund?
- Potential changes that may be required as the project progresses
- Shortfall in estimating the development costs of the project’s products
- Additional activities to reduce, avoid, fallback, transfer, share or enhance project risks
- Assessment of project risks and the planning of any responses to deal with these
What is a risk cause?
- Negative consequence of a threat occurring
- Explanation of the event(s) which, should they occur, would create a problem
- Positive consequence of an opportunity exploited
- A situation which creates uncertainty
What is the first step within the recommended risk management procedure?
- Identify
- Assess
- Plan
- Implement
Which is an objective of the quality review technique?
- Involve key interested parties in promoting wider acceptance
- Develop and improve the specification of a product through continuous assessment
- Correct any typographical errors found in a product and obtain sign-off during the quality review meeting
- 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
- Product Description
- Issue Register
- Configuration Item Record
- Quality Register
If a product fails its quality check, which management product should always be updated?
- Risk Register
- Issue Register
- Quality Register
- 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.
- Stage Plan
- Issue Register
- Daily Log
- Quality Register
If a product fails its quality check, which management product should always be updated?
- Ensure that all products of the project meet business expectations
- Address the procedures and responsibilities for the creation, maintenance and control of project products
- Clearly define the method of delivering the project’s products
- Enable the assessment of continuing project viability
ANSWERS
How is the Risk Register used in the Managing a Stage Boundary Process?
- Checked for any Issue Reports noted for review at stage end
- Reviewed for the status of risks
- Updated to record that all risks have been closed
- 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?
- Reduce
- Transfer
- Reject
- Fallback
What is risk appetite?
- Part of the project budget, used to pay for any additional activities required to manage risks
- The funds the Project Board is willing to spend on the management of risk
- Permissible deviation from planned expenditure without the need to escalate to the next higher authority
- An organization’s attitude towards risk exposure
What is a purpose of the Risk Management Strategy?
- Defines the techniques to be used when assessing project threats and opportunities
- Summarizes exposure to strategic, programme, project and operational threats and opportunities
- Recommends responses for each of the project threats and opportunities
- Identifies suitable risk owners for each of the project threats and opportunities
Which term is used to identify when a risk might materialize?
- Impact
- Proximity
- Probability
- Evaluate
What is a risk budget used to fund?
- Potential changes that may be required as the project progresses
- Shortfall in estimating the development costs of the project’s products
- Additional activities to reduce, avoid, fallback, transfer, share or enhance project risks
- Assessment of project risks and the planning of any responses to deal with these
What is a risk cause?
- Negative consequence of a threat occurring
- Explanation of the event(s) which, should they occur, would create a problem
- Positive consequence of an opportunity exploited
- A situation which creates uncertainty
What is the first step within the recommended risk management procedure?
- Identify
- Assess
- Plan
- Implement
Which is an objective of the quality review technique?
- Involve key interested parties in promoting wider acceptance
- Develop and improve the specification of a product through continuous assessment
- Correct any typographical errors found in a product and obtain sign-off during the quality review meeting
- 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
- Product Description
- Issue Register
- Configuration Item Record
- Quality Register
If a product fails its quality check, which management product should always be updated?
- Risk Register
- Issue Register
- Quality Register
- 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.
- Stage Plan
- Issue Register
- Daily Log
- Quality Register
If a product fails its quality check, which management product should always be updated?
- Ensure that all products of the project meet business expectations
- Address the procedures and responsibilities for the creation, maintenance and control of project products
- Clearly define the method of delivering the project’s products
- Enable the assessment of continuing project viability
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