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What type of risk arises from changes in laws or government policies?
Regulatory
A contingency plan is developed only after a risk has occurred.
False
The process of tracking identified risks, monitoring residual risks, and evaluating risk process effectiveness is called risk ____________.
Monitoring
What is the formal process used to evaluate and prioritize risks?
Risk Assessment
Qualitative risk analysis provides numerical estimates for probability and impact.
False
____________ fund is used to account for financial uncertainty due to identified risks.
Contingency
Which type of risk response involves assigning responsibility to a third party?
Transfer
A risk that is accepted still needs to be monitored throughout the project.
True
Risks with both high impact and high probability are typically classified as ____________ priority.
Critical
The person or group responsible for implementing the risk response is called the risk ____________.
Owner
What project document defines roles, responsibilities, and procedures for managing risks?
Risk Management Plan
What document is used to formally log each identified risk and its response plan?
Risk Register
Scope changes during construction often introduce new risks to the project.
True
____________ risk refers to errors or omissions in technical specifications or designs.
Design
The ____________ matrix helps visualize risk severity based on probability and impact.
Risk
What project constraint is most commonly affected by schedule risks?
Time
