Six Sigma Global Institute (SSGI) Project Management Professional Certification Practice Exam

What is the primary action taken when a risk event is likely to occur?

1. Risk Control

2. Risk Response

3. Risk Assessment

4. Risk Monitoring

The correct answer is: Risk Control

The primary action taken when a risk event is likely to occur is known as risk response. This involves implementing strategies to minimize potential negative impacts or to capitalize on potential opportunities. Risk response strategies can involve avoidance, mitigation, transfer, or acceptance of the risk. When a risk is identified as likely to occur, it is essential to activate a response plan rather than simply monitoring the risk or assessing it further. While risk control, which relates to reducing the impact of risks, and risk monitoring, which entails keeping track of identified risks and the effectiveness of responses, are important parts of risk management, they generally occur during different phases of the risk management process. Risk assessment is primarily focused on identifying and evaluating risks to understand their potential impact and likelihood before determining appropriate responses. Thus, when facing a likely risk event, the decisive action is to implement a risk response plan to effectively manage the situation proactively. This helps ensure that the risk does not adversely affect project objectives or outcomes.