The configuration management system does not provide a method for project management processes to be removed or added to the project. 1 is incorrect because this statement is true. 2 is incorrect because this statement is true. 3 is incorrect because this statement is true.

You typically find faulty work during quality control inspections and then you make recommendations to fix the problems. 1 is incorrect because you are not changing the project scope. 3 is incorrect because you are not requesting for the project scope to change with additional work. 4 is incorrect because you are not making actions to bring future results back into alignment with the project plan. You are fixing errors – this is defect repair.

The configuration management system ensures that requested changes to the project scope and the product scope are thoroughly considered and documented. 1 is incorrect; this does not fully answers the question. 2 is incorrect because the configuration management system processes happen before integrated change control. 4 is incorrect; this term is not applicable to this scenario.

Utility function is a term used to describes a person’s or organization’s willingness to accept risk. The lower the utility function the more risk response planning is needed. 2 is incorrect; risk exposure is based on each project. 3 is incorrect because mitigation is one response to a risk event. 4 is incorrect because risk probability describes the likelihood of a risk event actually happening.

A Risk Breakdown Structure illustrates the risk categories within a project. 1 is incorrect; the WBS shows the decomposition of the project scope. 2 is incorrect because the OBS shows the structure of an organization, not the risks within the organization. 4 is incorrect because the BOM describes the materials needed in order to build the project scope.

Risk identification happens throughout the project life cycle. 1 is incorrect because risk identification happens throughout the project. 2 is incorrect. Risk identification is iterative and happens throughout the project. 4 is incorrect; the project customer may not know enough about the project’s discipline to understand when all of the risks have been identified. Risk identification is iterative and happens throughout the project.

Qualitative analysis happens after risk identification. 1 is incorrect because the Delphi Technique is an excellent method identifying risks within the project. 2 is incorrect because SWOT analysis is a risk identification method. 4 is incorrect because root cause analysis is a risk identification method.

All assumptions must be tested. 1 is incorrect because this is not an assumption, but a requirement. 2 is incorrect because this is a project requirement. 4 is incorrect because this is a project requirement.

The risk register is simply a list of identified risks within a project. 1 is incorrect because this statement is incorrect. 3 is incorrect because this statement is incorrect. 4 is incorrect because this statement is incorrect.

Whenever you hire someone else to own a risk you are participating in risk transference. 2 is incorrect; mitigation is an effort to reduce the probability or impact of a risk event. 3 is incorrect because this term is not valid for this scenario. 4 is incorrect because you are not avoiding the risk, you’re transferring it.