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Business & economics · lesson 3 of 4

Risk and change

An uncertain event or condition that could affect objectives.

University8 practice questionsNotes + worked examples
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Learn the ideas

Prerequisites: No prior project-management course required.

Risk

An uncertain event or condition that could affect objectives.

Mitigation

An action intended to reduce risk likelihood or impact.

Issue

A problem that has already occurred and needs management.

Change control

A defined process for evaluating and approving changes to scope, schedule or other baselines.

Worked examples

Example 1

Which term best matches this description: An uncertain event or condition that could affect objectives.

Risk is the matching concept in this lesson.

Risk

Example 2

Which term best matches this description: An action intended to reduce risk likelihood or impact.

Mitigation is the matching concept in this lesson.

Mitigation

Check your understanding

8 questions

Decimals or fractions are accepted for numeric answers. Proofs and written responses use sample answers and require human marking. This is practice, not a protected examination.

1 Which term best matches this description: An uncertain event or condition that could affect objectives.

Show answer and explanation

Risk

Risk is the matching concept in this lesson.

2 Which term best matches this description: An action intended to reduce risk likelihood or impact.

Show answer and explanation

Mitigation

Mitigation is the matching concept in this lesson.

3 Which concept would you apply first in a situation where a problem that has already occurred and needs management.

Show answer and explanation

Issue

The scenario directly calls for Issue.

4 Name the concept described as: A defined process for evaluating and approving changes to scope, schedule or other baselines.

Show answer and explanation

Change control

The intended concept is Change control.

5 Which statement about Risk is most accurate?

Show answer and explanation

An uncertain event or condition that could affect objectives.

The definition in the lesson notes gives the required condition.

6 Explain one important difference between Risk and Mitigation.

Sample answer and marking guidance

Risk: An uncertain event or condition that could affect objectives. Mitigation: An action intended to reduce risk likelihood or impact.

Credit a clear distinction using both definitions and an appropriate example if supplied.

7 Give a short example showing how Issue would be used in practice.

Sample answer and marking guidance

A valid example should demonstrate this idea: A problem that has already occurred and needs management.

Credit a relevant scenario that applies the concept rather than merely naming it.

8 Summarize why Change control matters in the lesson “Risk and change”.

Sample answer and marking guidance

Change control matters because A defined process for evaluating and approving changes to scope, schedule or other baselines.

Credit the core purpose, scope and any important limitation from the notes.

Further reading and review references

These are reference links, not copied exercises, institutional endorsement or proof of independent review.