10. Risk And Issue Management Flashcards
Explain each stage in a risk management process
Risk identification
Valves identifying potential risks that may impact the project objectives.
Risks can be identified through various methods such as brainstorming expert reviews and risk assessment template.
The goal is to create a comprehensive list of potential risk that could impact the programme
Explain proactive responses to risk
3 proactive
Proactive
Risk avoidance.
Risk transfer.
Risk reduction.
Explain the benefits of risk management
6 benefits
EIOR
BDM
IPP
GSC
MEUOR
RC
IS+S
Early identification of risks
Better decision making.
Improved project performance.
Greater stakeholder confidence.
More efficient use of resources.
Reduced costs.
Improve safety and security.
Explain the key aspects of issue management
7 points
I-A-P -AR - AP -T - C
Identification
Assessment
Prioritisation
Assigning responsibility
Action planning
Tracking
Communication.
Explain 3 reactive responses to risk
Reactive
Risk mitigation.
Risk acceptance.
Risk contingency planning.
Explain each stage in a risk management process
Risk analysis
In the stage, they identified risks or analyse to assess the likelihood of occurring and a potential impact they may have on the project.
This helps prioritise risks and determine which risks require further attention.
Risk analysis can be qualitative or quantitive, depending on the project needs.
Explain each stage in a risk management process
Risk response
Based on the risk analysis risk response strategies are developed to mitigate or avoid the identified risks.
The strategies can include risk avoidance risk transfer risk reduction risk acceptance.
The goal is to create a plan to respond, potential risks effectively.
Explain each stage in a risk management process
Risk closure
The stage involves closing out the risks of been successful in mitigated or avoided.
Can include updating the project plan, closing at risk response plans on a removing risks from the risk register.
