Capitulo: 11. PROJECT RISK MANAGEMENT Flashcards
What is the process of risk management?
Plan Risk Management
Identify Risks
Perform Qualitative Risk Analysis
Perform Quantitative Risk Analysis
Plan Risk Responses
Implement Risk Responses
Monitor Risks
What is the process of risk management?
Plan Risk Management
Identify Risks
Perform Qualitative Risk Analysis
Perform Quantitative Risk Analysis
Plan Risk Responses
Implement Risk Responses
Monitor Risks
What is the key output of the Plan Risk
Management process?
Risk management plan
What are the key outputs of the Identify
Risks process?
Risk register
Risk report
What key outputs of the Perform
Qualitative Risk Analysis process are
added to the risk register?
Risk ranking for the project compared to
other projects
List of prioritized risks and their
probability and impact ratings
Results of other risk parameter
assessments
Risks grouped by categories
List of risks for additional analysis and
response
List of risks requiring additional analysis
in the near term
Watch list (noncritical risks)
What key outputs of the Perform
Quantitative Risk Analysis process are
added to the risk register?
Prioritized list of quantified individual
project risks
The quantified probability of meeting
project objectives
Trends in quantitative risk analysis
Initial contingency time and cost
reserves needed
Assessment of overall project risk
exposure
Possible realistic and achievable
completion dates and project costs
Recommended risk responses
What key outputs of the Plan Risk
Responses process are added to the risk
register?
Residual risks
Contingency plans
Fallback plans
Risk owners
Secondary risks
Risk triggers
Contracts
Reserves for time and cost
What are the key outputs of the Monitor
Risks process?
Work performance information
Risk register updates
Change requests
Project management plan updates
Organizational process assets updates
What key outputs of the Monitor Risks
process are added to the risk register?
Outcomes of risk reassessments and risk
audits
Results of implemented risk responses
Updates to previous parts of risk
management
Closing of risks that are no longer
applicable
Details of what happened when risks
occurred
Lessons learned
What is a risk?
A future occurrence that may or may
not happen that can have a positive
(opportunity) or negative (threat)
impact on the project
What are the four key factors that need
to be determined for each risk?
Probability
Impact
Timing
Frequency
Define risk appetite and risk threshold.
Risk appetite: A general, high-level
description of the acceptable level of risk
to an individual or organization
Risk threshold: The specific point at
which risk becomes unacceptable
A person who is risk averse is:
Someone who does not want to be
negatively impacted by threats
What are the inputs to the risk
management process?
Project charter
Project management plan
Project documents
Enterprise environmental factors
Organizational process assets
Agreements
Procurement documentation
Work performance data and reports
Name the risk categories.
External
Internal
Technical
Commercial
Unforeseeable