Capitulo: 11. PROJECT RISK MANAGEMENT Flashcards

1
Q

What is the process of risk management?

A

Plan Risk Management
Identify Risks
Perform Qualitative Risk Analysis
Perform Quantitative Risk Analysis
Plan Risk Responses
Implement Risk Responses
Monitor Risks

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2
Q

What is the process of risk management?

A

Plan Risk Management
Identify Risks
Perform Qualitative Risk Analysis
Perform Quantitative Risk Analysis
Plan Risk Responses
Implement Risk Responses
Monitor Risks

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3
Q

What is the key output of the Plan Risk
Management process?

A

Risk management plan

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4
Q

What are the key outputs of the Identify
Risks process?

A

Risk register
Risk report

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5
Q

What key outputs of the Perform
Qualitative Risk Analysis process are
added to the risk register?

A

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)

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6
Q

What key outputs of the Perform
Quantitative Risk Analysis process are
added to the risk register?

A

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

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7
Q

What key outputs of the Plan Risk
Responses process are added to the risk
register?

A

Residual risks
Contingency plans
Fallback plans
Risk owners
Secondary risks
Risk triggers
Contracts
Reserves for time and cost

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8
Q

What are the key outputs of the Monitor
Risks process?

A

Work performance information
Risk register updates
Change requests
Project management plan updates
Organizational process assets updates

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9
Q

What key outputs of the Monitor Risks
process are added to the risk register?

A

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

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10
Q

What is a risk?

A

A future occurrence that may or may
not happen that can have a positive
(opportunity) or negative (threat)
impact on the project

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11
Q

What are the four key factors that need
to be determined for each risk?

A

Probability
Impact
Timing
Frequency

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12
Q

Define risk appetite and risk threshold.

A

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

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13
Q

A person who is risk averse is:

A

Someone who does not want to be
negatively impacted by threats

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14
Q

What are the inputs to the risk
management process?

A

Project charter
Project management plan
Project documents
Enterprise environmental factors
Organizational process assets
Agreements
Procurement documentation
Work performance data and reports

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15
Q

Name the risk categories.

A

External
Internal
Technical
Commercial
Unforeseeable

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16
Q

What is a risk breakdown structure?

A

An organizational or hierarchical chart
that can help identify and document risk
categories

17
Q

Name the categories of non-event risks.

A

Ambiguity (lack of understanding) and
variability (inability to predict changes)

18
Q

What are some examples of risk
identification techniques?

A

Brainstorming
* Checklist analysis
* Interviewing
* Root cause analysis
* Assumption analysis
* Constraint analysis
* SWOT analysis
* Documentation reviews
* Prompt lists
* Facilitation

19
Q

What is assumptions analysis?
When is it done?

A

Assessing the assumptions made on the
project and determining whether they
are valid
During Identify Risks

20
Q

What is the purpose of a prompt list?
What is the purpose of a risk report?

A

A prompt list can help a project team
identify risks to individual elements of
the project as well as risks to the overall
project
The purpose of a risk report is to keep
stakeholders apprised of risk managment
efforts and outcomes

21
Q

What is a data representation technique
that can be used during the Perform
Qualitative Risk Analysis process?

A

A probability and impact matrix