Kap 7 - Risk and quality management Flashcards
Project risk
Project risk is an event with an uncertain outcome where at leat one of the outcomes have a negative effect on the project.
- If there are no positive outcomes, then there is pure risk.
- If there is a positive outcome, then it is speculative risk.
What is the purpose of risk planning?
It is important to have a risk plan otherwise the “identification of risks” becomes an almost infinitely lengthy activity leading, ultimately, to ’paralysis by analysis’.
Explain the three phases of risk assessment (risk identification, risk analysis and risk prioritization).
Risk identification is about determining all the risks (within the scope of the risk assessment) likely to affect a project and documenting their characteristics in an understandable way.
- examine all areas of a project in a systematic manner
- be proactive rather than reactive
- use information from all available sources
Risk analysis is about establishing the probability of occurrence and the impact of occurrence of all identified project risks. The established probability and impact can be used to calculate risk exposure.
The objective of risk prioritisation is to prioritise the identified risks for mitigation, compare identified risks effectively and provide a proactive perspective. It should consider:
- probability
- consequence
- cost and resources for mitigation
Explain the three phases of risk control (risk response planning, risk resolution and risk monitoring and reporting).
The purpose of risk response planning is simply to bring organised purposeful thought to the subject of: eliminating risk wherever possible isolating and minimising risk developing alternative courses of action establishing time and money reserves to cover risks that cannot be avoided. The output of this process is a risk response plan.
Risk resolution is the primary goal of risk management. It is achieved by implementing the activities in the risk response plan to eliminate or reduce exposure to the identified risks.
The key to risk resolution is making sure that risk response plans are fully integrated into the project plans and actioned by the appropriate people in a timely manner.
Risk monitoring is about keeping track of progress towards resolving the risks in the risk response plan.
What is the equation for risk exposure?
Risk exposure = probability * consequense
Explain how an isorisk risk chart for risk exposure work
An isorisk contour chart shows different combinations of risk and impact that yields the same risk exposure.
What are the six types of responses to risk?
Explain what a contingency plan is and its components.
The identification and planning of alternative activities to be
implemented in the event of a risk occurring is called ’contingency planning’. The contingency plan should only be enacted if the risk actually occurs or it seems increasingly likely to occurs. For each contingency action there should be a defined condition which signals the go-ahead for the contingency action. This is called the ’trigger point’. A contingency plan should be made for tasks and resources that are mission critical.
What is the difference between risk and hazard?
A hazard can be defined as a situation with the potential for human injury, damage to property, assets or the environment.
A hazard is the potential source of harm, while risk is the probability or likelihood of that hazard causing harm (ChatGPT).
What is quality? Explain product quality, service quality and process quality
Attributes of product quality:
- Performance
- Reliability and durability
- Conformance
- Serviceability
- Appearance and perceived quality
Attributes of service quality:
- Reliability
- Responsiveness
- Empathy
- Tangibles
Process quality refers to the quality of all the activities
that come together to produce and deliver the products
and services of an organisation.
What is the difference between quality, grade and reliability?
What are the three major phases of quality management? What does these phases entail?
Project quality management includes all the processes required to ensure that the project will satisfy the needs for which it was
undertaken.
Quality planning: identifying which quality standards are relevant to the project and determining how to satisfy them
Quality assurance: evaluating overall project performance on a regular basis to provide confidence that the project will satisfy the relevant quality standards
Quality control: monitoring specific project results to determine if they comply with relevant quality standards and identifying ways to eliminate causes of unsatisfactory performance.
What is the equation for cost of quality?
Tolerability of risk framework
Deming wheel (quality framework)
