Lecture 5 Flashcards Preview

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Flashcards in Lecture 5 Deck (12)
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1
Q

what are the 4 stages for identifying risks

A

company wide checklist
in hour brainstorming
studying similar projects
external help

2
Q

what are the 5 risk categories

A
scope risks
schedule risks
resource risks
technological risks
commercial risks
3
Q

what can be used to characterise undesirable events

A

probability and impact chart
impact by prob
critical
medium low

4
Q

how can undesirable events be characterised

A

liklihood
severity
hideability - how easy to conceal failure until late in project - e.g. development carried out by contacters

5
Q

what are the two aspects of sensitivity analysis

A

cost/revenue planning

time planning

6
Q

what is a discrete random variable

A

variable that can take on different values, each with an associated probability

  • no of clinical trials
  • no. of markets
7
Q

what is a monte carlo stimulation

A

Monte Carlo experiments) are a broad class of computational algorithms that rely on repeated random sampling to obtain numerical results

8
Q

what can monte carlo stimualtions be used for

A

continuous random variables
discrete random variables
financial analysis
time planning

9
Q

what are the 5 risk mitigation techniques

A
avoid -- abandon cause
accept - for low priority
share
limit
transfer - insurance, contracts, financial markets
10
Q

how can you reduce the probability or impact of the risk

A

monitoring
testing
contingency plans
process standards

11
Q

what is a PID

A

project initation document

- detailed plan on how to approach project; agreed and signed by key stakeholders

12
Q

give an example of the structure of a PID

A
project brief
plan
buisness case
risk assessment
project org
other components; communication plan, quality plan