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Flashcards in PMF06052014 Deck (31):
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IDENTIFYING RISK

Q. Every project faces ____

Risk

1

IDENTIFYING RISK

Q. If you don't ___ for how you deal with them, you ended up putting up fires, which can cause project time and money and increase the pressure on your people

plan

2

IDENTIFYING RISK

Q. A ____ is the tool you use to plan for the risk you might encounter

Risk Management Plan

3

IDENTIFYING RISK

Q. With the Risk Management Plan in place, you already decided how to ____ when risk become reality

Respond

4

IDENTIFYING RISK

Q. So you are ready to make informed and prudent ____

Decision

5

IDENTIFYING RISK

Q. To build Risk Management Plan, first ____ your project faces

Identify the risk

6

IDENTIFYING RISK

Q. Risk you are aware of are called ___

Known Unknowns

7

IDENTIFYING RISK

Q. Risk that can be ____ such ad cancelled flights

Predicted

8

IDENTIFYING RISK

Q. To help you get started, here are some examples of things that can introduce risks to projects:

___ might not work the way it was supposed to, cost more than you expect, or not show up when you need it

Technology

9

IDENTIFYING RISK

Q. ____located in different areas can increase risk, such as delays due to time zone differences, miscommunication due to different languages, or cultural differences

Team members

10

IDENTIFYING RISK

Q. Lack of teamwork because remote team members cannot develop effective ____

Working relationship

11

IDENTIFYING RISK

Q. Lack of ___ such as specifics on deliverables, due dates, or who will work on your project, can lead to all sorts of problems

Details

12

IDENTIFYING RISK

Q. Limited ___ such as needing people with rare skills, increase risk because you don't have alternatives if the problem arises

Options

13

IDENTIFYING RISK

Q. Ask your ____. Work everyone on your ____ to identify risks

Team

14

IDENTIFYING RISK

Q. Talk to the ___ from different parts of the project about the risk they foresee. What risk do you predict?

Experts

15

IDENTIFYING RISK

Q. Ask ____ on the project what they think

Key people

16

IDENTIFYING RISK

Q. What problems have you dealt with in the ____

Past

17

IDENTIFYING RISK

Q. Ask other project managers about risks from similar ____

Projects

18

IDENTIFYING RISK

Q. Fill out a ____ with what you know about each risks you identify

Risk Information Sheet

19

IDENTIFYING RISK

Q. ____ specifics about the risk (for example, which tasks are affected, what objectives are endangered, what the consequences are, and so on)

Document

20

IDENTIFYING RISK

Q. Up until now, we've covered identifying risks, we can ___ but what do you do about the risk you cannot foresee?

Anticipate

21

IDENTIFYING RISK

Q. What about the risk you cannot ___

Predict

22

IDENTIFYING RISK

Q. They are called ____ or unpredictable risks

Unknown unknowns

23

IDENTIFYING RISK

Q. These risks come from situations that are so out of this world that they never occur to you

Unknown unknowns

24

IDENTIFYING RISK

Q. For example, prior to the invention of personal computers, manufacturers of typewriters probably didn't foresee ___ to their business

Risk

25

IDENTIFYING RISK

Q. Because you can't identify these risk, you handle them by setting aside ___ for dealing with them like having an insurance policy

Contingency funds

26

IDENTIFYING RISK

Q. ____are commonly used method for responding to small risks and the unknown unknown risks you cannot foresee

Contingency funds

27

IDENTIFYING RISK

Q. Reserve money and/or time , set aside for ____

Risk

28

IDENTIFYING RISK

Q. The question is, how much should you ___

Set aside

29

IDENTIFYING RISK

Q. Many companies use a percentage of the project budget but the percentage used is typically based on ___

Past experiences

30

IDENTIFYING RISK

Q. Now that you identified risks your project may have, you need to ____ those risks and determine how you plan to respond to them if they occur

Evaluate