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Flashcards in PMF06062014 Deck (21):
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CREATING RISK MANAGEMENT PLAN

Q. After you identified risks, the next step in developing risk management plan is to ___ each risk you identified

Assess

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CREATING RISK MANAGEMENT PLAN

Q. Assessing the risk. To assess risks, you ask two questions:

1. What is the ___ that the risk will occur

Likelihood

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CREATING RISK MANAGEMENT PLAN

Q. For example, if a trade show take place in Denver Colorado in March, the ___ of bad weather and cancelled flights is high

Likelihood

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CREATING RISK MANAGEMENT PLAN

Q. The second question is, HOW BIG IS THE ____ IF THE RISK OCCURS.

Impact

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CREATING RISK MANAGEMENT PLAN

Q. For example, if bad weather prevent your sales team from arriving, the ___ on your sales event is significant

Impact

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CREATING RISK MANAGEMENT PLAN

Q. Ask the same people who help you identify risks, to assess the ___ and impact

Probability

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CREATING RISK MANAGEMENT PLAN

Q. After you assess all the risks, the next step is to ____ THE RISK and decide which ones will you manage

PRIORITIZE

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CREATING RISK MANAGEMENT PLAN

Q. If you use ___, ____, and ____, you might decide to manage risks if they are medium or high in either probability or impact

Low, medium, high

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CREATING RISK MANAGEMENT PLAN

Q. The next step in the risk management plan is to decide how will you ___ to each risk in your plan

Respond

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CREATING RISK MANAGEMENT PLAN

Q. Here are some risk responses you can use:

- the easiest option is to simply ____. This is fine for risk with low probability and impact

Accept the consequences

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CREATING RISK MANAGEMENT PLAN

Q. Another option for less significant risk is the ____ to address the issue

Use contingency funds

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CREATING RISK MANAGEMENT PLAN

Q. ____ is another option. For instance, changing the project scope to remove the risky part of the project (e.g. fly the sales team out 2 days early)

Avoiding risk

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CREATING RISK MANAGEMENT PLAN

Q. _____ means taking steps to reduce the consequences e.g. you can ship backup computers to trade show in case some of them don't work

Mitigating risk

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CREATING RISK MANAGEMENT PLAN

Q. ____ simply means handing off the risk to someone else like you do with purchasing insurance

Transfer risk

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CREATING RISK MANAGEMENT PLAN

Q. When you can choose your responses, make sure they are not ____

Overkill

15

CREATING RISK MANAGEMENT PLAN

Q. RESPONSE TO RISK SHOULD REFLECT ____ OF THE RISK

Impact

16

CREATING RISK MANAGEMENT PLAN

Q. If the ___ of schedule delay is a $ 500 delay fee, it doesn't make sense to spend $ 5,000 to prevent the delay

Impact

17

CREATING RISK MANAGEMENT PLAN

Q. The final step in the risk management plan is defining how you ___ risk and measure responses

Monitor

18

CREATING RISK MANAGEMENT PLAN

Q. You create a ___ with information about each risk you plan to manage

Risk Log

19

CREATING RISK MANAGEMENT PLAN

Q. This ____ summarizes your plan for the risks:
- a description of the risk
- events or circumstances that trigger the risk
- the responses you have chosen
- who will monitor the risk
- and the result you expect from the response if you have to use it

Risk log

20

CREATING RISK MANAGEMENT PLAN

Q. You create a risk management plan during the ____ then you implement that plan once the project is underway

Planning Process