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Flashcards in Post Midterm Risk Management Deck (13):
0

what is project risk management?

identifying, assigning, and responding to risk through the life of a project into order to best meet project objectives

1

what is risk tolerance?

the amount of utility (satisfaction) received from a potential payoff (stake)

2

Risk management process? (5)

-risk management planning
---deciding how to approach te risk management activities for the project

-risk identification
---determining which risks are likely to affect a project and documenting their characteristics

-qualitative risk analysis
---prioritizing risk based on their probability and impact of occurance

-quantitative risk analysis
---numerically estimating the effects of risks on project objectives

-risk monitoring and control
---monitoring unknown risks, identifying new risks, reducing risks, evaluating the effectiveness of risk reduction

3

What is important with respect to the risk management plan?

the project team should review project documents and understand te organizations and the sponsors approach to risk

4

5 categories of risk

external risk

financial risk

technology risk

organizational and people risk

project management (structure/process) risk

5

4 risk identification tools?

they help find risks.

brainstorming
interviewing
swot analysis
risk real down structure

6

what is a risk register?

risk event is what?

document that contains the results of various risk management processes. displayed in a table

documents potential risk events and related info.

RISK EVENTS: refer to specific uncertain events that may occur

7

qualitative risk analysis is what?

tools include?

likelihood and impact of identified risks to determine their magnitude and priority


probability/impact charts
expert judgement

8

Quantitative risk analysis is what?

how is it done?

follows a qualitative risk analysis but both can be done together.

done through a decision tree analysis
and through simulation

9

what is the Monte Carlo analysis (with regards to simulation)

simulated a models outcome many times to provide a statistical distribution of the calculated results

used pessimistic, optimistic, and most likely

10

4 risk response planning

1. risk avoidance
-eliminates a threat

2. risk acceptance
-accepting the consequence if a risk occurs

3. risk transferance
-shifting te consequence of risk and responsibility to a third party

4. risk mitigation
-reducing the impact of a risk ever by reducing the probability of it's occurance. contingency plan

11

Workarounds are what?

unplanned responses to risk events that must e done when there are no are contingency plans

12

main outputs of risk monitoring and control? (3)

-request changes
-recommended correct and preventative actions
-updates to the risk register, project plan, and org process assets