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Flashcards in Project Risk Management Deck (29):
1

What is plan risk management

The process of defining how to conduct risk management activities for a project

2

Plan risk management key benefit

Ensure that the degree, type, and visibility of risk management are commensurate with both the risks and importance of the project to the organization

3

Plan risk management inputs

Project management plan
Project charter
Stakeholder register
Enterprise environmental factors
Organizational process assets

4

Plan risk management tools and techniques

Analytical techniques
Expert judgment
Meetings

5

Plan risk management outputs

Risk management plan

6

What is the risk management plan

A component of the project management plan that describes how risk management activities will be structured and performed

Includes
Methodology
Roles and responsibilities
Budgeting
Timing
Risk categories
Definitions of risk and probability and impact
Probability and impact matrix

7

What is the risk breakdown structure

A tool for risk categorization that helps the project team look at many sources from which project risk may arise in an identification exercise

8

What is a risk and probability and impact matrix

A grade for mapping the probability of each risk occurrence and it's impact on project objectives if that risk occurs

9

What is the identify risks process

Process of determining which risks that may affect the project and documenting their characteristics

10

Identify risks imput

Risk management plan
Cost management plan
Schedule management plan
Quality management plan
Human resource management plan
Scope baseline
Activity cost estimates
Activity duration estimates
Stakeholder register
Project documents
Procurement documents
Enterprise environmental factors
Organizational process assets

11

Identify risks tools and techniques

Documentation reviews
Information gathering techniques
Checklist analysis
Assumptions analysis
Diagram and techniques
Swot analysis
Expert judgment

12

Identify risks outputs

Risk register

13

What is the risk register

The document in which the results of risk analysis and risk response planning is recorded

Information included:
List of identified risks
List of potential responses

14

What is perform qualitative risk analysis

The process of prioritizing risks for further analysis or action by assessing a combining the probability of occurrence and impact

15

Perform qualitative risk analysis inputs

Risk management plan
Risk register
Scope baseline
Enterprise environmental factors
Organizational process assets

16

Perform qualitative risk analysis tools and techniques

Risk probability and impact assessment
Probability and impact matrix
Risk data quality assessment
Risk categorization
Risk urgency assessment
Expert judgment

17

Perform qualitative risk analysis outputs

Project documents updates

18

What is the perform quantitative risk analysis process

The process of numerically analyzing the effect of identified risks on overall project objectives

19

What is the plan risk responses process

The process of developing options and actions to enhance opportunities or reduce threats to project objectives

20

Plan risk responses inputs

Risk management plan
Risk register

21

Plan risk responses tools and techniques

Strategies for negative risks
Strategies for positive risks
Contingent response strategies
Expert judgment

22

Plan risk responses outputs

Project management plan updates
Project documents updates

23

Strategies for negative risk

Avoid
Transfer
Mitigate
Accept

24

Strategies for positive risks or opportunities

Exploit
Enhance
Share
Accept

25

What is the control risks process

The process of implementing risk response plans, tracking identified risks, monitoring residual risk, identifying new risks, and evaluating risk process effectiveness throughout the project

26

Control risks inputs

Project management plan
Risk register
Work performance data
Work performance reports

27

Control risks tools and techniques

Risk reassessment
Wrist audits
Variance/trend analysis
Technical performance measurement
Reserve analysis
Meetings

28

Control risks outputs

Work performance information
Change request
Project management plan updates
Project documents updates
Organizational process assets updates

29

What is project risk management

Includes the processes of conducting risk management planning, identification, analysis, response planning, and controlling risk of the project