Project Risk Management

Question 1

Plan Risk Management

Answer 1

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

Question 2

Identify Risks

Answer 2

Identifying individual and overall project risks and documenting their characteristics

Question 3

Perform Qualitative Risk Analysis

Answer 3

Prioritizing individual project risks based on their probability of occurrence and impact

Question 4

Perform Quantitative Risk Analysis

Answer 4

Numerically analyzing the combined effect of individual project risk and other sources of uncertainty

Question 5

Plan Risk Responses

Answer 5

Developing options, selecting strategies, and agreeing on actions to address overall project risk exposure

Question 6

Implement Risk Responses

Answer 6

Implementing the agreed upon risk response plans

Question 7

Monitor Risks

Answer 7

Monitoring the implementation of the agreed upon risk response plans, tracking risks, identifying and analyzing new risk, and evaluating the risk process effectiveness

Question 8

What are the two types of risk in a project?

Answer 8

Individual and overall project risk

Question 9

Can a risk have a positive effect?

Answer 9

Yes, known as opportunities

Question 10

What are the two types of non-event risks?

Answer 10

Variability and ambiguity risk

Question 11

What is a variability risk?

Answer 11

Uncertainty exists about some key characteristics of a planned event, activity, or decision

Question 12

What is ambiguity risk?

Answer 12

Uncertainty exists about what might happen in the future and how it may affect the project’s ability to achieve its objectives

Question 13

How can variability risks be addressed?

Answer 13

With Monte Carlo analysis

Question 14

How can ambiguity risks be addressed?

Answer 14

Defining areas where knowledge is deficit then filling in gaps by obtaining expert knowledge

Question 15

What is an emergent risk?

Answer 15

A risk that can only be recognized after they occur

Question 16

What are the inputs to plan risk management?

Answer 16

Project charter, project management plan, project documents, EEFs, OPAs

Question 17

What are the tools and techniques to plan risk management?

Answer 17

Expert judgment, data analysis, meetings

Question 18

What are the outputs to plan risk management?

Answer 18

Risk management plan

Question 19

What does RBS stand for?

Answer 19

Risk breakdown structure (categories of risk)

Question 20

What are the inputs to identify risks?

Answer 20

Project management plan, project documents, agreements, procurement documentation, EEFs, OPAs

Question 21

What are the tools and techniques to identify risks?

Answer 21

Expert judgment, data gathering, data analysis, interpersonal and team skills, prompt lists, meetings

Question 22

What does SWAT stand for?

Answer 22

Strengths, weaknesses, opportunities, and threats

Question 23

What is SWAT used for?

Answer 23

To examine the project from each of its strengths, weaknesses, opportunities, and threats

Question 24

What are the outputs to identify risks?

Answer 24

Risk register, risk report, project document updates

Question 25

What are the inputs to perform qualitative risk analysis?

Answer 25

Project management plan, project documents, EEFs, and OPAs

Question 26

What are the tools and techniques to perform qualitative risk analysis?

Answer 26

Expert judgment, data gathering, data analysis, interpersonal and team skills, risk categorization, data representation, meetings

Question 27

What are two data representation examples for perform qualitative risk analysis?

Answer 27

Probability and impact matrix, hierarchical charts (i.e the bubble chart)

Question 28

What is the bubble chart?

Answer 28

Is used when there are three parameters to compare in a graph, the larger the bubble the more impact

Question 29

What are the ouputs to perform qualitative risk analysis?

Answer 29

Project document updates

Question 30

Is perform quantitative risk analysis required in every project?

Answer 30

No

Question 31

What are the inputs to perform quantitative risk analysis?

Answer 31

Project management plan, project documents, EEFs and OPAs

Question 32

What are the tools and techniques to perform quantitative risk analysis?

Answer 32

Expert judgment, data gathering, interpersonal and team skills, representations of uncertainty, data analysis

Question 33

What are the outputs to perform quantitative risk analysis?

Answer 33

Project document updates

Question 34

What are the inputs to plan risk responses?

Answer 34

Project management plan, project documents, EEFs, and OPAs

Question 35

What are the tools and techniques to plan risk responses?

Answer 35

Expert judgement, data gathering, interpersonal and team skills, strategies for threats, strategies for opportunities, contingent response strategies, strategies for overall project risk, data analysis, decision making

Question 36

What are the 5 risk plan strategies against threats?

Answer 36

Escalate, avoid, transfer, mitigate, and accept

Question 37

What is an escalated risk?

Answer 37

A risk outside the control of the project team and managed at the program level

Question 38

What is an avoided risk?

Answer 38

Involves removing the cause of threat from the project before it can make an impact

Question 39

What is a transferred risk?

Answer 39

When the risk is transferred to a third party to assume the impact of the risk if it occurs

Question 40

What is a mitigated risk?

Answer 40

Actions are taken to reduce the probability of occurrence or impact of the threat (i.e. building a prototype before the full size model)

Question 41

What is an accepted risk?

Answer 41

Existence of risk is acknowledged but no proactive action is taken

Question 42

What are the 5 risk plan strategies for opportunities?

Answer 42

Escalate, exploit, share, enhance, accept

Question 43

What is an escalated opportunity?

Answer 43

An opportunity outside the control of the project team and managed at the program level

Question 44

What is an exploited opportunity?

Answer 44

Used to capture the benefit of the opportunity and ensure its probability of occurrence is 100%

Question 45

What is a shared opportunity?

Answer 45

When the opportunities ownership is transferred to a third party to share in the impact of the opportunity if it occurs

Question 46

What is an enhanced opportunity?

Answer 46

Used to increase the probability or impact of its occurrence

Question 47

What is an accepted opportunity?

Answer 47

Existence of opportunity is acknowledged but no proactive action is taken

Question 48

What is a contingent response strategy?

Answer 48

Is a response plan that is only executed under certain predefined conditions. It acts as a fall back plan

Question 49

What are the outputs to plan risk responses?

Answer 49

Change requests, project management plan updates, project document updates

Question 50

What are the inputs to implement risk responses?

Answer 50

Project management plan, project documents, OPAs

Question 51

What are the tools and techniques to implement risk responses?

Answer 51

Expert judgment, interpersonal and team skills, PMIS

Question 52

What are the outputs to implement risk responses?

Answer 52

Change requests, project document updates

Question 53

What are the inputs to monitor risk?

Answer 53

Project management plan, project documents, work performance data, work performance reports

Question 54

What are the tools and techniques to monitor risk?

Answer 54

Data analysis, audits, meetings

Question 55

What are the outputs to monitor risk?

Answer 55

Work performance information, change requests, project management plan updates, project document updates, OPA updates