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Risk Flashcards

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1
Q

What process prioritizes individual project risks for future analysis or action by assessing their probability of occurrence and impact?

A

Perform qualitative risk analysis. The process of monitoring the implementation of the agreed upon risk response plans tracking identified risks, identifying and analyzing new risks and evaluating risk process effectiveness throughout the project.

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2
Q

What is the process of developing options, selecting strategies and agreeing on actions to address overall project risk exposure as well as to treat individual project risks?

A

Plan risk response

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3
Q

What are the objectives of the project risk management knowledge area?

A

Project risk management includes the processes of conducting risk management, planning, identification analysis, response planning, response implementation and monitoring risk on a project. The objectives of project risk management are to increase the probability and or impact of positive risks and to decrease the probability and or impact of negative risks in order to optimize the chances of project success.

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4
Q

What is overall project risk?

A

Project risk is the term used to describe the effect of uncertainty on the project as a whole

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5
Q

What are the two levels of risk that exist for every project?

A

High level (overview)
Low level (detailed)

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6
Q

What are the two primary types of non-event risks?

A

Variability risk: uncertainty exists around key characteristics of a plan
Ambiguity risk: uncertainty exists about what might happen in the future

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7
Q

How can variability risks be addressed?

A

Variability risks can be addressed through Monte Carlo analysis where a model is created to simulate conditions. The range of variation is illustrated in probability distributions. Actions are suggested to reduce the spread of possible outcomes.

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8
Q

What are emergent risks?

A

Emergent risks: (the unknowable unknowns) can only be recognized after they’ve occurred

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9
Q

What is integrated risk management?

A

Integrated risk management: involves managing organizational risks from a strategic perspective

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10
Q

In order to tailor project risk management, what factors should you consider?

A

Because each project is unique, it is necessary to tailor the way project risk management processes are applied. Considerations for tailoring include: project size, project complexity, project importance and development approach.

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11
Q

The planet risk management process ensures that the aspects of risk management match which two primary factors?

A

The level of risk and importance of the project

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12
Q

When is the planet risk management process performed in a project?

A

This is part of the planning process group and is in this time in the life cycle required to establish the scope of the project, refine the objectives and define the course of action required to attain the project objectives. This process is performed once or at predetermined points in the project.

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13
Q

What is risk strategy?

A

Risk strategy describes the general approach to managing risk on this project

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14
Q

What is methodology in project risk management?

A

Methodology defines the specific approaches, tools and data sources that will be used to perform risk management on the project

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15
Q

What are the roles and responsibilities in the risk management plan process?

A

Rosen responsibilities to find the lead support and risk management team members for each type of activity described in the risk management plan and clarifies their responsibilities

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16
Q

What is funding in the risk management plan?

A

Funding identifies the funds needed to perform activities related to project risk management and establishes protocols for the application of contingency and management reserves

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17
Q

What is timing in the risk management plan?

A

Timing to finds when and how often the project risk management processes will be performed throughout the project life cycle and establishes risk management activities for the inclusion into the project schedule

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18
Q

What a risk categories in the risk management plan?

A

Risk categories provide a means for grouping individual project risks. A common way to structure risk categories is with a risk breakdown structure. RBS, which is a hierarchical representation of potential sources of risk and RBS helps the project team consider the full range of sources from which individual project risks may arise.

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19
Q

What is a stakeholder risk appetite in a risk management plan?

A

Stakeholder risk appetite is recorded in the risk management plan as it informs the details of the plan risk management process

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20
Q

What are the definitions of risk probability and impacts in the risk management plan?

A

Definitions of risk, probability and impacts are specific to the project context and reflect the risk appetite and thresholds of the organization and key stakeholders.

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21
Q

What are the probability and impact matrices in the risk management plan?

A

Probability and impact matrices can be used to prioritize prioritization. Rules may be specified by the organization in advance of the project and be included in the organizational process assets or they may be tailored to the specific project.

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22
Q

What are reporting formats in the risk management plan?

A

Reporting formats to find how the outcomes of the project risk management process will be documented, analyzed and communicated. This section of the risk management plan describes the content and format of the risk register and the risk report as well as any other required outputs from the project risk management processes.

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23
Q

What is tracking in the risk management plan?

A

Tracking documents how risk activities will be recorded and how risk management processes will be audited.

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24
Q

What are the inputs to the plan risk management process?

A

Project management plan
Organizational process assets
Project charter
Project documents
Enterprise environmental factors

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25
What is the output of the plan risk management process?
Risk management plan
26
What are the tools and techniques for the planet risk management process?
Expert judgment Data analysis Meetings
27
What does the risk management plan include?
The risk management plan may include some or all of the following elements: risk strategy, methodology, roles and responsibilities, funding, timing and risk categories.
28
What is SWOT analysis?
SWOT analysis: examines the project from each of the strengths, weaknesses, opportunities and threats perspectives. For risk identification, it is used to increase the breath of identified risks by including internally generated risks.
29
How is SWOT analysis performed?
The technique starts with the identification of strengths and weaknesses of the organization, focusing on either the project organization or the business area in general. SWOT analysis then identifies any opportunities for the project that may arise from strengths and any threats resulting from weaknesses.
30
What are the inputs to the identify risks process?
Enterprise environmental factors Project documents Organizational process assets Project management plan Agreements Procurement documentation
31
What are the outputs for the identify risks process?
Risk report Risk register Project documents updates
32
What are the tools and techniques used in the identify risks process?
Interpersonal and team skills Meetings Data gathering Data analysis Prompt lists Expert judgment
33
Agreements and procurement documentation are inputs to which process associated with project risk management?
Identify risks
34
What is the definition of the perform qualitative risk analysis process?
Perform qualitative risk analysis is the process of prioritizing individual project risks for the further analysis or action by assessing their probability of occurrence and impact, as well as other characteristics. Risk perception introduces bias into the assessment of identified risks, so attention should be paid to identifying bais and correcting for it.
35
What are the inputs for the perform qualitative risk analysis process?
Enterprise environmental factors Project management plan Project documents Organizational process assets
36
What is the output for the perform qualitative risk analysis process?
Project documents updates
37
What are the tools and techniques used in the perform qualitative risk analysis process?
Risk categorization Data analysis Data gathering Meetings Interpersonal and team skills Data representation techniques Expert judgment
38
What is decision tree analysis?
Decision tree analysis is a diagramming and calculation technique for evaluating the implications of a chain of multiple options in the presence of uncertainty. Decision trees are used to support selection of the best of several alternative courses of action the decision tree is evaluated by calculating the expected monetary value of each branch allowing the optimal path to be selected.
39
What is sensitivity analysis?
Sensitivity analysis helps to determine which individual project risks or other sources or uncertainty have the most potential impact on project outcomes. It correlates variations in project outcomes with variations in elements over the quantitative risk analysis model.
40
What are simulations in the perform quantitative risk analysis process?
Simulations are used to model the combine effects of individual project risks to evaluate their potential impact on achieving project objectives
41
What is the tornado diagram within sensitivity analysis?
The tornado diagram presents the calculated correlation coefficient for each element of the quantitative risk analysis model that can influence the project outcome. Items are ordered by descending strength of correlation giving the typical tornado appearance.
42
What is an influence diagram in the perform quantitative risk analysis process?
An influenced diagram represents a project or situation as a set of entities, outcomes and influences, with their relationships and effects.
43
What is a risk report in the perform quantitative risk analysis process?
The detailed probabilistic analysis of the project which presents key outputs from the quantitative risk analysis.
44
What are the inputs to the perform quantitative risk analysis process?
Project management plan Enterprise environmental factors Organizational process assets Project documents
45
What is the output of the perform quantitative risk analysis process?
Project document updates
46
What the tools and techniques used in the perform quantitative risk analysis process?
Representations of uncertainty Data gathering Data analysis Expert judgment Interpersonal and team skills
47
What are the five strategies for dealing with threats in the planet risk responses process?
Escalate Avoid Transfer Mitigate Except
48
What is the escalate strategy for threats in the plan risk responses process?
Escalated risks are not managed on the project level since they exceed the project manager's authority. They are communicated to those in the program portfolio or other relevant part of the organization. As
49
What is the avoid strategy for threats in the plan risk responses process?
Risk avoidance takes place when the project team acts to eliminate the fret or protect the project from its impact
50
What is the transfer strategy for threats in the plan risk responses process?
Transfer involves shifting ownership of a threat to a third party to manage the risk and to bear the impact if the threat occurs
51
What is the mitigate strategy for threats in the planet risk responses process?
Mitigate: action is taken to reduce the probability of occurence and/or impact of a threat
52
What is the accept strategy for threats in the plan risk responses process?
Except is to acknowledge the existence of a threat but no proactive action is taken. This strategy may be appropriate for low priority threats and it may be also adopted where it is not possible or cost effective to address a threat.
53
What are the five strategies for opportunities in the plan risk responses process?
Escalate Exploit Share Enhance Except
54
What is the escalade strategy for opportunities in the plan risk responses process?
Escalated opportunities are not managed and the project level since they exceed the project manager's authority there instead of communicated to those in the program portfolio or other relevant part of the organization.
55
What is the exploit strategy for opportunities in the plan risk responses process?
The exploit strategy may be selected for high priority opportunities where the organization wants to ensure that the opportunity is realized this strategy seeks a 100% chance of realizing an opportunity.
56
What is the share strategy for opportunities in the plan risk responses process?
Sharing involves transferring ownership of an opportunity to a third party so that it shares some of the benefit if the opportunity occurs
57
What is the enhanced strategy for opportunities in the plan risk responses process?
The enhanced strategy is used to increase the probability and/or impact of an opportunity
58
What is the accept strategy for opportunities in the plan risk responses process?
Accepting an opportunity acknowledges it's existence but no proactive action is taken.
59
What is the avoid strategy for overall project risk in the plan risk responses process?
Avoid: when the level of overall project risk is significantly negative and outside the agreed upon risk thresholds for the project and avoid strategy may be used. This involves taking focused action to reduce the negative effect of uncertainty on the projects and brings the project back within thresholds.
60
What is the exploit strategy for overall risk in the planet risk responses process?
Exploit: when the level of overall project risk is significantly positive and outside, the agreed upon risk thresholds for the project and exploit strategy may be adopted. This involves taking focused action to capture the positive effect of uncertainty on the project
61
What is the transfer/share strategy for overall project risk in the plan risk responses process?
Transfer/share: if the level of overall project risk is high but the organization is unable to address it effectively, a third party may be involved to manage the risk on behalf of the organization
62
What is the mitigate/enhance strategy for overall project risk in the plan risk responses process?
Mitigate/enhance: these strategies involve changing the level of overall project risk to optimize the chances of achieving the projects objectives
63
What is the accept strategy for overall project risk in the plan risk responses process?
Accept: well, no proactive risk response strategy is possible to address the overall project risk, the organization may choose to continue with the project as currently defined even if the overall project risk is outside the agreed upon thresholds.
64
What are the inputs to the planet risk responses process?
Project management plan Project documents Enterprise environmental factors Organizational process assets
65
What are the outputs to the plan risk responses process?
Project management plan updates Project documents updates Change requests
66
What are the tools and techniques used in the plan risk responses process?
Strategies for threats, opportunities and overall project risk Decision making Expert judgment Data gathering and data analysis Contingent response strategies Interpersonal and team skills
67
An information system consisting of tools and techniques used to gather, integrate and disseminate the output project management processes is known as:
Project management information system PMIS
68
The implement risk responses process ensures the agreed upon risk. Responses are executed as planned in order to do what?
The key benefits of this process is that it ensures that the agreed upon risk responses are executed as planned in order to address overall project risk exposure, minimize individual project threats, and maximize individual project opportunities.
69
What are the inputs to the implement risk responses process?
Project management plan Project documents Organizational process assets
70
What are the outputs to the influent risk responses process?
Project documents updates Change requests
71
What are the tools and techniques used in the implement risk responses process?
Project management information system Expert judgment Interpersonal and team skills
72
What is used to consider the effectiveness of the risk management process?
Risk audits
73
What are the inputs to the monitor risks process?
Project management plan Project documents Work performance data Work performance reports
74
What are the outputs to the monitor risks process?
Change requests Project management plan updates Work performance information Project documents updates Organizational process assets updates
75
While the tools and techniques used in the monitor risks process?
Audit Meetings Data analysis

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