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PMP > RIsk Management (11) > Flashcards

RIsk Management (11) Flashcards

(48 cards)

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1
Q

Determine initial reserves

A

Perform Quantitative Risk Analysis

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1
Q

Risk response strategies (OPPORTUNITIES)

A

exploit, enhance, share

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1
Q

Risk response strategies (BOTH)

A

accept

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2
Q

Create workarounds

A

Monitor and Control Risks

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2
Q

Workarounds

A

unplanned responses

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3
Q

Identify Risks output (risk register)

A

List of risks, list of potential risk responses, root causes of risks, updated risk categories

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4
Q

Create contingency and fallback plans

A

Plan Risk Responses

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5
Q

Revisit the watchlist

A

Monitor and Control Risks

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6
Q

Update plans

A

Monitor and Control Risks

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7
Q

Determine if you will go to quantitative risk analysis or go directly to risk response planning

A

Perform Qualitative Risk Analysis

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8
Q

Involve the stakeholders

A

Identify Risks

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8
Q

Plan Risk Responses outputs (risk register)

A

Residual and secondary risks, contingency and fallback plans, risk response owners, triggers, final reserves, contracts

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9
Q

Numerically evaluate the top risks

A

Perform Quantitative Risk Analysis

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10
Q

Calculate final reserves

A

Plan Risk Responses

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12
Q

Determine the overall risk ranking for the project

A

Perform Qualitative Risk Analysis

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12
Q

Determine risk response owners (if not already done)

A

Plan Risk Responses

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14
Q

What risk management policies or procedures exist for use on the project?

A

Plan Risk Management

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14
Q

Close risks

A

Monitor and Control Risks

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15
Q

Perform Qualitative Risk Analysis outputs

A

List of prioritized risks, risks by category, risks needing additional analysis and response, watchlist, Risk ranking as compared to other projects, trends

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17
Q

Determine secondary and residual risks

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A

Plan Risk Responses

19
Q

How will you perform risk management on the project?

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A

Plan Risk Management

20
Q

Decrease project risk

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A

Plan Risk Responses

21
Q

Communicate risk status

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A

Monitor and Control Risks

22
Q

Evaluate effectiveness of plans

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A

Monitor and Control Risks

22
Identify Risks Information Gathering Techniques
Brainstorming, Delphi Technique, Interviewing, root cause analysis
23
Create realistic time and cost objectives
Perform Quantitative Risk Analysis
25
Complete a risk urgency assessment
Perform Qualitative Risk Analysis
26
Asses the quality of the risk data
Perform Qualitative Risk Analysis
27
Quantitative risk analysis tools – standard
interviewing, cost and time estimating, delphi technique, use of historical data from prev projects, expert judgement
28
Perform Quantitative Risk Analysis outputs
Prioritized list of quantified risks, initial reserves, project completion dates and costs, probability of achieving project objectives, trends
29
Recommend changes, including corrective and preventive actions
Monitor and Control Risks
30
Monitor and Control Risks outputs (risk register)
Risk reassessment and risk audit outcomes, new risks, closed risks, details of risk occurences, lessons learned
31
Risk response strategies (THREATS)
avoid, mitigate, transfer (deflect, allocate)
33
Quantitatively determine which risks warrant a response
Perform Quantitative Risk Analysis
34
Plan Risk Management output
Risk Management Plan
35
Look for additional risks; then qualify, quantify, and plan responses for them
Monitor and Control Risks
36
Respond to risk triggers
Monitor and Control Risks
37
Identify “all” the risks on the project
Identify Risks
38
Document the watchlist (non-top risks)
Perform Qualitative Risk Analysis
38
Determine the probability of meeting project objectives
Perform Quantitative Risk Analysis
40
Monitor residual risks
Monitor and Control Risks
41
Identify Risks tools
Information Gathering Techniques, SWOT Anal, Checklist Anal, Assumptions Anal, Diagramming Technique
42
Types of risk
Business risk, Pure (insurable) risk
43
Plan Risk Responses outputs
Updates to the project management plan and project documents, risk register updates
45
Quantitative risk analysis tools – advanced
expected monetary value analysis, Monte Carlo analysis, Decision trees
46
Monitor and Control Risks outputs
Workarounds, Change requests with recommended corrective and preventive actions, updates to risk register, PMP, project documents, and organizational process assets
47
Qualitatively determine which risk events warrant a response
Perform Qualitative Risk Analysis
48
Subjectively determine the probability and impact of all risks
Perform Qualitative Risk Analysis

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