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RISK MANAGEMENT Flashcards

(71 cards)

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1
Q

Risk Management Goal

A

Increasing the probability and impact of positive events, and decreasing those of negative events.

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2
Q

Risk vs. Issue

A

A risk is a potential event; an issue has already occurred.

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3
Q

Project Resilience

A

The ability to handle unforeseen risks and their outcomes.

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4
Q

Risk Breakdown Structure (RBS)

A

Categorizes risks into different groups.

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5
Q

Risk Tolerance

A

The numerical value of tolerable risks.

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6
Q

Risk Trigger

A

An event that causes a risk to occur.

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7
Q

Risk Appetite

A

The subjective amount of willingness for taking risks.

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8
Q

Risk Averse

A

Individuals or organizations that do not accept any risks.

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9
Q

Handling Unforeseen Risks

A

Creating a Project Resilience strategy.

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10
Q

Risk Threshold

A

The numerical value of risk that is not accepted.

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11
Q

Identify Risks Process

A

To determine project risks.

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12
Q

Risk Report

A

Informs stakeholders about risks.

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13
Q

Risk Register

A

Includes the list of project risks and is updated continuously.

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14
Q

Frequent Revisiting of the Risk Register

A

Ensure all newly identified risks are documented and addressed.

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15
Q

Expert Interviews

A

Used to gather new risk ideas.

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16
Q

Root Cause Analysis

A

Identifies new risks by understanding reasons for existing risks.

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17
Q

Stakeholder Register in Risk Management

A

Used to document risk owners.

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18
Q

Considering Lessons Learned in Risk Identification

A

Helps identify new risks.

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19
Q

Prompt List

A

A list of risk categories or sources.

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20
Q

Risk Management Plan

A

Guides risk identification.

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21
Q

Risk Register in Scope Definition

A

Helps avoid or mitigate risks.

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22
Q

Risk Response Costs in Project Estimation

A

Necessary for total project cost estimation.

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23
Q

Risks in Resource Planning

A

Affect decisions regarding resource estimates.

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24
Q

Risk Register in Resource Control

A

Evaluates physical resource risks.

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25
Purpose of Qualitative Risk Analysis
Determines the severity of risks.
26
Ranking Risks after Qualitative Analysis
Based on severity.
27
Watch List
For monitoring and reviewing low-severity risks.
28
Managing Situations on the Watch List
Monitor and review low-severity risks, escalating them if their severity increases.
29
Importance Determination in Qualitative Analysis
Using a scaling system for probability and impact.
30
Purpose of Quantitative Risk Analysis
Calculates the actual impacts of selected risks.
31
Difference Between Qualitative and Quantitative Analysis
Subjective vs. objective analysis.
32
Conducting Qualitative Risk Analysis
Analyze stakeholder concerns to prioritize them based on severity.
33
Prioritizing Risks Based on Impact and Probability
Focus on addressing the most significant risks first to optimize resource use.
34
Sensitivity Analysis
Used for ranking and comparing risk impacts.
35
Monte Carlo Simulation
Determines risk occurrence probabilities.
36
Expected Monetary Value (EMV)
Estimation of the monetary value of risk outcomes.
37
EMV Calculation Formula
EMV = Probability (P) x Impact (I).
38
Expected Total Impact Calculation
Adding the EMV values of all risks.
39
Plan Risk Responses Process
Develops strategies for dealing with risks.
40
Secondary Risks
Arise as a result of risk responses.
41
Managing New Risks from Risk Responses
Address secondary risks that arise from implemented risk response strategies.
42
Exploiting Strategy for Opportunities
Increases the probability of occurrence.
43
Avoiding vs. Exploiting Strategies
Avoiding prevents threats; exploiting increases opportunities.
44
Risk Transfer Strategy
Sharing risks with third parties.
45
Strategies for High-Impact Risks
Avoiding, Mitigating, Exploiting, and Enhancing.
46
Accepting Strategy
Passively accepting residual risks.
47
Implement Risk Responses Process
Implementing planned response strategies.
48
Choosing Risk Response Strategies
Employ appropriate strategies like exploiting opportunities and transferring threats.
49
Reviewing Risk Register and Risk Report
Informs stakeholders about existing and new risks.
50
Residual Risks
Not planned for a response or accepted.
51
Planning Risk Responses
Involves the project team, risk management experts, and stakeholders.
52
Monitor Risks Process
Ensures all risk management processes are working fine.
53
Activity in Monitor Risks for Risk Management Plan
Reviewing the plan's success.
54
Variations from Performance Measurement Baseline
Might require revisiting the Identify Risks process.
55
Monitoring Risks on the Watch List
Ensures the severity of a risk does not increase.
56
Reviewing Residual Risks
Documenting and reviewing passively accepted risks.
57
Use of Contingency Reserves
Only when a risk in the Risk Response Plan occurs.
58
Workarounds
Immediate responses for passively accepted or unidentified risks.
59
Implementing Workarounds for Technical Issues
Adopt immediate responses for passively accepted or unidentified risks.
60
Impact of Risks on Contingency Reserves Over Time
Generally decreases.
61
Agile Risk Management
High level of uncertainty and frequent changes increase risks.
62
Identifying Risks in Agile Iterations
After completing the previous iteration.
63
Re-prioritizing Work in Agile Risk Management
To accommodate new risks.
64
Preferred Teams for Agile Risk Management
Cross-functional teams with diverse expertise.
65
Reserve Analysis in Agile
Monitors reserves to assess if enough contingency reserves are available.
66
Reduction of Risks Over Time in Agile
Due to decreased uncertainty.
67
Strategizing for Identified Risks
Develop strategies to exploit positive risks and mitigate negative risks in projects.
68
Using Risk Breakdown Structure
Implement this tool for organizing and categorizing identified risks for better management and analysis.
69
Documenting Potential Negative Events
Use the Risk Register to record, analyze, and track potential negative events affecting project objectives.
70
Identifying New Risks During Execution
Reassess project risks regularly to identify potential new risks and update the Risk Register.
71
Updating the Risk Management Plan
Review and adjust the Risk Management Plan based on its impact on the project timeline.

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