Risk Management

Question 1

What is Risk Management in Project Management?

Answer 1

The process used to identify, analyze, and control risks to minimize negative impacts and capitalize on opportunities in a project.

Question 2

What is Risk?

Answer 2

An uncertain event that may or may not occur, potentially having positive or negative effects on project goals.

Question 3

What are the 5 steps involved in Risk Management?

Answer 3

1. Identify the Risk
2. Analyze the Risk
3. Evaluate or Rank the Risk
4. Treat the Risk
5. Monitor and Review the Risk

Question 4

What is the first step in Risk Management?

Answer 4

Identify the risk by uncovering and describing potential risks affecting the project.

Question 5

What does analyzing risk involve?

Answer 5

Determining the likelihood and consequence of each identified risk.

Question 6

What is the purpose of evaluating or ranking risks?

Answer 6

To assess risk magnitude and decide if treatment is needed, prioritizing risks accordingly.

Question 7

What happens during the risk treatment step?

Answer 7

Developing strategies and plans to reduce negative risks and enhance opportunities.

Question 8

What is involved in monitoring and reviewing risks?

Answer 8

Tracking risks and risk responses to ensure effective management throughout the project.