Risk Management Process Flashcards Preview

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Flashcards in Risk Management Process Deck (12):

Identify risks

Identify all the risks on the project
Involve the stakeholders
Use tools such as brainstorming root cause analysis and documentation review to facilitate risk identification


Perform qualitative risk analysis

Quantitatively determine which risk events warrant a response
Asses the quality of the risk data
Risk categorization
Compete a risk urgency assessment
Subjectively determine the probability and impact of all risks
Determine if you will go to quantitative risk analysis or directly to risk response planning
Document the watch list
Determine the overall risk ranking for the project
Determine if project should be terminated


Perform quantitative risk analysis

Numerically evaluate / further investigate the top risks
Determine the probability of meeting project objectives
- decision tree
- sensitivity analysis
- Monte Carlo analysis
Create realistic time and cost estimates
Determine initial reserves
Quantitatively determine which risks warrant a response


Control risks

Respond to risk triggers
Monitor residual risks
Create workarounds
Evaluate effectiveness of plans
Update plans
Communicate risk status
Close risks
Recommend changes, including corrective and preventative action
Look for additional risks then qualify quantify and plan responses for them as necessary
Risk reassessments
Risk audits
Reserve analysis


Plan risk responses

Accept risks where appropriate
Identify risk triggers
Create contingency and fallback plans
Determine risk owners
Calculate final reserves
Determine secondary and residual risks
Decrease project threats and increase opportunities
Determine risk response strategies


Plan risk management

How will you perform risk management
What risk management policies exist for use on the project
When will the processes and procedures of risk management be performed
How will risks be identified and what tools will be used
What are stakeholders roles and responsibilities for risk management
How will you budget for risk management


Plan risk management outputs

Risk management plan


Identify risks outputs

Risk register:
- list of risks
- list of potential risk responses
- root causes of risks
- updated risk categories


Perform qualitative risk analysis outputs

Risk register:
- risk ranking of the project as compared to other projects
- list of prioritized risks
- risks by category
- risks needing additional analysis and response
- watch list
- trends


Perform quantitative risk analysis outputs

Risk register:
- prioritized list of quantified risks
- initial reserves
- project completion dates and costs with confidence levels
Ex: we are 95% confident that we can complete the project on Mar 9th for $9k
- probability of achieving project objectives
- trends


Plan risk responses outputs

Updates to the project management plan and project documents
Risk register:
- residual and secondary risks
- contingency and fall back plans
- risk owners
- triggers
- final reserves
- contracts
- accepted risks


Control risks outputs

Work performance information
Change requests
Updates to the pm plan and org process assets
Risk register:
- risk reassessment and audit outcomes
- new risks
- closed risks
- details of risk occurrences
- lessons learned