Risk Mgmt Flashcards
(36 cards)
What is the process of risk mgmt?
- Plan Risk Mgmt
- Identify Risks
- Perform Qualitative Risk Analysis
- Perform Quantitative RIsk Analysis
- Plan Risk Responses
- Monitor and Control Risks
What is a key ouput of the Plan Risk Mgmt process?
Risk mgmt plan
What is the key output of the Identify Risks process?
Risk register
What key outputs of the Perform Qualitative Risk Analysis process are added to the risk register?
- Risk ranking for the project
- Prioritized risks and their probability and impact ratings
- Risks grouped by category
- List of risks requiring additional analysis and response
- Watchlist
What key outputs of the Perform Quantitative Risk Analysis process are added to the risk register?
- Prioritized list of quanitified risks
- Possible realistic and achievable completion dates and project costs
- Quantitative probabilit of meeting project objectives
What are key outputs of the Plan Risk Responses process?
Risk register updates:
- Residual risks
- Contingency plans
- Risk response owners
- Secondary risks
- Triggers
- Fallback plans
- Reserves for time and cost
Updates to the project mgmt plan and project documents
What are key outputs of the Monitor and Control RIsk process?
Risk register updates:
- Outcomes of risk reassessments and risk audits
- Updates to the risk register
- Closing of risks that are no longer applicable
- Details of what happened when risks occured
- Lessons learned
Change requests
Updates to the project mgmt plan and project documents
What is a risk?
An occurance that can affect a project for better (opportunity) or worse (threat)
Describe key things one needs to determine about each risk
- Probability
- Impact
- Timing
- Frequency
Someone who is risk averse is:
Unwilling to take risks
Name inputs to the risk mgmt process
- Project background information
- Historical records from previous projects
- Organizational process assets
- Project charter
- Project scope statement
- Team
- WBS
- Network diagram
- Staffing mgmt plan
- Procurement mgmt plan
What are risk categories
List of common sources of risk, including:
- Technical
- Project mgmt
- Schedule
- Cost
- QUality
- Scope
- Resources
- Customer satisfaction
- Others
What are risk identification techniques?
- Doc reviews
- Brainstorming
- Delhi techinique
- Root cause analysis
- Interviewing
- SWOT
- Checklist analysis
- Assumptions Analysis
- Diagraming techniques
What are the types of risks?
Business
Pure
What are risk triggers?
Early warning signs that a risk event has occurred or is about to occur
What is assumptions analysis? When is it done?
Exploring the valitity of project assumptions.
It is done during the Identy Risks process.
What is risk data quality assessment? When is it done?
- Determining how well the risk information is understood
- A method to test reliability of risk information collected
- It is done during the Perform Qualiative Risk Analysis process
What is a probability and impact matrix?
The company’s rating system used to determine which risks continue through the risk mgmt process
What is the forumula for expected monetary value?
Probability times impact
EMV=P x I
What is a decision tree?
A model of a decision to be made the includes the probabilities and impacts of future events
Who is a risk response owner?
The perons assigned to execute risk response for each critical risk
Name and define risk response strategies for threats
Avoid: Eliminate a specific threat by eliminating the cause
Mitigate: Reduce the probability or impact of a threat
**Accept: **
- Passive acceptance - do nothing if it happens, it happens
- Active acceptance - develop a contingency plans
Transer: Make another party responsible for a risk; may include outsourcing, insurance, warranties, bonds, and guarantees
Name & define the risk response strategies for opportunities
- Exploit: Make sure the opportunity occurs
- Share: Allocate ownership to a third party
- Enhance: Increase probability or impact
- Accept: Do nothing; if it happens, it happens
What are residual risk?
Risks that remain after sisk response planning:
- Risks for which contingency and fallback plans have been created
- Risk that have been accepted
