10.3 Explain the Benefits of Risk Management

Question 1

What are the benefits or risk management ?

Answer 1

Minimises negative impact
Maximise opportunity
Enhances decision making

Question 2

The project manager can use the risk register todetermine what which does what ?

Answer 2

determine an appropriate response to mitigate the risk such as risk transfer , risk avoidance or contingency planning to minimise potential disruption , issues or project failures .

Question 3

How does risk management maximise opportunity ?

Answer 3

Risk management gives the project team a chance to not only identify risk that are threats but also risks that lead to positive outcomes and opportunities

Question 4

Provide some of the positive outcomes and opportunities that some risk management may lead to and what do they result in ?

Answer 4

Risk that reduce cost
Risk that increase quality

Resulting in better project outcomes

Question 5

When maximising an opportunity what may the project team choose to do?

what does risk management enable the project team and organisation to do and what for ?

Answer 5

The team may choose to enhance or exploit an opportunity And risk management enables both the project team to identify , prioritise the opportunities that some risk provides for the projects benefit

Question 6

Why does risk management enhance decision making and how ?

Answer 6

Risk management facilitates data driven insight which enhances decision making by providing decision makes such as the project sponsor and steering group with valuable information about the project and its risk and opportunities

Question 7

Examples of decision makers ?

Answer 7

Project sponsor and steering group

Question 8

What does risk management enable decision makers to do?

examples ?

Answer 8

Make decisions based on the most timely and accurate information such as ….

Allocating resources effectively , develop contingency plans and capitalise on favourable conditions

Question 9

Risk management helps project team avoid what?

and reach what ?

and what are the results of this ?

Answer 9

Avoid costly mistakes and reach their objectives efficiently resulting in better project outcomes and stakeholder confidence .

Question 10

Risk management allows the project manager to _______ , ________ and ____________ potential ___________

Answer 10

Identify , assess and proactively address potential risks before they occur.

Question 11

What does risk management allow a project manager to do? (Minimising negative impact)

Answer 11

Identify , assess and proactively address potential risk before they occur.

Question 12

The project manager can use the _______ to _________ an _________________ to _____________ such as ___________________ to minimise ____________ , __________ and ___________

Answer 12

Determine and appropriate response to mitigate the risk such as risk transfer , risk avoidance or contingency planning

To minimise the potential disruption , issues of project failure.

Question 13

Risk management helps to ensure project _______ by reducing _______ and enabling ______________ to _______

Answer 13

Success by reducing uncertainty and Enabling timely response to emerging
Issues.

Question 14

Risk management can maximise opportunity as it gives the project team a _________ to not only identify risk that are threat but also risk that _______to ___________ and _______ such as __________ and ___________ resulting in ___________

Answer 14

Chance
Lead to positive outcomes and opportunities such as risk that reduce cost and increase quality resulting in better project outcomes .

Question 15

The project team may choose to ________ or _________ a__________ and risk management enables both the _______ and _______ to ______ ,_______ and _______ the opportunities that ______________ provide for the the projects _______

Answer 15

enhance or exploit a risk

Project team and organisation to identify , prioritise and leverage the opportunities that some risk provide

For the projects benefits

Question 16

Risk management _________ data driven ________ which ___________ by providing ________ such as the _______ and ______ with valuable information about the _______ and its ______ and _______ enabling them to make decisions based on the most ________ and __________ information

Answer 16

Facilitates data driven insight
Enhances decision making by providing decision makers such as the

project sponsor and steering group with valuable information about the project and its risks and opportunities enabling them to make

Decision based on the most timely and accurate information

Question 17

Risk management enables decision makers to make decision based on the most timely and accurate information such as to __________ resource ________ , develop ___________ and capitalise on _________ this helps the project team avoid _______ and reach their _________ efficiently resulting in better __________ and _________ confidence.

Answer 17

Allocate resources effectively
Develop contingency plans
Capitalise on favourable conditions

This helps the project team avoid costly mistakes and reach their objectives efficiently resulting in

Better project outcomes and stakeholder confidence