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PMP Exam 2 > 11 - Project Risk Management > Flashcards

11 - Project Risk Management Flashcards

1
Q

What is the degree, amount, or volume of risk that an organization or individual will withstand?

A

Risk tolerance

11.0 Project Risk Management

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2
Q

What is the degree of uncertainty an entity is willing to take on in anticipation of a reward?

A

Risk appetite

11.0 Project Risk Management

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3
Q

What refers to the level of uncertainty or impact at which a stakeholder may have a specific interest?

A

Risk threshold- above will not tolerate- below will accept

11.0 Project Risk Management

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4
Q

What is the process of defining how to conduct risk management activities for a project?

A

Plan Risk Management

11.1 Plan Risk Management

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5
Q

What is the process of defining how to conduct risk management activities for a project?

A

Plan Risk Management

11.1 Plan Risk Management

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6
Q

What are the 10 categories of the risk management plan?

A
  1. Methodology
  2. Roles and responsibilities
  3. Budgeting
  4. Timing
  5. Risk Categories
  6. Definitions of risk probability and impact
  7. Probability and impact matrix
  8. Revised stakeholders’ tolerances
  9. Reporting formats
  10. Tracking

11.1.3.1 Risk Management Plan

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7
Q

What describes how risk management will be structured and performed on the project and is a subset of the project management plan?

A

Risk Management Plan

11.1.3.1 Risk Management Plan

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8
Q

What eight things does the risk management plan include?

A
  1. Roles and responsibilities
  2. Budgeting
  3. Timing
  4. Thresholds
  5. Risk categories
  6. Probability and impact matrix
  7. Revised stakeholders’ tolerances
  8. Tracking

11.1.3.1 Risk Management Plan

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9
Q

What is the process of determining which risks may affect the project and documenting their characteristics?

A

Identify Risks

11.2 Identify Risks

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10
Q

What defines how risk may be present in external participants (who may not be controllable)?

A

Procurement documents

11.2.1.11 Procurement Documents

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11
Q

What kind of documents are used to solicit proposal from prospective sellers, structured by the buyer to facilitate an accurate and complete response from each potential seller?

A

Procurement documents

11.2.1.11 Procurement Documents

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12
Q

What is a structured review of plans, assumptions, previous project files and other information?

A

Documentation reviews

11.2.2.1 Documentation Reviews

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13
Q

What are the four common information gathering techniques?

A
  1. Brainstorming
  2. Delphi technique
  3. Interviewing
  4. Root cause analysis

11.2.2.2 Information Gathering Techniques

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14
Q

What is an information gathering technique with a goal of obtaining a comprehensive list of project risks? Hint: This is usually performed with the project team or often with a multidisciplinary set of experts who are not part of the team.

A

Brainstorming

11.2.2.2 Information Gathering Techniques

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15
Q

What information gathering technique is a way to reach a consensus of project risk experts, participating anonymously to reduce bias and prevent any one person from having undue influence on the outcome?

A

Delphi technique

11.2.2.2 Information Gathering Techniques

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16
Q

What is talking to experienced project participants, stakeholders, and subject matter experts helps to identify risks?

A

Interviewing

11.2.2.2 Information Gathering Techniques

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17
Q

What is the lowest level of detail in the Risk Breakdown Structure?

A

The “watchlist” or “checklist”

11.2.2.3 Checklist Analysis

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18
Q

What tool + technique of “Identify Risks” does the project team conduct to explore the validity of assumptions?

A

Assumptions analysis

11.2.2.4 Assumptions Analysis

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19
Q

What does SWOT stand for?

A

Strengths
Weaknesses
Opportunities
Threats

11.2.2.6 SWOT Analysis

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20
Q

What is the only output of “Identify Risks”?

A

The Risk Register

11.2.3.1 Risk Register

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21
Q

What contains a list of identifies risks and a list of potential responses that are used to guide the plan risk response process

A

The Risk Register

11.2.3.1 Risk Register

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22
Q

What is the process of prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact?

A

Perform Qualitative Risk Analysis

11.3 Perform Qualitative Risk Analysis

23
Q

What is the process of prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact?

A

Qualitative risk analysis

11.3 Perform Qualitative Risk Analysis

24
Q

What kind of risk analysis is subjective?

A

Qualitative risk analysis

11.3 Perform Qualitative Risk Analysis

25
Q

What investigates the likelihood that each specific risk will occur?

A

Risk probability and impact assessment

11.3.2.1 Risk Probability and Impact Assessment

26
Q

What defines the combination of probability and impact that helps determine which risks need detailed risk response plans?

A

Risk probability and impact matrix

11.3.2.2 Probability and Impact Matrix

27
Q

What is created in “plan risk management”, first used in the perform qualitative risk analysis process?

A

The probability and impact matrix

11.3.2.2 Probability and Impact Matrix

28
Q

What systematically identifies risks and provides everyone involved a common language or basis for describing risk?

A

Risk categorization

11.3.2.4 Risk Categorization

29
Q

What two project documents are updated as an output of qualitative risk analysis?

A
  1. Updated risk register
  2. Updated assumptions log

11.3.3.1 Project Documents Updates

30
Q

What is the process of numerically analyzing the effect of identified risks on overall project activities?

A

Perform Quantitative Risk Analysis

11.4 Perform Quantitative Risk Analysis

31
Q

What is the process of numerically analyzing the effect of identified risks on overall project activities?

A

Quantitative risk analysis

11.4 Perform Quantitative Risk Analysis

32
Q

What kind of risk analysis is an objective numerical evaluation?

A

Quantitative risk analysis

11.4 Perform Quantitative Risk Analysis

33
Q

What is the process of numerically analyzing the effect of identified risks on overall project activities?

A

Perform Quantitative analysis

11.4 Perform Quantitative Risk Analysis

34
Q

What kind of analysis is usually only done if it is worth the time and there is budget for doing so?

A

Quantitative risk analysis

11.4 Perform Quantitative Risk Analysis

35
Q

What are two data gathering and representation techniques?

A
  1. Interviewing
  2. Probability distribution

11.4.2.1 Data Gathering and Representation Techniques

36
Q

What is EMV

A

Expected Monetary Value analysis is a statistical concept that calculates the average outcome when the future includes scenarios that may or may not happen (i.e., analysis under uncertainty).

11.4.2.2 Quantitative Risk Analysis and Modeling Techniques

37
Q

What is a diagraming and calculating technique for evaluating the implications of a chain of multiple options in the presence of uncertainty?

A

Decision Tree Analysis

11.4.2.2 Quantitative Risk Analysis and Modeling Techniques

38
Q

What technique computes the project schedule many times using input values selected at random for probability distributions of durations to calculate a distribution of possible completion dates?

A

Monte Carlo Simulation

11.4.2.2 Quantitative Risk Analysis and Modeling Techniques

39
Q

What kind of diagrams show the sequence of interrelated decisions and the expected results of choosing one alternative over another?

A

Decision Tree Analysis

11.4.2.2 Quantitative Risk Analysis and Modeling Techniques

40
Q

After Performing Quantitative Risk Analysis, an updated risk register contains what four things?

A
  1. Probabilistic analysis of the project
  2. Probability of achieving cost and time objectives
  3. Prioritized list of Quantified risks
  4. Trends in Quantitative Risk Analysis results

11.4.3. Perform Quantitative Risk Analysis: Outputs

41
Q

What is the process of developing options and actions to enhance opportunities and reduce threats to project objectives?

A

Plan Risk Responses

11.5 Plan Risk Responses

42
Q

What are secondary risks?

A

They are the result of a risk response implementation.

11.5.2 Plan Risk Responses: Tools and Techniques

43
Q

What two responses are usually reserved for critical risks with high impact?

A
  1. Avoidance
  2. Mitigation

11.5.2.1 Strategies for Negative Risks or Threats

44
Q

What two responses are usually reserved for less critical risks with low impact?

A
  1. Transference
  2. Acceptance

11.5.2.1 Strategies for Negative Risks or Threats

45
Q

What are the common strategies for dealing with opportunities or positive risks that may present themselves on the project?

A
  1. Exploit
  2. Share
  3. Enhance
  4. Accept

11.5.2.2 Strategies for Positive Risks or Opportunities

46
Q

What is the difference between mitigation and contingent response strategies?

A

Contingent response strategies state that a risk may very well occur and that the project team should develop plans to address

11.5.2.3 Contingent Response Strategies

47
Q

What involves planning alternatives to deal with certain risks should they occur?

A

Contingent Response Strategies

11.5.2.3 Contingent Response Strategies

48
Q

What four project documents are updated as an output of Plan Risk Responses?

A
  1. Risk Register
  2. Assumptions log
  3. Technical documentation
  4. Change requests

11.5.3.2 Project Documents Updates

49
Q

What is the process of implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project?

A

Control Risks

11.6 Control Risks

50
Q

What information is related to various performance results possibly impacted by risks includes, but is not limited to: - Deliverable status- Schedule progress- Costs incurred

A

Work Performance Data

11.6.1.3 Work Performance Data

51
Q

What information is gathered from performance measurements and analyzed to provide project work performance information including variance analysis, earned value data, and forecasting data?

A

Work Performance Reports

11.6.1.4 Work Performance Reports

52
Q

What information, as a Control Risks output, provides a mechanism to communicate and support project decision making?

A

Work Performance Information

11.6.3.1 Work Performance Information

53
Q

What kind of change requests are activities that realign the performance of the project work with the project management plan?

A

Recommended corrective actions

11.6.3.2 Change Requests

54
Q

What kind of change request ensures that future performance of the project work is aligned with the project management plan?

A

Recommended preventive actions

11.6.3.2 Change Requests

PMP Exam 2 (14 decks)

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