11 - Project Risk Management Flashcards
What is the degree, amount, or volume of risk that an organization or individual will withstand?
Risk tolerance
11.0 Project Risk Management
What is the degree of uncertainty an entity is willing to take on in anticipation of a reward?
Risk appetite
11.0 Project Risk Management
What refers to the level of uncertainty or impact at which a stakeholder may have a specific interest?
Risk threshold- above will not tolerate- below will accept
11.0 Project Risk Management
What is the process of defining how to conduct risk management activities for a project?
Plan Risk Management
11.1 Plan Risk Management
What is the process of defining how to conduct risk management activities for a project?
Plan Risk Management
11.1 Plan Risk Management
What are the 10 categories of the risk management plan?
- Methodology
- Roles and responsibilities
- Budgeting
- Timing
- Risk Categories
- Definitions of risk probability and impact
- Probability and impact matrix
- Revised stakeholders’ tolerances
- Reporting formats
- Tracking
11.1.3.1 Risk Management Plan
What describes how risk management will be structured and performed on the project and is a subset of the project management plan?
Risk Management Plan
11.1.3.1 Risk Management Plan
What eight things does the risk management plan include?
- Roles and responsibilities
- Budgeting
- Timing
- Thresholds
- Risk categories
- Probability and impact matrix
- Revised stakeholders’ tolerances
- Tracking
11.1.3.1 Risk Management Plan
What is the process of determining which risks may affect the project and documenting their characteristics?
Identify Risks
11.2 Identify Risks
What defines how risk may be present in external participants (who may not be controllable)?
Procurement documents
11.2.1.11 Procurement Documents
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?
Procurement documents
11.2.1.11 Procurement Documents
What is a structured review of plans, assumptions, previous project files and other information?
Documentation reviews
11.2.2.1 Documentation Reviews
What are the four common information gathering techniques?
- Brainstorming
- Delphi technique
- Interviewing
- Root cause analysis
11.2.2.2 Information Gathering Techniques
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.
Brainstorming
11.2.2.2 Information Gathering Techniques
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?
Delphi technique
11.2.2.2 Information Gathering Techniques
What is talking to experienced project participants, stakeholders, and subject matter experts helps to identify risks?
Interviewing
11.2.2.2 Information Gathering Techniques
What is the lowest level of detail in the Risk Breakdown Structure?
The “watchlist” or “checklist”
11.2.2.3 Checklist Analysis
What tool + technique of “Identify Risks” does the project team conduct to explore the validity of assumptions?
Assumptions analysis
11.2.2.4 Assumptions Analysis
What does SWOT stand for?
Strengths
Weaknesses
Opportunities
Threats
11.2.2.6 SWOT Analysis
What is the only output of “Identify Risks”?
The Risk Register
11.2.3.1 Risk Register
What contains a list of identifies risks and a list of potential responses that are used to guide the plan risk response process
The Risk Register
11.2.3.1 Risk Register
What is the process of prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact?
Perform Qualitative Risk Analysis
11.3 Perform Qualitative Risk Analysis
What is the process of prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact?
Qualitative risk analysis
11.3 Perform Qualitative Risk Analysis
What kind of risk analysis is subjective?
Qualitative risk analysis
11.3 Perform Qualitative Risk Analysis
