Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

PMP > 11 Risk > Flashcards

11 Risk Flashcards

1
Q

Risk Management Processes

A 
Plan -P
Identify -P
Qualitative Risk Analysis -P
Quantitative Risk Analysis -P
Plan Responses -P
Implement -E 
Monitor Risks -M
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Risk Management Overview

A

Projects are always risky, should be controlled and intentional manner to create value

Balance risk and reward

1) Individual Project Risk
2) Overall Project Risk

Uncertain event or condition that has a positive or negative effect on objectives

Risk highest at the beginning (max uncertainty)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Risk: Trends and Emerging Practices

A

Taking care of all risks

Non-event risks: uncertain future events may occur

  • Variability Risk: above or below target, good/bad weather
  • Ambiguity Risk: what might happen in the future (tech advances, etc)

Project Resilience - unknowable unknowns

Integrated risk management - risk managed as an organization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Risk: Tailoring considerations

A 
Project size ($, scope, duration)
Project complexity (innovation? outside dependencies?)
Project Importance (critical for org.?)
Development approach (waterfall (predictive) - linear or adaptive (agile) - iterations)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Plan Risk Management Process

A

Planning

define how to conduct risk management activities

Done once or at key points

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Plan Risk Inputs

A 
PC
PMP (all components)
Proj Doc
- Stakeholder register
EEF/OPA
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Plan Risk Outputs

A

Risk Management Plan

  • risk strategy
  • methodology
  • roles and responsibility
  • funding
  • timing
  • risk categories
  • stakeholder risk appetite
  • definitions of risk probability and impacts
  • Prob and impact matrix
  • Reporting formats
  • Tracking
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Identify Risks Process

A

Planning

identify individual and project risk and documenting characteristics

Source of risks?
Goal: document the risks and sources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Identify Risks Inputs

A 
PMP
- requirements
- schedule
- cost 
-quality
- resource
- risk
-scope baseline
- cost baseline
Proj Docs
- assumption log
cost estimates
duration estimates 
issue log
LL
requirements documentation
Resource requirements
stakeholder register

Agreements
Procurement documentation
EEF/OPA

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Identify Risks T/T

A 
EJ
Data gathering
-brainstorming
-checklists
-interviews
Data Analysis
- RCA
- Assumption and constraint analysis
- SWOT analysis
- Document analysis
Interpersonal and team skills
- facilitation
Prompt lists
meeetings
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Identify Risks Outputs

A 
Risk Register *(key document)
Risk Report
Project doc updates
- Assumption log
- Issue log
- LL
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Qualitative Risk Analysis Overview

A

prioritize individual project risks for further analysis or action. assess probability of occurrence and impact. What will be the impact?.
Focuses on high-priority risks

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Qualitative Risk Analysis Inputs

A 
PMP
- risk management plan
Proj Doc 
- Assumption log
- Risk register
- stakeholder register
EEF/OPA
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Qualitative Risk Analysis T/T

A 
EJ
Data gathering
- interviews
Data Analysis
- Risk data quality assessment
- Risk probability and impact assessment
- Assessment of other risk parameters
Interpersonal and team skills
- facilitation
Risk Categorization
Data Representation
- probability and impact matrix
- Hierarchical charts
Meetings
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Qualitative Risk Analysis Outputs

A

Proj Doc update

  • assumption log
  • issue log
  • risk register
  • risk report
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Quantitative Risk Analysis Overview

A

numerically analyzing the combined effect of identified individual project risks and other sources of uncertainty

Quantify the overall project risk exposure

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Quantitative Risk Analysis Inputs

A 
PMP
- risk management plan 
- scope baseline
- schedule baseline
- cost baseline
Project documents
- assumption log
- basis of estimates
- cost estimates
- cost forecasts
- duration estimates
- milestone list
- resource requirements
- risk register
- risk report
- schedule forecasts
EEF/OPA
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Quantitative Risk Analysis T/T

A 
EJ
Data gathering
- interviews
Interpersonal and team skills
- facilitation
Representations of uncertainty
Data analysis
- simulations
- sensitivity analysis (Tornado diagram)
- decision tree analysis
- influence diagrams
19
Q

Quantitative Risk Analysis Outputs

A

Proj Doc update

- risk report

20
Q

Plan Risk Responses Overview

A

developing options, selecting strategies and agreeing on actions to address risk exposure.

21
Q

Plan Risk Response Inputs

A 
PMP
- resource management plan
- risk management plan
- cost baseline
documents
- LL
- schedule
- team assignments
- resource calendars
- risk register
- risk report
- stakeholder register
EEF/OPA
22
Q

Plan Risk Response T/T

A 
EJ
Data gathering
- interviews
Interpersonal and team skills
- facilitation
Strategies for threats
Strategies for opportunities
Contingent response strategies
Strategies for overall project risk
Data analysis
- alternatives analysis
- cost-benefit analysis
Decision making
- multi criteria decision analysis
23
Q

Plan Risk Response Outputs

A 
Change requests
PMP updates
- schedule
- cost
- quality
- resource
- procurement
- scope baseline
- schedule baseline
- cost baseline
document updates:
- assumption log
- cost forecasts
-LL
-schedule
-team assignments
-Risk register
-Risk report
24
Q

Implement risk responses Inputs

A 
PMP
- risk management plan
Documents
- LL
- risk register
- risk report
OPA
25
Q

Implement risk responses T/T

A

EJ
Interpersonal and team skills
- influencing
PMIS

26
Q

Implement risk responses Outputs

A 
Change requests
Doc updates
- Issue
- LL
- Project team assignments
- Risk register
- Risk report
27
Q

Monitor Risk inputs

A 
PMP
- Risk management plan
Documents
- Issue log
- LL
- risk register
- risk report
Work performance data
Work performance reports
28
Q

Monitor Risk T/T

A 
Data analysis
- technical performance analysis
- reserve analysis
Audits (how are you doing vs. The plan) 
Meetings
29
Q

Monitor Risk Outputs

A 
Work performance information
change requests
PMP updates
document updates
- assumption log
- issue log
- LL
- risk register
- risk report
OPA
30
Q

Risk management objectives

A

Increase the likelihood and impact of positive events

Decrease likelihood and impact of negative events

31
Q

Risk key concepts

A

Positive events = Opportunity, good risk
Business risk = pos or neg risk
Pure risk= just negative consequence
Risk adverse= does not take risks
Risk tolerance= degree of risk you’re willing to accept
Risk threshold= level of risk that would need specific responses

32
Q

Risk Categorization

A

External
Internal
Technical
Project Management

33
Q

Known risks (managed proactively)

A

Identified and analyzed

Plan responses for the risks

34
Q

Known Risk (unmanaged proactively)

A

Should be assigned a contingency reserve (money set aside)

35
Q

Unknown risks

A

Assign a MANAGEMENT reserve

Sponsor, upper management disperses (approves) not the PM

36
Q

Issue

A

A risk that had come up ( it is now a risk!:

37
Q

Key concepts

A

Uncertainties —> risks
Constraints and assumptions
Project creates value (balance risk and reward), avoid paralysis by analysis
Risks of deviation —> project failure

2 levels

  1. Individual
  2. Overall project risk

Negative -> avoid or mitigate
Positive -> enhance chance

38
Q

Output: Risk management plan

A 
Risk strategy
Methodology
Roles and responsibilities
Funding
Timing
Risk categories
Stakeholder is appetite
Definitions of risk probability and impacts
Probability and impact matrix
39
Q

RBS

A

Risk breakdown structure

Level 1:
Technical risk
Management risk
Commercial risk
External risk

Then breakdown to level 2

40
Q

Prompt Lists

A

Predetermined

Framework:
PESTLE - political, economic, social, technology, legal, Environmental
….

41
Q

Assessment of risk parameters

A

Pmbok 424

42
Q

Strategies for threat

A 
Escalate-outside of Scope/project,
Avoid-0 Risk (ie change scope/strategy)
Transfer- shift impact to a 3rd party
Mitigate-reduce probability
Accept- no proactive action taken (passive = document; active=est reserve)
43
Q

Strategies for Opportunities

A

Escalate- outside scope or project
Exploit- eliminate the uncertainty by making it happen (use new tech, good ppl)
Share- some or all ownership to a 3rd party who can capture benefits
Enhance- Identify and maximize key drivers to increase probability of it occurring
Accept- take advantage, but not actively seeking it

PMP (11 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions